The short answer for why Snap lowballed its initial valuation for its initial public offeringis that it probably wont be that low for long.
Normally these prices are set by expectations the underwriters and executives can divine from their conversations with Wall Street. Its essentially a matching game how does Snap and its underwriters figure out where to price the stock in such a way that it doesnt leave too much money on the table for those involved in the IPO, and also ensures the stock has a healthy pop on its first day of trading. Price it too low, and you wont get paid as much as you might. Too high, and its an optics issue and the IPO ends up looking unsuccessful.
A price range for Snaps IPO leaked late last night, which could settle its valuation close to its previous financing round. In the scope of the financials it released (and demonstrating its very large burn rate) in its public IPO filing, it would make sense to keep things conservative. But in the end this is a calculated decisionto leak a lowballed number to gauge broader interest, and these numbers inevitably go up. This, for the most part, is just the way things are played on Wall Street headed into an IPO.
Some quick mechanical points: One range would value the company between $16.2 billion and $18.5 billion based on the total outstanding shares after the offering. Another calculation, including options and stock conversions, places the range between $19.5 billion and $22.5 billion. Either way, both of these place the company within close shooting distance to its previous valuation, with the company raising up to $3.2 billion at the higher end of the price range. Snaps underwriters also have an option to purchase an additional 30 million shares.
A lot of people are going to draw similarities between Snaps upcoming IPO next month and the Facebook IPO. As the last major ad-driven social IPO and one of the biggest Snap is going to be compared to Facebooks business. Snap has huge costs of revenue, though its business is very young. And to make things more direct, Facebook is increasingly copying its tactics and products in order to head off Snap potentially locking in an audience that would otherwise grow into using Facebook.
Snap does need a successful IPO. It does need the price to go up people want to make money, and it doesnt want to be seen as a failure like the Facebook IPO. Thats going to woo additional interest in the company as a longbet, with potentially a similar outcome to Facebook as it grows its otherwise young business into an advertising juggernaut with additional revenue streams beyond advertising. For now, Facebook is a mainstay advertising, and while Snap is growing very quickly, its young business needs to be proven as a consistent ad buy that would go next to Facebook and traditional media.
But in reality, this is not whollyabout being trendy or making some kind of public statement about betting on thelong term for its business. Snap made it very clear that it is playing the long game beyond just an ad-driven business. It says its a camera company, and its trying to diversify with things like Spectacles and gunning for content and areas that it thinks Facebook just might not be able to access.
Part of the reason the Facebook IPO was so rocky was that it was also an introduction to investing for a lot of first-time investorsinterested in consumer tech. Facebooks IPO in some ways on its own was unprecedented it was one of the biggest well-known names that seemed to have a good business and good user growth going public.Things, obviously, did not go well, and the lessons have likely been learned.
Like Facebook, Snaps IPO is unprecedented in some ways. This IPO is also for non-voting stock, which makes this a special case. It will be a completely different class of demand for the shares when you buy in, you basically get nothing except the hope and prayer of a dividend and some long-term yield. Evanmay have beenstrong-armed into being conservative, but because the nature of this IPO is so unusual, it would be a very bold (and borderline irresponsible) move tostart at the top end under assumptions of what investors are seeking. That would be in relation towhether doing direct comparables, next year revenue projection multiples or similar effects.
Another possibility of the price being lower could be related totherisk and uncertainty associated with it being an offering of non-voting shares, and not necessarilybecause of actual demand for the stock. There have not been any major techIPOs in a long time (Snaps is the largest since Alibaba in 2014, which was an entirely different story). So theres probablya lot of money sitting around,waiting to be allocated.
At the end of the daythis is just how the game is played.Snap is going on its road show, where it will make its pitch to investors as to why they should buy the stock. As these meetings continue, expectations get closer and closer to reality, and Snap will continue to tweak that price range until it lands on what they think is going to yield the optimal outcome. Basically, expect this to change in the near future.
Cowboys to sign TE MJ McFarland, waiving the injured Connor Hamlett Blogging The Boys (blog) Near the end of the preseason game in Los Angeles against the Rams, the Cowboys saw one of their project players go down with an injury. Connor Hamlett, a tight end who made you scratch your chin, suffered a broken fibula. Unfortunately this means the …
The people in the images of the year including a free-climbing first and Peter Grestes release from an Egyptian jail
A free-climbing first: Kevin Jorgeson reaches the summit of El Capitans Dawn Wall, Yosemite, California, 14 January
I started to obsess about El Capitan in 2009, after watching footage of climbers on it. This particular rock is called Dawn Wall, and its the largest granite monolith in the world. People have been climbing it for decades, but no one had done so with only ropes and harnesses.
Tommy Caldwell and I started training by climbing the rock one pitch at a time, 31 in total. It took seven years. I relied on his experience. You cant do it on your own. We balanced each other out: hes an optimist, Im a realist. I often liken our climb to the Tour de France: there are harder climbs out there, but what makes El Capitan so challenging is completing the whole thing. Its consistently and unrelentingly tough.
We did most of our climbing at night. Heat and sunlight are your enemy, because the sheer rock is more slippery when its warmer. It gets the shade around 4pm, and we were wearing head torches by 6pm. We went down the wall to our base camp to sleep, in tents suspended from the rock (thats me in the tent). The only time that got a little scary was during a windstorm, which blows up the wall. That was pretty exciting.
By far the worst part was my battle with pitch 15. I was stuck there for eight days, unable to get any higher, with my fingers battered. It got to the point when I thought, either I try to catch Tommy up or I give up. Ultimately, I couldnt stand the thought of not climbing Dawn Wall I probably wouldnt have the chance again.
We had guys photographing and filming us the whole way up, so we were posting pictures on social media, but the catalyst for our climb going viral was a story in the New York Times. When the Times is writing a front-page story on the state of your fingertips, you know somethings going on.
Theres this old philosophy about seeking pleasure to avoid pain. I think we turned that mindset around: we chose to define what we were going through as both pleasure and pain, and that was one of the biggest contributors to keeping us optimistic.
