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Glossary of RTVF 1310 exam 3

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can choose their own programming
radio stations
gives broadcasters freedom from censorship
section 326 of the communications act
american radio has
format freedom
provide attractive programming to meet information and entertainment needs of audience
task
original programming produced by radio station
local programming
obtained from a commercial supplier outside the station
prerecorded or syndicated programming
obtained from radio networks such as abc, cbs or national public radio
news and talk network programming
most popular form of radio programming
music
-- out of -- stations use music as programming backbone
9 out of 10
include news, sports, weather, traffic
local shows
in news/talk, popular talk personalities are syndicated via
satellite
employs its own announcers and newscasters
local, live production
station uses syndicated programming but retains local announcers
live-assist production
station is fully automated
turnkey automation
station uses syndicated producer for majority of programming
semiautomation
computer automation makes it possible to program more than one station with the same personnel
voice tracking
the over all sound and image of the radio station
format
includes stations approach to talk, music, promotion, ads, community relations, personalities, etc
format
to identify and serve a predetermined set of listeners
-to serve those listeners better than the competition
-to reward listeners both on and off air, make them consistent customers for the products and services advertised on the station

keys to a successful format
-do a better job at specific format than the competition
-develop a niche that will deliver a large enough audience to attract advertising revenue to the station
programming strategies
station ownership, dial location, power, technical facilities, management philosophy
internal factors
geography, population, characteristics, program weaknesses (otehr stations)
external factors
goal of radio programming
attract and maintain an audience
the primary group sought by the radio station is defined by what two things?
demographics and psychographics
age, education, racial/ethnic background, sex
demographic
attitudes, beliefs and lifestyles
psychographics
radio has phenomenal
reach
radio reaches how many people each week
250 million
just under half of all 12+ listeners between
6& 10 am
radio reaches more people than tv, cable newspapers, magazines and online services during which time
6 am to 6 pm
age breakouts (e.g. 18-24, 18-34, 18-49)
demographic categories
women, mid 30s
ideal target group
measures qualitative research and attempts to understand attitudes, beliefs, leisure pusuits, and political interests
current research rage
values and lifestyles of listeners
qualitative research
6-10 am:
morning drive (most important)
3-7 pm
evening drive (second most important time)
10 am - 3 pm
daytime (1 in five people listen)
after 7 pm
evening and late night (ratings drop because of people watching tv)
saturday late morning and early afternoon are most important in
weekend radio
looks like the face of a clock
the format wheel
used to plan and execute the stations sound
-shows where music, commercials, news, occur within the program schedule
-stations may use diferent clocks for different dayparts

format wheel
a main purpose of the hot clock
rotation of music
three main types of information on a hot clock:
-commercial time positions
-promotional position
-programming

music and news/talk segments
programming
when too many commercials have been placed on the format
clutter
most station program between -- and -- minutes of commercials per hour
8 and 18
the ocmmercial and promotional segments of the hot clock
spot sets
given most air play
current hits
recent hits still popular
recurrent
oldies
gold
overlap one program element with another
segue
musical set
swee[
stations publish a list of songs played on specific formats and these are used by major record labels to guage what gets airplay
playlist
billboard, radio and records
tip sheets
requests to station are logged in
call-ins
"hooks" are played over the phone
call-outs
200+ song hooks test with large group focus study
auditorium tests
in depth interviews about musical preferences
focus group study
taking something of value in exchange for on air presentation/promotion
payola
addresses disclosure to station management
section 508 of the CA
addresses sponsorship id requirements
sec. 317 of the CA
are as complex as music formats
talk formats
four common programming elements:
news talk business and sports
shows various program segments
format wheel
cyclical format
all news
news segments mixed with talk segments
news/talk
approximately 400 cpb qualified stations rely on npr and pri for programming
public
approximately 800 stations licensed to. operated as student activities. mixed formats
college
operated by civil and religious organizations, school boards, charitable foundations, programming is mixed. block programming used
community
new authorization for ver low power fm stations
micro-broadcasting
ideal for small community organizations
non-commercial
tv named most frequently as --- --- of news
primary source
tv leads over the second choice which is
newspaper
proportion of people citing radio, newspaper, magazines as their primary news source has
fallen
tv seen as most credible since
1961
1992 tv was named most credible -- to -- over newspapers
2 to 1
growth areas since 2000 has been the
internet
1997: internet was voted the top news source by -- percent of the public
2%
2006: internet voted top news source by -- percent of public
24%
2008: pew study shows tv -- percent; internet --; newspaper --
70
40
35

