Overview
A media crisis occurs when a company or individual faces a public relations disaster, often triggered by a scandal, accident, or controversy. According to a study by the Institute for Crisis Management, the average cost of a media crisis is $1.3 million per day. Companies like Volkswagen, with its 2015 emissions scandal, and individuals like Tiger Woods, with his 2009 infidelity scandal, have faced intense media scrutiny. The historian's lens reveals that media crises have been around since the dawn of mass media, with the skeptic's lens questioning the role of social media in amplifying these crises. The fan's lens notes the cultural resonance of media crises, with the engineer's lens examining the crisis management strategies employed by companies. The futurist's lens wonders how the rise of social media will continue to shape the media crisis landscape, with 75% of companies expecting to face a media crisis in the next five years. As the media landscape continues to evolve, companies and individuals must be prepared to navigate the challenges of a media crisis, with the average company experiencing a 20% decline in stock price during a crisis.
Key Facts
- Year
- 2020
- Origin
- United States
- Category
- Communications
- Type
- Concept