The Billions in PR . .
And the world must be short on trust, because public relations is long on profits. According to Veronis Suhler Stevenson, a private equity firm that analyzes media trends, the industry was estimated to be worth $3.4 billion in 2004 and is expected to increase at an impressive annual clip of up to 10 percent, reaching $5.2 billion by 2009. Other industry journals, like O’Dwyer’s PR Report, consider such estimates conservative.“It used to be I would schmooze you and I was your flack,” said Mr. Edelman, whose firm netted about $260 million in 2005. “Today, if we want to get a message into the public’s conversation, we just make a post on a blog. If The Wall Street Journal goes after a client, we don’t have to accept that anymore. Let’s post the documents we gave The Journal; let’s show the interviews the newspaper decided not to show.
“You’re not God anymore,” he said.
Mr. Edelman—and he is not alone—believes that the erosion of the public’s trust in bedrock institutions after scandals in government, big business and the press only contributes to the industry’s success. Without anyone holding a monopoly on truth, the argument goes, P.R. people can get their messages across without pesky filters like, say, the news media.
posted by JohnBowie @ 6:56 PM
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