television emerges as primary source of news and information
the kennedy assasination
killing of suspect --- --- -- in front of millions
lee harvey oswald
jfk's funeral seen
worldwide
-- of -- americans watch jfk funeral on tv
9 of 10
-integration of central hs
-i have a dream speech by mlk
-tv shows fire horses and bullwhips in birmingham
-civil rights marches across the south
-1965 watts riots; 1967 nation wide riots
-assassination of martin luther king, april 1968




television and civil rights
television and the --- ---: 1961-75
vietnam war
war years mirror rise in
tv technology
war serves as a -- -- for news people
training ground
nightly --- --- was brought into america's living rooms during the war
casualty list
-sub orbital flights
-lunar landing
-shuttle missions/ tragedies
-international space station


television news grows with us space program
-sweeps minidocs and news consultants: increase in profits and fight for ratings
news as show biz
-engagned in controversial "happy talk"
-glamorous anchor-journalists sometimes lack real journalism skills
transition in the late 70s
-eng
-sng
-voip

technology
c span, cnn, fox news channel, and msnbc
all news, all the time
tv news is losing respect as an information source
"tabloid" journalism
-oj simpson case
-jon benet ramsay case
-natalie holloway disappearance
-trial of michael jackson
-death of michael jackson
-lindsay lohan
-paris hilton
-charlie sheen






"tabloid" journalism
decline of --- --- since 1998
news credibility
24 hour localized versions of cnn
regional and local cable news
-news 12, long island, encompassing nassau and suffolk counties and the suburbs of new york city; txcn, belo corp.
regional and local cable news
-sharing resources between commonly owned stations
-conventuring
are examples of

cooperation
-local affilliates re-broadcast over independent stations and cable stations (local-local news)
-partnerships with newspaper and radio
coenturing
for sports, weather and news junkies needing up-to-the-minute scores, temperatures and stories
news-on-demand
-bbc
-cnn international
-al-jazeera
-sky news
-tf1 and canal plus
-cctv
-telenoticias





international news
television news team:
tv news-command structure
-the "boss" has overall day-to-day responsibility for the operation
the news director
retains editorial and content control over content within the newscast
the news producer
-maintains the future file
assignment editor
-an annotated listing of upcoming news events to be covered by assigned reporting teams
future file
-prepares research
-scouts locations for pre-planned events
field producer
shuttle launch, murder trial, etc.
-invaluable for reporters
pre planned events
-gets orders

-does initial research over the phone
-sets up interviews
-teamed with a photographer
-supervises the editing of the stories




reporter
sometimes fills the journalistic gap caused by the hiring of attractive anchors who draw a good audience but who may have limited writing skills
writer
-responsible for putting together packages of news stories
editor
-inserts voice-overs and graphics collaborating with reporters
editor
maintains editorial control over the make up individual newscasts story lineup, length, etc.
news producer
-coordinates the anchors, cameras, reporters and personnel before and during a news broadcast in a studio
-also live-in-the field situations requiring personal and technological skills
the boss in the studio
-represent the news to the public
-must appear trustworthy and authoritative
-controversy continues over journalistic quality of local anchors continues

anchors
-programs created and distributed by the major networks; lost; grey's anatomy
network programming (broadcast)
programming sold by distribution companies to local tv stations and cable services
syndication
programs produced by local tv and cable systems for their own communities
local-origination
the big four
cbs, abc, nbc, fox
each of the big four have about --- affiliates
200
now involved in sydication
mynetwork (launched in 2006)
-network cash compensation in the past
-affiliates compensated wiht avails within network programming
-have the right to clear of preempt programming

affiliates agreements
rules hsape program production and --- ---
network landscape
in the early 1970s, fcc attempts to stop the networks from monopolizing --- ---
entertainment production
networks had to being paying --- --- to production companies for programming
licensing fees
1986- --- --- and the emergence of fox tv
fin syn
1995- fin syn
abolished
when fin-syn was abolished, networks were allowed to own their own shows and sell them into syndication following --- ---
network run
the major studios:
exerting major influence
-columbia tri star (owned by sony)
-twentieth television/fox network (owned rupert murdoch)
-warner bros (owned by time warner cable)
-paramount (part of bcs/viacom conglomerate)
-nbc universal
-disney studios