Before Tommy, no one had imagined it was possible to free-climb Dawn Wall; we willed the idea from a dream into being. We did years of training until we got closer and closer to believing we were capable of it. Now, I suppose, Im seeing if there isnt something even more dream-like somewhere else that I can turn into reality.
Interview: Hannah Booth
Syriza wins landslide in Greece: Panos Kammenos joins the Syriza coalition government as defence minister, 28 January
This was taken after the first cabinet meeting of our unity government, and was one of the most moving moments of my life. Even if it had been cloudy, I would remember it as sunny, because it was the day that, after five dark years, hope was born again in Greece. It was totally spontaneous that I wore my red tie, a symbol of socialism. Voters would not have expected it, but I wanted to send a message of political reconciliation, to show them that from now on we are all together, going forward as one.
Although Alexis Tsipras and I come from different ideological backgrounds, he from the left, me from the centre right, we share a common love of our country. The only thing were interested in is building a better future for Greeks, who live in the place where democracy was born. We are two politicians who have never had our hands in the till, and we formed the government because of our common vision. People from the left and right who had been hardest hit by [internationally mandated] austerity measures, whose dignity had been destroyed, who were fearful of losing their homes, who had seen the previous government pass and enact laws at the behest of [German finance minister Wolfgang] Schäuble, had come together. We had united them with the purpose of changing the political system and ensuring the end of all those who, for years, had governed Greece in the name of illegal profit.
I remember it not only as one of the happiest days of my life, but as a day of vindication. After the war that had been waged against us in a pre-electoral campaign where everyone, from the banks to the EU to the Greek media, was against us, we deserved to smile. Throughout the campaign, everyone had doubted whether Tsipras would win or whether I would even get into parliament. With the strength solely of the Greek people, we had confounded them.
Interview: Helena Smith
Church of England appoints first woman bishop: Libby Lane is made a bishop, London, 26 January
I had known about my appointment for only a couple of weeks before the public announcement in December, so there wasnt really space to do an enormous amount of pondering on what it meant. Because it was a royal appointment, very few people knew. The people who were part of the process were all exceedingly supportive, but neither I nor they quite knew what the scale of the response would be. Over the next few months, there was an extraordinary amount of public recognition. The public, face-to-face engagement was, without exception, positive and very humbling. Many of those who spoke to me were of other faiths or none, but they felt a sense of inclusion in the moment. People heard good news in it, for themselves and their communities.
What I remember most about the day itself is an overarching sense of being held. It was partly a personal religious experience I felt that God was present with me but it was also about feeling upheld by the hundreds of bishops present, the countless people across the country, across the world, who felt a sense of their own engagement. There were so many wonderful moments: the procession, being presented by my diocesan and my local bishop, one of my dearest friends, Sarah, preaching she did a beautiful job. Being prayed for by the archbishop and the moment of consecration where all those bishops gathered and laid hands.
It wasnt entirely without controversy [the Rev Paul Williamson interrupted the ceremony, shouting not in the Bible]. We had been alerted, but I am glad to be part of a church that allows dissent to be articulated. It made the occasion more honest. On the whole, I think in the end it was a positive thing that it was allowed to happen.
I knew and was known by every single one of the bishops in this photograph. You can also just make out some of the women bishops from other countries who attended, and it was a particular delight to have them there. My husband, George [pictured on the left of Archbishop John Sentamu] and I were ordained together in 1993, so we have supported each others ministries for two decades.
Since my appointment, seven other women have been ordained as bishops in the Church of England. One of the blessings has been how little attention there has been on those appointments. I recognise that my appointment marked a significant moment in the churchs history, and clearly from the response that moment was extraordinary. But that doesnt make me extraordinary. The women who have been appointed since are equally, if not more, gifted. I just happen to have been the first.
The day of the survivors issue, I opened my kiosk at 7am. Usually I open at 8am, but I knew it was a big thing. I generally stock only four or five copies of the magazine, but that day I had 40 or 50. There were already people waiting; a queue maybe 20 metres long of my regular customers, people from the neighbourhood, but also passersby.
The atmosphere was very tense. You could feel it in the streets. Lots of people bought that issue as a souvenir, out of solidarity or in protest. We had to defend the press and oppose barbarism.
People dont know that we werent paid for selling Charlie that day; we did it for nothing. All the money went to Charlie Hebdo. I did that, anyway; some kiosks didnt. More than 100 people wanted to reserve Charlie Hebdo the day before it came out, but I refused. It was important to be honest, not to make money on the back of it; I wasnt going to go and auction copies on the internet. That would have been against my philosophy, and against my way of helping Charlie Hebdo.
Newspapers are my life. Theyre also my livelihood, and its important to defend that. But in this context, it feels a bit frightening, defending your livelihood. Charlie Hebdo made me laugh. But I think as a rule they do go too far when it comes to religion. Personally, Im an atheist, but you should steer clear of peoples ideas about religion if you are going to go too far. Some people might be hurt. Politics isnt the same; you can do what you like thats what makes it funny.
France has changed. Theres a lot of Islamophobia. People are against Arabs, against Muslims. Its become a real thing since Charlie. Ive been insulted even attacked, once because of that. Not because of Charlie, but because its written on my face that Im an Arab.
Interview: Nicolas Messyasz/Jon Henley
Eddie Redmayne wins best actor: Stephanie Elam (right) at the Oscars, 22 February
I was live for CNN at the Governors Ball, which is where the winners go after the ceremony, usually with their statues. I was with a gaggle of other journalists in a roped-off area. There was quite a bit of jostling. I had just finished interviewing Eddie Redmayne. He was so humble, delighted, gracious and grateful and clearly in shock. The best actor award is towards the end of the show, so I dont think his win had sunk in yet.
Ive done a lot of red carpet interviews, but the post-show parties, like this one, are much more fun: the actors know theyve won, so theyre not nervous or buttoned up. Their joy at winning bubbles over. The ball lasted about an hour, then I headed to my hotel I had to be on air for East Coast morning time, which is 5am in LA. I think I got about an hour and a halfs sleep.
