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Media

Another Source of CNN’s Delusions of Grandeur

McKinsey & Company logo at Viva Tech in Paris, France, in 2019 (Charles Platiau/Reuters)

Charlie has already noted the absurd pretensions of CNN’s belief that CNN+, its new streaming service, would get 2 million subscribers in the U.S. in its first year and have 15–18 million after four. He draws from an Axios report that asserts CNN was prepared to spend around $1 billion on the service in its first four years but is now dramatically scaling back its plans after initial sign-ups have proved underwhelming.

CNN’s unjustified belief in its own importance and popularity are undoubtedly a part of this failed launch; the network had unreasonable expectations for the success of this product. But I want to zero in on a line from the Axios report, one I think might help explain how CNN got things so wrong:

CNN executives, with help from consulting firm McKinsey, originally expected to bring in around 2 million subscribers in the U.S. in the service’s first year and 15-18 million after four years.

“With help from consulting firm McKinsey.”

Ah. That explains it.

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