While NBC’s corporate suits are scrambling to figure out why CNBC’s audience is vanishing by the day, to those of us who’ve been regular viewers for many years, the answer is obvious. At one time, the business network was well-regarded and investors felt they could benefit from its programming.
But since 2009, CNBC has degenerated into a bubble-pumping advocacy channel dedicated to big spending, support for Keynesian Democrats in power and overt worship of money-printing Fed officials. Instead of teaming with viewers, it fights them, trying to trick them into pouring ever more money into the historic market excesses we are now witnessing.
Leading CNBC’s epic credibility erosion has been crackpot Jim Cramer, especially since network execs decided to have him dominate market commentary morning, noon and night. Yet he’s precisely the one bleeding audience share head and shoulders above all others.
From Zero Hedge:
While those in the financial industry who are forced to make profits by trading other people’s money (note: never their own) enjoy CNBC for the comedic content and the endless barrage of humorous propaganda (while getting their actionable info from Bloomberg and sellside soft-dollar services), the retail investor has traditionally relied on the Comcast channel for news updates, biased as they may be (remember: the Fed, ECB and BOJ are only micromanaging the global economy and injecting trillions because all is swell and self-sustainingly recovering and stuff) and trading recommendations.
At least that’s how it used to work. However, when one looks at the most recent CNBC ratings something odd emerges: either the “retail investor” has found an alternative media outlet for getting their financial information during the day (or simply is tired of being lied to about some magical recovery that only affects 1% of the population) or said retail investor simply no longer exists despite all the endless propaganda to the contrary spewed by CNBC itself.
The reason? According to the latest Nielsen Media Research data, in the second quarter of 2014, CNBC business day viewership for all viewers just dropped to 162,000 – a new (and depressing for Comcast) low, on par with Q2 of 1997!
Where things get funny is when one looks at the ratings of that consummate entertainer, that self-appointed “voice of the people”, Jim Cramer. Sadly for Cramer, the people are now gone. Because also according to Nielsen Jim Cramer’s Mad Money show just had its lowest ever rated month in the 25-54 demo, and is about to have its second lowest rated month ever across total viewers.
But the punchline is when one looks at Cramer’s ratings on a daily basis. It is here where one finds that this past Friday not only was Mad Money trounced by its competition including Fox Business’ brand new Making Money with Charles Payne (at a ratio of some 9 to 1), but Mad Money had a laughable 2,000 (!) viewers in the targeted 25-54 demo.
Cramer’s never met a stock bubble he thought he couldn’t pump with even more hot air. If Netflix is trading at $450 a share, it’s AN OUTRAGE that it hasn’t yet gone to $1000! Why is Chipotle only at $600? I’m going to SCREAM until it hits $1200!
Clearly, viewers are at least a bit more sane than Crazy Jim. They’ve already gone elsewhere.
But will NBC suits get a clue before CNBC goes belly-up?