Peter Greste returns home: Juris Greste on his sons release from prison in Egypt, 5 February
This marks the climax of the battle of our lives, in getting Peter out of an Egyptian prison. Hed been on a short assignment in Cairo in December 2013, for Al-Jazeera English, for three weeks while one of the regular journalists was away over Christmas. The authorities took a dislike to what hed been saying, and on 29 December arrested him. [In July 2014, he was sentenced to seven years in prison.]
Here, he had been ejected from Egypt on the presidents decree, and allowed to fly home to Australia. There was another trial to come for him and his two colleagues, but that didnt cloud our joy one iota. This shot was taken after Peter emerged into the arrivals area of Brisbane airport. We had already met him in the VIP lounge, where we made our personal greetings and expressed our joy at welcoming him home. His arrival wasnt a shock, but it was overwhelming, the culmination of 13 months of toil and drama. When we had composed ourselves, we had to front up for our friends in the arrivals area. Nothing was hard to do that night: we felt very free and liberated.
For me, the most memorable part was the sheer number of people. We knew thered be some media, but the flight arrived at 1.30am, and we walked out at close to 3am. The number of people there floored us. It was the middle of the night, and some of Peters friends would have had to stay up all night and drive for hours to get to the airport. Some of my colleagues turned up, and I truly never expected to see them.
You know when youre fleeing from a bad person in your dreams, and no matter how hard you run, you dont make any progress? Well, this was like the moment in the dream when youre miles away from your pursuer and the sun is shining brightly and the birds are chirping.
Interview: Patrick Kingsley
Amanda Knox acquitted: Edda Mellas (right) faces the press after her daughter is acquitted of the murder of Meredith Kercher, Seattle, 28 March
We walked out of our front door and were blinded by flashing lights. We were making a statement just so the media would go away. We were smiling so hard, our faces hurt. It was a few hours after Amanda had been acquitted and we were trying to say a few words and remain calm. By then, we were able to talk, because the crying had stopped and there was just joy. Complete and utter joy.
I remember sitting in the kitchen and watching Amanda at her computer when the verdict came down, and how she started to scream. She was holding her hands over her mouth, and we didnt understand Italian. At first I thought, oh my God; I had this horrible sinking feeling. She told us all to hush because she was listening, then said, Acquitted! Acquitted! and started jumping around. I thought I was going to be ill because of the overwhelming feeling of it. You couldnt begin to wrap your head around the fact that it was over and she could have a normal life. Everybody cried and held on to each other; but none of us could hold Amanda, because she was bouncing around.
Before the verdict, we were anticipating a continued fight, and looking at a lot of what ifs what if they found her guilty? What if they try to extradite her? All of a sudden, the what ifs became, Now what? The weight had gone. It took a while to adjust, but now we can turn our energies to What are we going to do with our lives? rather than How am I going to fight the next fight?
The past eight years have taken so much out of us, and after the acquittal we were exhausted. It was particularly tough for Amanda, of course. For the first time, she felt she could properly mourn for Meredith, and for the first time she began to ask why the courts had put her through this. Now were catching up on life. Im not sure well ever recover what it took out of us, but at least were picking up and moving on from here.
Interview: Simon Hattenstone
The US ambassador to South Korea attacked: Mark Lippert is slashed with a razor by a Korean nationalist, Seoul, 5 March
I had been in South Korea for a little over four months. We were having a great time, excited to be there. Right after the attack, I knew I was hurt pretty badly. The real concern was whether there was a nick to the carotid artery, because my cheek was cut. My military training kicked in and I knew the most important thing was to stay calm and keep moving towards the exit and safety.
The doctors confirmed that everything was fine with my salivary gland and nerves. The only question was whether my hand would be OK over time: I was told I would make a 90-100% recovery.
When I left hospital five days later, I had an official dinner at my residence and was back in the office two weeks later. I have scars on my face and arm. Theyre fading, but they could stay for some time, maybe for ever. I was able to talk to my wife before she saw the news; within 30 minutes, she was at the hospital. My parents were concerned, but I satisfied them that my prognosis was good. It helped that wed had a conversation about risks when I went to Iraq and Afghanistan as a sailor.
President Obama called me within 15 minutes of my arrival at the hospital. He was concerned as a president whose ambassador had been hurt, but also as a friend. He asked if I was OK and what he could do to help. The extra security provided by the South Korean government has been excellent, but I dont feel I need to be more vigilant. It hasnt changed the way I do my job. If anything, my feelings for South Korea are even stronger now. The response was magnificent, from the national assemblyman who helped wrestle my attacker to the floor, to the person who drove me to hospital and the doctors who treated me. The support my wife and I received has had a huge impact on us.
Interview: Justin McCurry
Richard III buried: Karen Bassett, funeral carriage master, drives Richard IIIs body to Leicester Cathedral, 26 March
We used a gun carriage to transport the coffin. Im holding the reins and the lady next to me was from the funeral directors. We had footmen and a couple of outriders in armour, dressed the way Richard would have dressed in battle. Their horses were quite naughty, but not as bad as the police horses. I was very proud of how well-behaved mine were on the day the two in front are Awi and Cora, with Egor and Hagrid in the back.
We started off at the battlefield and made our way all around the city. I took over from the motor hearse on the outskirts of the city centre, then we went to church for a small service. From there, he was loaded on to the gun carriage and we had the procession to the cathedral. Id asked the council how many people they were expecting, and they had no idea: it could be 1,000, 10,000. On the day, there were tens of thousands. I was gobsmacked.
The atmosphere was surreal. Ive competed, driving horses in front of 50,000 roaring people, and taken part in funeral processions that were pin-drop quiet, but this was something else: you couldnt hear a thing apart from the horses hooves and a sort of hum of electricity from the bystanders. I had to watch the horses, because it was a very slow pace, mostly downhill, which is hard for them, but I kept taking glances at all the people. All the way round, they were throwing white roses; when we finished, the carriage was covered in flowers. The last time I saw that was at Dianas funeral.
I didnt know a great deal about Richard until they found him. When I became involved in the funeral, I started to read up on him. He was quite a rogue, a fascinating man. Its incredible that they found him in a car park and could identify him. Its an amazing piece of history.
Hillary Rodham Clinton wants voters to know she is no friend of Wall Street. But Wall Street has frequently been a friend to her.
