This is an era of strong media and press. We get all updates within a fraction of seconds. However, is it right to believe what they show or publish? Nowadays there is something called paid media. What it is this and how dangerous is it to follow blindly?
We all switch to business news channels or read many experts opinion on print to understand about money, investing or managing. However, shockingly, you can’t differentiate between real experts and those who pay for media to appear. You don’t believe it right? Me too, until I came across a service called MEDIA ADVISORY service.
I recently came across a portal, which claims to be focused mainly on providing clarity of news to retail investors and conveying financial developments in a simple language. They claim portal has the news related to Personal finance news on Mutual Funds, Initial Public Offerings (IPOs), Secondary Market, Insurance and Bank Schemes. Along with that, they cover news related to regulators, market monitors, insight analysis, and a forum to discuss and clarify your doubts. They launched a scheme for Certified Financial Planners (CFPs), finance experts, stock market experts and other business and finance players to connect them with the national media.
There are mainly two schemes, under which individual professionals and organizations can take our editorial and media advisory. One is a higher level of the scheme or Gold Scheme and a lower one is Silver Scheme.
Under Gold Scheme, the portal claims that it helps Individual Professionals or organization members to write TWO articles and ONE press statement in their area of interest every month. If professionals or organizations send one more article in place of a press statement, then that will also be published. The article and press statement along with a passport size photo of a writer will be sent to more than 600 print and online publications throughout the country for publishing. The fee set for this service will be Rs.7, 000 per month!
Under Silver Scheme, the portal claims that it helps Individual Professionals or organization members to write ONE article and one press statement in their area of interest every month. If professionals or organizations send one more article in place of a press statement, then that will also be published. The article and press statement along with a passport size photo of a writer will be sent to more than 400 print and online publications throughout the country for publishing. The fee set for this service will be Rs.5, 000 per month!
Professionals or organization may try their hand with Trail Run of three months for Rs.10, 000 (cost-effective way instead of paying Rs.15, 000 for Silver Scheme :)). This is called PAID MEDIA. This is what I meant to say about PAID MEDIA.
I am not saying all experts who appear on TV or print media are paid to appear. But today it is a trend to show media presence to lure you. You visit the websites of these planners or experts, then you get a page where they highlight their media presence.
It is a misconception among us that the media pay to these experts for appearance. But in reality, in almost all cases, the media just manage the expenses. These experts will not receive any monetary benefits at all. However, they get a platform to highlight themselves as if an EXPERT.
In Kannada news channels, you will find such jokes. Yes, I say it as jokes. Because I do not know how media starts to believe that, someone is an expert. They bring them on the show. Those who appear on the show act like an expert. After a few days, the same media will be against that person in one or other fraud.
Now, if someone starts to follow these experts then God can only protect them. Hence, anything, which looks fancy, will have hidden motives. The true knowledge will never try to highlight. Before following anyone cross check his knowledge 1000 times, then only follow him. Blindly following may cost you more and especially when it is MONEY MATTERS.
Note-The portal which offers this paid service have a wonderful tagline “Your Small Donation Will Help Us to Spread Financial Literacy”. What is Financial Literacy? I do not know…you just judge yourself! God bless to those donors.