major studios that exerted major influence
intended to encourage program production
prime time access rule (ptar)
-by non hollywood/ independent production companies
-of local programming by local tv stations especially in larger markets
intended to encourage program production
prohibited top 50 market network affiliates from filling access time with desirable off-network syndicated series
ptar
resulted in this highly popular type of programming being more available to independent stations in those markets

ptar
ptar enabled independent stations to compete with network affiliates during --- --- hours
prime time
ptar effectively repealed by --- in ---
fcc in 1996
-fall season runs sept-oct
-second season runs jan-feb
traditional network seasons
-runs new episodes of popular shows in the summer, instead of showing re-runs; a strategy now followed by cw and ion
fox network defies tradition
-dominated by few conglomerates and major networks
-some from independent producers
tv production
an idea or concept may be commissioned by the network, either --- or ---
formally or informally
short narratve may be offered
treatment
process where costing and legalities are worked out
development
arrangements for the program put together in specific order
step deal
sample productions ordered up by networks
polots
networks get the right of
first refusal
-80% of programming is made up of theatrical releases on major pay cable services
-film studios sign exclusivity deals with pay services for specific runs
theatrical motion pictures
80% of programming is made up of theatrical releases on
major pay cable services
film studios sign --- --- with pay services for specific runs
exclusivity deals
-films are sold by distributors in
packages
a series of film titles sold to advertiser supported cable networks
packages
keeps cable attractive despite competition from video stores & other sources
-original movies production costs between 4-8 million dollars
cable original movies
cable films address more sensitive issues than films made for --- broadcast films
ota
-sign of cable's programming maturity
cable series
high profile regularly scheduled series
cable series
pbs stations target and --- ---
undeserved audience
not the largest audience possible
underserved audience
pbs charges membership dues to
affiliates
in return for membership dues to affiliates , the affiliates share in the programming funded and distributed by
pbs
pbs produces no programs itself, it serves as a conduit to
program producers
just over -- in -- programs comes from one of pbs' member situations
one in four
-- programs are made via international producers
7%
-consortiums, philanthropies, corporations, foundations and individual contributions
other programs are funded by these
pbs affiliates themselves decide when to
air national programs
--- and --- programming from the bbc and independent television (united kingdom) also a source for the local schedules of pbs affiliates
comedic and satirical
pbs stations also produce wide variety of
local programming
two primary buyers or markets for syndication programming
the syndication market
-local ota television stations
-cable networks including usa network, tnt, lifetime, etc
buyers or markets for syndication programming
created in 1963
-annual convention
national association of television program executives (napte)
napte showcases newly syndicated programs to local and international tv stations
national convention
-programming originally produced for one of the major networks; 100 episodes is the magic number:seinfield, everbody loves raymont, the simpsons
off net syndication
programming developed specifically for syndication, life game shows, talk shows, and action series
first run
films that have completed their theatrical run and whose video and cable releases are sold to stations
movie packages
syndicators offer their programs to stations at a reduced cost in exchange for the right to insert advertising
barter plus cash
syndicators offer their programs to stations for no charge with guaranteed local avails for the station
straight barter
provides exclusivity
-in market
-national rights

syndicated exclusivity
syndex
syndicated exclusivity
-espn 1.1 billion dollars a year (1006-2013)
monday night football
fox and cbs 8 billion dollars a year (2006-2011)
sunday afternoon games
sunday night game; super bowls of the 2009 and 2011 seasons; 2 wild card weekend playoff games
nbc 600 million dollars a year from 2006-2011
-impact of cable
-televisions impact on sports event scheduling
-impact of high college rights fees
-televisions impact on pro player salaries
-violence on the field
-innapropriate sponsorships




issues surrounding televised sports
techniques to maximize viewership
programming strategies
object is
audience flow
flow through, outflow, inflow
audience flow
different program with similar audience appeal
-oprah vs ellen
-chicago hope vs er

challenge programming
comedies vs news, drama vs reality shows.
-espn's 11pm sports center starts same time as local news
-cbs' monday night, sitcom line-up counter programs espn's monday night football