In the 18 months prior to announcing her second campaign for president, the front-runner for the Democratic nomination addressed private equity investors in California, delivered remarks to bankers in Hilton Head, South Carolina and spoke to brokers at the Ritz-Carlton in Naples, Florida.
Her efforts capped a nearly 15-year period in which Clinton and her husband, former President Bill Clinton, made at least $35 million by giving 164 speeches to financial services, real estate and insurance companies after leaving the White House in 2001, according to an Associated Press analysis of public disclosure forms and records released by her campaign.
The long and lucrative relationship between the Clinton family and the nation’s finance industry has emerged as a key issue in her Democratic primary race. Her rivals, including Vermont Sen. Bernie Sanders, accuse her of being too cozy with Wall Street and the industry she once represented as a senator from New York.
Her backers at financial firms say they have little expectation her family’s personal profits will influence her policymaking, noting their own opposition to her plan to raise taxes on the hedge fund and private equity profits known as carried interest.
“She and Bill were both government servants all of their life and there was a set period of time when they could make money,” venture capitalist Alan Patricof, a longtime Clinton fundraiser, said of the Clintons’ paid speechmaking. “She had to maximize her earning potential.”
The Clinton campaign also points to her record, saying it shows a history of working to regulate the industry. Negative ads run by a group called Future 45, a super PAC backed by six-figure checks from hedge fund managers, demonstrate that Wall Street expects her to follow through on her proposals, aides said.
“Any honest look at Hillary Clinton’s record shows she spoke out early and often against Wall Street’s excesses in the run-up to the financial crisis,” said campaign spokesman Brian Fallon. “It’s clear they believe she will take action as president to crack down on the industry’s abuses.”
The bulk of the Clintons’ paid speeches to the financial industry came after the 2008 economic crash. From 2009 to 2014, the couple made $26 million from 109 appearances sponsored by banks, insurance companies, hedge funds, private equity firms and real estate businesses, and at those industries’ conferences and before their trade organizations.
With Hillary Clinton serving as secretary of state for most of that period, her husband brought in the bulk of the funds, earning nearly $17 million. That included $250,000 Bill Clinton made for mingling with investment managers in New York on May 12 — thirty days after Hillary Clinton released a video announcing her second bid for the White House.
What the Clintons said in their speeches is hard to find. Although many of the remarks were given to large groups, any broadcast or transcription was typically barred — along with the press.
Still, some details have trickled out.
Sometimes the subject was foreign affairs. Sometimes it was more personal.
“It’s so important for women like us to get out of our comfort zones and be willing to fail. I’ve done that, too, on a very large stage,” she said, according to a report in the real estate blog The Real Deal, which attended her October 2014 speech to the annual convention of the Commercial Real Estate Women Network in Miami Beach.
Beyond the personal income, Clinton also has close political ties to the finance industry. Over the course of her career, from her 2000 run for Senate to the two presidential campaigns, people working in the finance, insurance and real estate industries have given her campaigns about $35 million — more than donors from any other lines of work, according to the Center for Responsive Politics.
Since her husband left the White House, the family’s charity, the Clinton Foundation, has collected millions more from the industry, with several Wall Street banks down for as much as $5 million each.
While Clinton doesn’t rule out breaking up the big banks, she argues that restoring Glass-Steagall, the law that once separated commercial and investment banking, wouldn’t go far enough to curb risk. Instead, she would impose a graduated fee on large financial firms that would increase as companies held greater amounts of debt. A separate tax would be levied on high-frequency trading, and she has vowed tougher criminal penalties for individuals who break the rules.
“I go after not just the banks,” Clinton told Democrats in North Charleston, South Carolina, on Saturday. “I go after the hedge funds, big insurance companies, shadow banking.”
Those proposals aren’t worrying her backers on Wall Street, who argue that her time representing New York gives Clinton a deep understanding of how their industry works.
But the proposals also don’t do much to win support from some who feel a better choice for their industry will be found among the GOP’s candidates.
Donors working in the finance and insurance industry have given $22 million to Texas Sen. Ted Cruz and $21 million to former Florida Gov. Jeb Bush and their affiliated super PACs — roughly three times as much as to Clinton and the outside group supporting her, according to Crowdpac.com, a nonpartisan political research company.
GOOCHLAND COUNTY, Virginia — Ever since Curtis Brown Jr. got his first Star Wars toy as a toddler, he has been fascinated by action figures. So much so that he has built a business customizing action figures for clients worldwide. But what could be a lucrative career has turned into an exercise in futility that traps Brown and his family in poverty.
That’s because Brown struggles every day with miserable Internet service. The only choice where he currently lives is an $80-a-month satellite connection. It’s slow and comes with such a low data cap that he exceeds it within a week or two. So Brown’s business comes to a halt. He can’t afford to buy more data. He can’t use his smartphone because the service is so bad he has to go outside to get a signal, and it’s too cumbersome to update the many websites he uses to conduct his business.
The constant interruptions limit Brown to about $400 a month in profit. Even with his wife Ashley’s income from an administrative job with the county’s education department, Brown and his three stepchildren have to rely on help from relatives and food stamps to make ends meet. Brown would move if he could, but houses with fast Internet connections are in areas where the rent is too expensive.
An isolated case? Not at all. An investigation by the Center for Public Integrity found that even though Internet access has improved in recent years, families in poor areas are almost five times more likely not to have access to high-speed broadband than the most affluent American households. That means no access to online jobs, and no access to health care advice, education, government services and banking — everything needed to be a full participant in today’s society. This harsh reality has led to a new kind of segregation.
“Internet access,” says James Lane, superintendent of Goochland County Public Schools, “is the civil rights issue of our time.”
A Rope Ladder
Brown sells his custom action figures — Gamorrean Guards, Luke Skywalkers and Skeletors — out of his living room in a compact one-story brick house at the end of a dirt driveway just off Stokes Station Road in the western part of Goochland County. The neighborhood is about 20 miles west of the tony suburbs and manicured golf courses adjacent to Richmond — but it is worlds away. Next door to the Browns: an abandoned trailer home with broken windows and rusted siding.
