Having spoken to industry experts at the Westminster Media Forum today on the topic of fake news, David Elms, UK head of media at KPMG, highlights that it’s time for media businesses to build trust.
“The speed and volume at which information is shared and consumed today makes the lines between news, entertainment, fact and opinion harder to discern. Reputable sources are displayed side-by-side with opinions and sensationalism and, increasingly, it is algorithms, not journalists, which decide which content we see first, or at all. The currency of the internet is engagement, but engagement doesn’t necessarily reflect accuracy and has eroded trust in news sources. Our own research found that fifty per cent of consumers said that they were concerned with the accuracy of news they read online.
“There is an opportunity for media companies to differentiate their brand by building and ensuring trust at both a consumer and corporate level. Quality, and trust in that quality, is a value differentiator for many established media companies.
“There are still many unanswered questions about how best to manage news in today’s digital age, in a way that promotes quality news reporting, while protecting freedom of speech. Continued self-regulation will undoubtedly be important but, through education and other initiatives, individuals should be helped to see the value in consuming quality, well-researched and non-biased news in a way that is sustainable for businesses. There remains a substantial opportunity for news brands to be the trusted voice.”
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Notes to Editors:
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.