counterprogramming
-challenge programming
-counterprogramming
-block programming

programming strategies
genre groupings
block programming
weak/ new program scheduled between two strong entries
hammock
hour long program bridges a program change on a competing network
bridging
called television a vast wasteland in 1961
newton minow
called television a toaster with pictures in 1981
mark fowler
large at-sea vessels must be equipped with wireless sets
wireless ship act of 1910
post-titanic regulation said radio operators had to get license from secretary of commerce and assigned frequencies and hours of operation to prevent interference at sea
radio act of 1912
spectrum interference; change was needed
1920s
principles of scarcity theory
1927 radio act
-spectrum is publicly owned, not private
-stations to operate in the public interest
-government censorship is prohibited
-federal radio commission created to grant licenses make rules subject to judicial review
-frc eliminates interference pr



principles of scarcity theory
created to grant licenses, make rules subject to judicial review
federal radio commission
electromagnetic spectrum is limited and a national resource; government reserves the right to impose obligations and regulations on those allowed to broadcast (traditional rationale)
scarcity theory
-expanded frc from 5-7 members
-renamed, federal communications commission
-expands jurisdiction to include wireless and telephone
-bulk of 1927 legislation included and strengthened in title 3 of the communications act
- found as part of titl



the communications act of 1934
fcc refuses to regulate it for lack of on air use
1950s
pressure from broadcasters adds regulations; slows cable growth
1960s
pressure from cable wins favorable legislation
1970s
state and local regulations differ by
locale
local governments offer a particular cable provider right of
exclusivity
the most significant piece of electronic legislation in more than 60 years
telecommunications act of 1996
create competition between cable and phone companies is the intent of
the telecommunications act of 1996
-removed limits on number of radio stations one could own
-liberalized rules covering local ownership
-could own multiple stations if combined viewership is less than 35% of nations homes
-created 8 year license renewals for both radio and tv




telecommunications act of 1996
parental access control
v chip
tv and radio so pervasive and potentially intrusive that the public is entitled to some protection from unwanted or offensive messages (recent rationale)
passive presence theory
-federal communications commission
-congress (legislative branch)
-courts (judiciary branch)
the white house (executive branch)
-industry lobbyist
-the public
-state and local government
-the market place






regulatory forces: 8 key components
5 commissioners:
presidential appointment, senate confirmed
no more than - from any political party in the federal communications commission
3
-consumer and government affairs bureau
-enforcement bureau
-wireless telecommunications bureau
-wireline competition bureau
-media bureau
serve...




the 5 commissioners
oversees fm, am radio, broadcast tv cable and satellite services
media bureau
-conducts proceedings concenin broadcast, cable
-conducts proceedings related to dbs issues including satellite home viewer improvement act and customer premises equipment
policy division
administers the fccs programs for political broadcasting and equal employment opportunity matters
policy division
fcc makes a proposal, allows for public comments, posts it in the federal register
policy making
office of plans and policy studies trends and anticipates future policy problems
future planning

localism is a recent example of
future planning
grants licenses for stations
fcc
-must be a us citizen, free from foreign control
-must be of good character
-must report all felonious, adverse civil judgments
-looks at potential future conduct of applicant
-applicant must show financial and technical strengths



requirements for licenses for stations
-- months to build for radio
18
-- months to build for television
24
if a cp is issued, upon completion of construction,
must apply for a license
program test authority
-license issued

if...


cp is issued
application for consent to assignment of broadcast construction permit or license
-must be submitted within 30 days
fcc form 314
after fcc form 314 is approved, the buyer must submit a letter of --- within -- days
a letter of consummation
90
ownership report for commercial stations
fcc form 323
ownership report for noncommercial educational stations
fcc form 323-e
application for consent to transfer of control of corporation holding broadcast station construction permit or license
fcc form 315
must be submitted when a controlling block of shares of a broadcasting company is transferred to a new entity or an individual
fcc form 315
application for consent to assignment or transfer of control
fcc form 316
used when a station is involuntarily transferred, such as to a trustee in bankruptcy
fcc form 316
the role of the fcc
license renewal
fcc has traditionally endorsed
diverse ownership
radio/tv station renewals up every --- years
8
has station operated in the public interest?
scrutiny
must report programs that address the educational needs of children
commercial tv stations
an incumbent station will win out over a rival if past service is good
renewal expectancy
expectation of license renewal unless
serious violation occurs
-knowingly making a false statement to fcc
-unauthorized transfer of control
-indecency violations in programming rarely lead to refusal of renewal