Nearly every house in the area has a satellite dish bolted on the roof or perched on a pole in the yard. A satellite connection, like the one Brown gets from HughesNet, is the only option for Internet here. But it is expensive and doesnot provide what the federal government defines as “advanced telecommunications capability” or high-speed broadband, a download speed of 25 megabits per second or higher. That’s the speed both the feds and application developers say is the minimum needed to support both the numerous devices in a household today and the future applications that will create digitally interconnected homes and businesses.
Other Internet connections like DSL — offered by companies such as AT&T Inc., CenturyLink Inc. and Verizon Communications Inc. — rely on telephone lines but typically don’t offer broadband speeds. Americans can get Internet on their smart phones, but the faster connections on those phones aren’t widely available and come with data caps that most people use up quickly. Cable and fiber connections, those offered by Comcast Corp., Time Warner Cable Inc. and Verizon’s fiber-optic cable service mostly in cities, offer the faster speeds. But they aren’t available everywhere either — especially in low-income areas.
It’s that sort of fast cable or fiber connection that Brown says he needs to earn thousands of dollars more a month like he used to when he lived in another part of the county that had a fast connection —before a family matter caused financial difficulties and he had to move.
“It would be like when you are in a hole, it would be that nice rope ladder being lowered down to you so you can get yourself out,” Brown said. “That’s exactly what it would feel like for us.”
For now, though, that ladder lies just out of reach, less than five miles away on River Road, one of the main thoroughfares that roughly follows the James River, which flows east to and through Richmond. That’s where Comcast, the high-speed broadband provider for much of Goochland County, ends its high-speed Internet service. It also happens to be almost exactly where the median household income drops by more than a third and the poverty rate triples, according to the Center’s analysis.
That’s not the only place Comcast ends service at the doorstep of this low-income area. The same happens on Riddles Bridges Road just another two miles away. And again farther north on Forest Grove Road, where Comcast serves neighborhoods with $300,000-plus homes: service stops a few thousand feet before the line where poor neighborhoods start — such as a low-income black community a little more than a mile away. Here Internet access “is nonexistent,” said a young resident who declined to give his name. “It’s primitive out here.”
Internet providers say they don’t consider demographic data such as income levels and poverty rates when deciding where to hook up neighborhoods. Who gets a wired Internet connection and who doesn’t is one mostly based on population density, they say. Areas like where the Browns live are too sparsely populated for telecommunications companies to make a return on the high cost of wiring rural neighborhoods, they say. Comcast officials add that they are following a specific franchise agreement the company negotiated with Goochland County officials, which requires them to lay cable down streets only where there are 30 houses per mile.
Even so, it’s hard for Manuel Alvarez, a county supervisor who represents the district where the Browns live, to look at where Internet service ends and not wonder if Comcast purposefully avoids providing broadband to Goochland County’s poor.
“I can’t believe that they wouldn’t look at people’s ability to pay before they run cable,” said Alvarez, who won a seat on the board in 2011 running on a platform to improve Internet access countywide. “I do believe that they run cable where they will get their money back.”
Not Even a Choice
Nationwide, families in neighborhoods with median household incomes below $34,800 — the lowest fifth of neighborhoods nationally — are five times more likely not to have access to broadband than households in areas with a median income above $80,700 — the top fifth, according to a Center for Public Integrity investigation. The Center, which analyzed Federal Communications Commission and Census Bureau data, specifically looked at households that didn’t have access to wired broadband, which is fast Internet service that is readily available, as opposed to adoption, when a household has access to service and can choose to purchase it or not.
In Houston, high-speed Internet service becomes patchy between Interstate-69 and the Westpark Tollway, skipping clusters of apartment complexes where the median household income is less than $30,000 a year. Wealthier neighborhoods to the north, south and west enjoy more consistent coverage. Low-income residents in an area in East Cleveland don’t have access while wealthy areas just two miles away to the south do, according to the Center’s analysis. And in San Bernardino, California, people living in areas that have the lowest fifth of household income are about three times as likely to not have access to broadband as families living in areas where the household income is in the top fifth.
In all, in excess of 30 million Americans, more than half in areas with a median household income below $47,000 a year, do not have access to broadband, according to the Center’s analysis. That means difficulty streaming video or downloading or posting large files such as graphics and photographs, as Brown experiences. If more than one person in a household is online, interruptions can occur. And these families won’t be able to take advantage of future applications, such as home health care apps, that may require fast speeds to work properly.
Internet access is the civil rights issue of our time.James Lane, superintendent of Goochland County Public Schools
The Center’s findings closely match the FCC’s conclusion in its Broadband Progress Report, released in January. (The Center used more recent data that was released after the agency published its findings.) The FCC’s report was the basis for a commission ruling the same month that Internet providers weren’t deploying broadband in a reasonable and timely fashion, as required by law, opening up the possibility the agency may impose regulations to require providers to upgrade and expand their networks faster.
Many broadband experts and analysts say the real explanation for the difference in Internet access between the rich and poor is that providers can’t afford to wire rural areas, which have a larger proportion of low-income families than urban areas. Wiring rural areas is expensive, and providers can’t get enough return on investment because there are too few households to support the cost. Low-income households also tend to sign up for Internet service at less than half the rate of wealthier families, with the high cost of broadband connections the primary deterrent, according to the Pew Research Center. The providers are businesses, after all, goes the argument, and those businesses have the right to make money, and choose where to do business based on whether they can make a profit there or not. Last year, Comcast earned almost $12 billion in net operating income on its cable communications business.
The Center found that even controlling for population density, the rural poor are still in excess of one-and-a-half times as likely not to have high-speed broadband as rural wealthy families. Even in urban areas where 94 percent of households have access, low-income families are three times as likely not to have access as the wealthiest urban families, the Center found.
Tanisha Fletcher is one of the nearly 7 percent of city residents who don’t have access. Fletcher, 36, is a resident of Juniper Gardens, one of the oldest public housing projects in Kansas City, Kansas. Time Warner Cable provides service for the buildings all around her block, but not for her apartment building, according to the FCC broadband database. Fletcher, 36, has to rely on a wireless connection that she said freezes so often that “it might as well be non-existent.”
