What is a Press Conference
A press conference is a meeting, organized for the purposes of officially distributing information to the media and answering questions from reporters. In general a corporate press conference is led by the company's executive management or his or her appointed press liaison. Occasionally, given limited resources, particularly during a time of quarterly or annual earnings, it may be difficult to attract major media attention unless a company has a truly unique or newsworthy announcement to share. Press conferences can also be issued in response to addressing public relations issues.
BREAKING DOWN Press Conference
By inviting the press to special events, a company has an excellent opportunity to present a news story in its most favorable light. In other cases, lesser known companies may be looking to increase their stature in the media by making it easier for news agencies to cover company events. By gaining favorable media exposure, companies are able to gain greater brand recognition and authority in the market, usually at a much lower cost than would be required for a widespread advertising campaign.
Examples of Press Conferences
In December 2017, Reliance Communications held a press conference to announce the sale of its telecom assets. These included spectrum, towers and fiber – the sum of which were noted to be worth Rs 25,000 crore. The sale is expected to complete by March 2018. Chairman Anil Ambani highlighted reasons for the sale included the need to pre-pay its lenders and help shift Reliance Communications to become more enterprise-focused.
At the press conference Chairman Ambani entered with his wife and two sons and touched on his father’s legacy in Reliance Communications. Ambani called the project “moral financing.” As described above, press conferences allow company executives to present large shifts in operations or management in the light they deem fit for their audience, the media, and customers.
A second practical example of a press conference occurred in December 2017 following Mark Marvin’s Downtown Development Group LLC’s purchase of the Robins Theatre in downtown Warren, OH. The company described the updates needed to the building as “not insurmountable” (heating and electrical, ventilation and air conditioning). Mark Marvin conveyed its aim of creating a new entertainment hub in the space. In addition, the company highlighted that the acquisition fits into its larger development goal of revitalizing the area, bringing it back to its “previous glory.”