license denials
forfeitures and due process
notice of inquiry
sanctions
-letters to a station's file
-fines short term license renewal: 6 months to 2 years
-refusal or revocation of licenses: rare



sanctions
32,500 dollars per day for each occurrence up to a maximum of 325,000 dollars; one year imprisonment
maximum fcc forfeiture
fines can be appealed on --- or --- grounds
statutory
constitutional
allows fcc to see if past deficiencies have been corrected
short term license renewal
stations in chicago and san francisco have been denied renewals for representation
refusal of license
fcc depends on ---
to monitor stations
fcc depends on --- to monitor stations
complaints
-technical operation
-compliance with eeo requirements
-indecency issues have come under increasing scrutiny over the past few years

fcc enforcement focus areas
proper tower lighting and painting
-eas operation
technical operation
-summary decisions
-hearings before alj's
adjudication
judicial route
appeals
the fcc does not license
cable systems
state and local governments grand
franchises
franchises last between -- and -- years
10
15
local franchise authority regulates
basic rates
set rates for other tiers of service
cable companies
pay per view rates or per program services are not regulated by fcc or
local franchise authority
sets regulatory structure for basic and expanded programming
cable television consumer protection
-competition act of 1992
fcc promulgates regulations that compel cable companies
compliance
gave fcc power to control technical issues regarding satellite tv
communications satellite act of 1962
-premits satellite carriers to transmit local tv signals into local markets
-attempt to put satellite carriers on an equal footing with cable companies; fostering competition, giving consumers more choice
satellite home viewer improvement act of 1999
fcc does not regulate --- or ---
internet or isp's
fcc does regulate --- and ---
telephone and cable
the fcc has an influence on how
one connects to the internet
fcc did away with reulates that treated --- --- provided by telephone companies differently than broadband offered by cable companies in 2005
broadband services
created the fcc; all previous and ne broadcast legislation
-controls purse strings of fcc
-can create new legislation
-can hold public hearings on actions of fcc


congress
ended tv advertisement of cigarettes in
1971
rivals congress in terms of influence over the fcc
-judicial process
-courts articulated the pervasive presence rationale

courts
-main player in the judicial process
us court of appeals
other appeals of the judicial process may go to -- other us courts of appeal
12
final appeals go to the
us supreme court
courts look for fair -- -- by the fcc
non arbitrary actions
-presidents cabinet officers can
influence policy
the white house hac initiate --- legislation
communication
the president can influence the fcc political agenda and regulatory tone with his
appointees
the white house has own agency specializing in
telecommunications
the national telecommunications and information administration
the white house's agency
200 year old force in american politics
industry lobbyists
help lawmakers learn about the impact of legislation on society
-broadcasting/cable lobbyists express their views to the fcc, congress, the courts and the white house




function of industry lobbyists
the major networks all maintain
lobbyists
esiest for lobbyists to --- somethign than to...
prevent
make it happen
in the 1970s citizen involvement
peaked
deregulation, longer licensing terms and dwindling financial support hurt
power of citizens lobbbyists
-center for media education
-media access project
two citizen groups
try to cultivate good public opinion
citizen groups
public influences policy through --- --- --- and members of congress
election of president
states often have laws that touch upon areas of communications not specifically mentioned in federal statuses
-states/cities can enact laws that protect privacy of subscribers to local stations
-collect franchise fees, negotiate franchise contract

state and local government
the market place concept involves buyers and sellers and general economic forces like...
-supply
-demand
-competition
-prices


marketplace promotes
efficiency
attitude of fcc towards marketplace varies with different ...
administrations and commissioners
recent trend of relying on marketplace as a
determinant
only responsive to economic forces, not sensitive to social needs
disadvantage to the marketplace
written statements of principle guiding behavior
codes
common in many professions: medicine, law, journalism
codes
national association of broadcasters
the nab code
the nab established radio code in ----, included tv in ----
1929
1952
the nab code covered both --- and ---
programming
advertising
after 1982 anti trust suit...elected to dissolve the code completely
nab code
voluntary statement of principles of radio and television broadcasting adopted in 1990, reaffirmed in 1992
national association of broadcasters
code of broadcast news ethics
radio & television digital news association
code for objectivity and press responsibility
society of professional journalists
code for truthfulness in advertising
american advertising federation
national cable television association
-national advertising division
-national advertising review board