Even though Fletcher earns just $1,100 a month as the office manager at Connecting for Good, a nonprofit that works with Internet providers to connect low-income areas, she said she would be willing to pay $20 or more a month for a connection so she could finish her college degree and stay in touch with family and friends.
“We kind of get looked over here, and I don’t really know why that it is,” Fletcher said. “It makes us feel like the cable company and the city just don’t care about us.”
Time Warner Cable did not respond to a request for comment.
The FCC maintains that disproportionate access between low- and high-income Americans is a top concern. The FCC said policies directed toward improving access in rural areas, like its rural healthcare fund, and a fund to connect schools and libraries are aimed at reducing the wealthy-poor divide. The FCC additionally says it imposes conditions in mergers between telecommunications companies that typically require a purchasing company to provide better access to the poor, such as with AT&T’s purchase of satellite provider DirectTV last year. And the FCC also has acted to reduce barriers to broadband expansion into unserved areas, as it did in preempting two state laws that prevented cities from expanding municipal-owned Internet networks, arguing the statutes limited broadband’s reach to rural areas and the poor.
A lot of people say, well life is unfair, but I feel like there’s a difference between unfair and the necessity of it.Crystal Ware, mother of a fifth grader who doesnt have Internet access at home
But not explicitly focusing on the digital divide between the wealthy and the poor can have significant adverse circumstances, said Sharon Strover, director of the Technology and Information Policy Institute at the University of Texas at Austin, who studies broadband’s impact on economic growth. .
In a 2013 study, Strover and her co-authors found that poverty rates in areas with a high-speed connection were significantly lower than those that didn’t have broadband. Median incomes also were higher in counties where adoption rates were above average.
“I think some of the difficulties that lower-income folks have now will just be compounded” if they don’t have access to high-speed broadband, Strover said.
The Digital Dividing Line
In Goochland, county leaders and residents are well aware that broadband access ends at the same place where incomes drop, and the poverty rate and percentage of minorities increase.
The wealthy area starts in the eastern part of the county, which abuts some of the most luxurious Richmond suburbs, where the median income is above $100,000 a year. Million dollar-plus estates with waterfront views sit close by to the exclusive private Kinloch Golf Club, with its Tudor-style clubhouse. Capital One Financial Corp., the eighth-largest U.S. bank, operates a sprawling 316-acre business campusabout a five-minute drive away. Residents here have a choice of buying Internet service from Comcast or Verizon, with speeds reaching as high as 500 Mbps, among some of the fastest available nationwide.
But travel west and cross the halfway point of the county — past the recently built Goochland High School and just beyond Dogtown Road — and broadband mostly stops. No longer can you get Comcast’s fastest connection of 150 Mbps, and Verizon’s fastest speed drops from the 500 Mbps in the east to a sluggish 3 Mbps, to eventually no service at all. For sure, the county is more rural here, making it more costly for providers to lay cable or fiber, acknowledges Lane, the school superintendent.
At the same time, he says, “We know that in our community the fiber stops right at the moment where our low-income students are living.”
And the effects, he says, are profound. Three years ago, the school system began giving a laptop or iPad to each student. Teachers incorporate the devices into classroom exercises; in one recent class students searched the Internet to find requirements for their chosen careers. Teachers also would like to assign homework that requires accessing online resources when students leave school. But because many students have no broadband at home, the school has implemented a rule that teachers can’t assign homework that depends on the Internet. Even so, students without Internet are falling behind, Lane said.
“The kids who have access are learning anytime, anywhere they want to,” said Lane, who will become the superintendent of schools for neighboring Chesterfield County in July. “But the kids who don’t have access at home, basically their learning stops at the moment they leave the school house.”
Like Cody Ware. A 12-year-old fifth-grader at Goochland’s Byrd Elementary School who likes science, Cody said the lack of Internet makes him nervous because he is afraid he may miss an assignment. “If I forget to take a picture of my homework on the iPad, then I can’t do it on the iPad later that night because I don’t have it,” he said. “And then I have to explain to my teachers why I didn’t have it.”
Cody’s mother, Crystal, 38, said the family can’t afford to move to the part of the county with broadband access, even though it’s just a couple miles away. She recently had to make the hour-long, round-trip drive to the closest library so her son could download a study guide for an upcoming science test.
“A lot of people say, well life is unfair, but I feel like there’s a difference between unfair and the necessity of it,” Ware said.
‘Bent on Regulating’
The FCC has the authority to determine if providers are deploying Internet service in a “reasonable and timely fashion,” as outlined in the 1996 Telecommunications Act. When the agency sees barriers to deployment, it has argued it can act in the public interest, as it did when it preempted the state laws barring cities from expanding their networks.
But the market for Internet service remains close to a monopoly in many places, and at best a duopoly in most areas. About 75 percent Americans have only one or two choices for providers, according to the FCC. And many providers tend to avoid competition that could lead to expansion of the networks, according to an earlier Center investigation.
When the FCC ruled that broadband wasn’t being deployed fast enough, it reported that “deployment, competition, and adoption [are] concepts that we continue to recognize are tightly linked.” But Internet providers such as AT&T and Verizon argued the opposite. They said the FCC’s own reporting showed the percentage of Americans without wired broadband access dropped from 28 percent in 2011 to 10 percent in 2014.
AT&T said in a filing that the FCC was “ignoring that this percentage was declining rapidly.” Commissioner Michael O’Rielly, one of two Republicans on the five-member commission, voted against the FCC’s finding that broadband was not being deployed fast enough. He said the FCC’s report “continues to show steady progress in connecting unserved Americans” and that “apparently no amount of progress will ever be good enough for a Commission that is bent on regulating broadband at all cost.”
Verizon claimed in a filing that the FCC should include wireless access in its assessment of broadband access, arguing the failure to incorporate “all broadband options that are available to and used by consumers was a persistent flaw in methodology.”
But the FCC also ruled in January that satellite and wireless connections were not a substitute for wired connections.
And back in Goochland County, most folks seem to agree. Superintendent Lane called O’Rielly’s assertion “ridiculous” and said Verizon’s claim that wireless should be considered in the broadband-access calculations isn’t feasible.
“Do you think that you could do your entire job on your cell phone?” asked Lane. “Because I can tell you that most people would say that you cannot.”
We want to service as many people as possible.Comcast Corp. official
Comcast officials said they do not use Census Bureau income or poverty data to determine where the company lays cable. Comcast conducts periodic surveys of the county to check where they need to provide service. Officials also said the company’s program to provide low-cost Internet connections is aimed at increasing adoption, although it doesn’t improve access to broadband. By serving urban areas, “arguably we provide service to more families in poverty or near poverty,” a Comcast official said. “We want to service as many people as possible.”
In Goochland County, similar to other areas, the company is obligated to follow a franchise agreement it negotiated with the county in 2011. These agreements, which number in the thousands nationwide, are typically renegotiated every several years. In Goochland County, that is a time when residents fill up the room where the board of supervisors meet to complain about lack of service, Alvarez said, but local boards typically don’t have a lot of power to negotiate expanded service into areas that are high-cost, which frequently also means low-income.
AT&T and Verizon, as well as Time Warner Cable, CenturyLink and Charter Communications Inc., didn’t respond to requests for comment. A spokesman for Cox Communications Inc., which provides service in more than a dozen states from Rhode Island to California, said in an email that “100% of the residents in the markets we serve have access to Internet service if they choose it” and that the company follows agreements negotiated with local governments.
The Cost of Access
In many areas where Comcast runs cable, residents don’t have broadband access. Under its agreement, Comcast isn’t obligated to run a line from the street down a homeowner’s or renter’s driveway if the house sits more than 150 feet off the road.
The provision keeps even wealthier Goochland residents from getting connected. When Alvarez, the county supervisor, moved in 2004 to a Goochland neighborhood where many of the homes are valued at more than $500,000, he didn’t have fixed Internet, even though a cable ran down the road a few hundred feet from his driveway in the Mill Forest subdivision. Alvarez said local Comcast officials told him it would cost $2,300 to run a cable to his house and $250,000 to wire the entire neighborhood of more than 120 homes. Eventually, Comcast came down to $47,000 for the subdivision, or about $450 a house, Alvarez said. Most of the neighborhood residents paid the fee to get connected.
Alvarez, whose district he says includes “houses with dirt floors to houses with marble floors,” said Comcast and other providers should pay to connect homes where lines are readily available because the companies will eventually recoup their costs. He says the lack of Internet is also hurting job growth in the western part of the county, as businesses can’t get the fast speeds needed to compete in the modern economy.
What it all means, Alvarez asserts, is that high-speed Internet is really a “must have” in today’s world, not a luxury. The Internet is becoming a utility that is as much of a necessity as electricity, and that means the federal government may have to regulate it as one, he said.
“Then you can push for more coverage,” Alvarez said. Otherwise, he says, “Everybody who doesn’t have high-speed Internet is going to fall behind.”
Last month the FCC passed reforms to a program that officials said should encourage providers to expand broadband to low-income areas. In a party-line vote, the agency voted 3-2 to expand the Lifeline program, which previously had subsidized the cost of cell phones for low-income individuals, to include fixed Internet service. Eligible participants can receive a $9.25 a month discount off their fixed broadband bill, paid for by the FCC. Officials hope the $2.25 billion program, funded by the existing universal service tax on customers’ Internet bills, will create a market in poor areas that Internet providers will want to reach.
FCC officials note that the agency’s $4 billion-a-year “high-cost” universal service program also includes subsidies to encourage wiring areas underserved by providers. The $1.7 billion Connect America Fund requires providers who accept money to offer a speed of at least 10 Mbps download as well as follow other requirements. But not all providers have accepted the cash. Verizon was offered $29 million in federal funds to expand service in Virginia, including about $265,000 in Goochland, but it didn’t take the money, according to the FCC. Other providers did, such as CenturyLink. Verizon didn’t respond to requests for comment.
I can’t believe that they wouldn’t look at people’s ability to pay before they run cable.Manuel Alvarez, member of Goochland Countys Board of Supervisors
But some are skeptical of how much these programs will help. It is unlikely Lifeline will provide a big enough incentive to providers to upgrade networks or to expand wired service to poor areas.
Lifeline’s individual subsidy “is unlikely to make a dent in the under-supply of broadband in sparsely populated rural areas,” said Richard Bennett, who studies technology policy at the American Enterprise Institute, in an email. “Solutions to the extreme rural coverage dilemma are more likely to come from advances in technology and investment by public-private partnerships to bring new technologies … to market.”
Bennett said wireless broadband companies such as Bluebird Broadband, which offers service with no data caps, are likely one option for low-income households going forward. Bluebird Broadband, which services Northwest Louisiana and neighboring parts of Texas, offers a 20 Mbps package for about $89 a month, including a $9 router rental fee. That’s still more costly than most wired connections with faster speeds.
In Virginia, Last Mile Broadband LLC has begun to deploy an advanced wireless LTE technology to serve portions of Hanover County, just north of Goochland, that it says is faster and more reliable than current wireless technology. The company plans to cover Goochland County by the end of 2017. The company will offer speeds of 10 Mbps at about $80 a month, after a $199 fee to install equipment on a customer’s home, without any data caps.
“We’re going where no other company serves,” said Keith McMichael, Last Mile’s chief operating officer, who grew up in the area. “We’re trying to solve everyone’s problem. Low income or high income, everyone gets it the same way.”
But the cost may still be out of reach for low-income families, and the service doesn’t include TV or phone, requiring families to pay for a TV or satellite package with another company. Most providers that offer a wired broadband connection of 25 Mbps or more charge less per month and include phone and TV. Besides, the wireless companies are still in startup mode and have yet to spend the money to expand coverage.
Back in Goochland, Brown, the toy maker, says he can’t wait much longer.
“Our kids need this,” Brown said. “If wealthy people have better access, they’re going to have more opportunities, which will increase their potential for wealth. While if you are in poverty and you have reduced access, you’re going to basically fall further behind.”