industry profession groups (other)
working with students
scholarly and academic organizations
-broadcast education association
-association for education in journalism and mass comm
scholarly and academic organizations
congress introduced bill to allow industry to create new code (didn't pass)
1997
in 1998, nab was asked to draft an updated --- --- for broadcasters
voluntary code
in 2000, senate asked fcc to examine if current programming was serving the
public interest
in 2004, after the janet jackson wardrobe malfunction, the nab formed
task force
has any new code been proposed so far?
no
public and employees are made aware of specific policies
advantages to codes
codes could be used in court against a station
disadvantages to codes
-- -- put your organization on record
written policies
with this in mind, codes are often worded --- to reflect and entire organization
vaguely
without codes, management must be sensitive to political, social, and economic --- of community
sensibilities
without codes, stations develop own --- ---
policy guidelines
s&p departments have been
cut back
societal standards are more
tolerant
introduced controversial shows like married with children, the simpsons
fox network
networks competitive position impacts
standard
cable overall has more -- over ota
leeway
premium cable channels have the greatest latitude when it comes to --- and --- content
mature
sexual
determination of acceptability of tv/radio messages may depend on these things (4)
size of the market
the time period
the stations audience
the type of content involved


v chip attempts to pass some --- on the public
responsibility
requires the v chip device in every tv set 13-inches or larger
section 551, telecommunications act of 1996
creation of ratings definitions and guidelines is
voluntary
concern over portrayal of ---
minorities
concern over presentation of --- and ---
sex
violence
which group is concerned about the presentation of sex and violence
parents television council
the parent teacher association and the national education association have to do with
childrens programming
measures rightness/wrongness of actions in terms of consequences
teleological approach
most popular teleological theory
utilitarianism
a person should act such that it produces the greatest possible ratio of good over evil
utilitarianism
one makes the decision that yields the most good and/or the least harm for the fewest number
utilitarianism
act in a way that is best for you
premise of egoism
do not sacrifice self for others
egoism
egoism requires thoughtful analysis of each choice to find what is
best for an individual
egoism does not preclude --- to others or --- for others welfare
kindness
concern
criticized for being paradoxical and inconsistent
egoism
not concerned with consequences
deontological approach
deals with those duties that are morally required of all
deontological
reason, society, supernatural, the human conscience
source of the duties morally required for all
doesn't matter if consequences for the deontological approach of --- are ---
lying
beneficial
deontology was developed by
immanuel kant
duty governs --- not ---
decisions
consequences
ones duty is recognized via --- ---
categorical imperative
act only on principles youd want to be
universal law
what is right for one is right for one is right for all falls under
categorical imperative
-developed by writings of aristotle
-grounded in natural law
-search for the extremes

the golden mean
moderation, temperance, equilibrium, harmony
grounded by natural law: the golden mean
search for extremes-
find the golden mean within
in cultural ethics you're grounded in society,
not nature
in cultural ethics, an individual is shaped by culture,
not nature
in cultural ethics, an individual adjusts to a society of
no universals
in cultural ethics, problems are solved ---, which no regard to ---
contextually
norms
solicit advice from peers; review how similar circumstances were handled by others to determine norms
problems solved contextually
argues that societal norms are inadequate due to uniqueness of all situations and problems
situational ethics
in situational ethics, decisions are founded upon
unique details of situation
generally ranked high in growth and earnings per share
companies ranking high in ethics
assures some consistency in decision making
personal ethics
in order to be able to respond quickly- and ethically, must have some predefined standards in place before issues arise
media practitioners
will provide the ability to rationally explain decisions by studying and adopting techniques of --- ---
moral reasoning
a scare commodity-time to
reflect on decisions
lack training in ethical standards- many --- --- ---
current media execs
rarely conduct ethics training
companies
helpful but must be weighed by an awareness of the nature of the day-to-day pressures in tv and radio
theoretical knowledge of ethics
balancing profits against public service
number one ethical problem
the creator of amazing discoveries-- produced 45 infomercials over 5 years generating an estimated revenue of 300 million dollars
positive response tv
by the late 90s some estimates indicated the informercial industry brought in
1.7 billion dollars

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