The Center for Public Integrity is a nonprofit, nonpartisan investigative reporting organization. Verizon is the parent company of AOL, which owns The Huffington Post.
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We talk a lot about things we see on the Internet “ruining” our childhoods, but a series of fake ads featuring Tony the Tiger are taking aim at adulthood.
Starting Oct. 7, videos began appearing on a YouTube channel called Tony is Back!, showing a character resembling Frosted Flakes’ famous tiger mascot, Tony. Instead of encouraging kids to harness their potential, he’s now hanging around some very adult situations. We’re told he’s “back to help.”
But these videos aren’t easy to watch.
As Death and Taxes noted, TonyIsBack.com is allegedly registered to a Finnish artist named Jani Leinonen. In 2010, Leinonen was involved in the abduction of a Ronald McDonald statue from a Helsinki McDonald’s, which led to the Free Ronald movement. His other works have mocked Cap’n Crunch, Burger King, and, yes, Kellogg’s, so it’s not hard to draw a line to the new Tony. He has not publicly confirmed his involvement.
A photo posted by Jani Leinonen (@jani.leinonen) on Oct 5, 2015 at 1:31am PDT
The social media accounts for the Tony campaign have been disabled per Kellogg’s request, but the videos haven’t been taken down yet. The companytold Ad Week that the “website and video have absolutely nothing to do with Kellogg.”
The initial pitch claimed Tony would be helping 10 adults with their problems, but a note on the Tony Is Back website says that mission is “suspended for now.”
Fancy learning how to practise taxidermy on roadkill? Or visiting the lawnmowers of the rich and famous? As our arts centres and museums suffer funding cuts, several are seeking innovative ways to increase income and footfall. But can quirky fundraisers keep our tourist attractions afloat?
Years ago, a day out at a museum may have meant trawling round glass cases full of dusty but worthy exhibits, before stopping in the teashop for a stale scone and a lukewarm drink.
But pitch up at some of England’s museums nowadays and you could find yourself wandering into a film set or a cocktail bar.
Funding cuts have meant England’s 1,300 accredited museums have had to find imaginative ways to raise money.
Indeed, the former head of Arts Council England, Sir Peter Bazalgette, suggested museums go even further if they want to survive.
Sir Peter pointed to examples such as the Roses Theatre in Tewkesbury, which runs a charity shop and Islington Mill, an arts centre in Salford, which runs a B&B.
Alistair Brown, policy officer for the Museums Association, the sector’s membership organisation, said: “Lots of museums are looking at new ways to generate income and are being quite creative about it.
“But it’s probably a mistake to think that is the best way of saving them. The levels of income they are losing through cuts are greater than the amount they are able, in the short term, to raise through entrepreneurial activities.”
So what are the quirkiest ways museums have found of raising funds? And is opening a guesthouse or running as a film set feasible for all of them?
Laughs in the library
An Edwardian library jam-packed with animal skeletons and jars of pickled frogs might not seem, on the face of it, a barrel of laughs.
But the Grant Museum of Zoology, in London, decided its quirky setting was the perfect location to stage stand-up comedy gigs.
“It’s a cabaret-style comedy night. We hold three of them a year and they are hugely popular,” said Jack Ashby, the museum manager.
“The events are compred by a professional comedian who introduces different members of staff to the audience. We have people working here who get particularly nerdy about animals nobody has ever heard of – and audiences find that pretty entertaining.”
The museum holds other events, such as improvised opera nights and animal adoption schemes, to raise funds and make its displays of everything from elephant skulls to jars of tapeworms slightly more accessible.
But Mr Ashby has a word of caution as museums try to diversify.
“Museums have to think very carefully about what they can do to make money,” he said.
“Some museums take a significant amount from weddings or corporate hire but you really have to invest in the staff to support those events. And realistically, you can only offer your venue as a film set if there is a film industry in your town or city.”
Films and flat caps
Several museums have sought extra funds by offering up their locations as film sets.
“We’ve always had filming at the museum,” said Laura Wakelin, deputy chief executive of the Black Country Living Museum in Dudley. “But previously it was much more sporadic.
“When I arrived in 2013, we decided we needed to start actively promoting the museum as a unique venue for filming.”
Since then, the museum has famously been the backdrop for BBC drama Peaky Blinders and the ITV period adaptation Arthur and George, as well as reality shows and a Bollywood movie.
In 2015 alone, filming raised about 50,000 for the museum, which has also capitalised on its raised profile in other ways.
“As Peaky Blinders took off, we started to see flat caps in our gift shop and we run Peaky Blinders nights,” said Miss Wakelin. “They usually sell out and bring in a slightly younger demographic.
“It’s about finding what works for your venue. Yes, we have wonderful assets here but we are in the middle of quite an economically disadvantaged area so we do have to pitch these things right.”
The taxidermy workshops
The idea of setting up as a bed and breakfast or a film set might be tempting if your attraction is charmingly photogenic.
But such ventures would not work for every location, explains Carla Valentine, technical curator of the Pathology Museum, in London.
“This isn’t the kind of museum that has space to be a B&B and we couldn’t do that anyway as it contains human remains,” she said.
However, the museum, which showcases medical specimens owned by Queen Mary University London, does put on macabre fundraising events.
Among the most successful have been its Stuff and Nonsense beginners’ taxidermy classes.
Amanda Sutton, who runs them, said: “They are very popular and tend to sell out. I think it’s the experience of doing something so unusual that appeals to people.
“We are running a special class for Valentine’s Day. People come as couples and work together on their animals, which is quite sweet in a weird kind of way.
“When we set these classes up, some other London museums didn’t seem to think it was very appropriate but they have now started running their own weird events. I don’t think museums can just run stuffy events for academics – they need to appeal to the general public.”
Cocktails and crowdfunding
Of course, online communities bring added scope for museums to reach out to like-minded enthusiasts and nowhere is this better demonstrated than in a Hackney basement, which plays home to London’s Museum of Curiosities.
The museum, which revels in the incoherence of its collections – ranging from dodo bones to fast food collectables – was initially funded by 500 people on Kickstarter and it has also used crowdfunding to add to its displays, most notably with a mummy.
Its premises include a small cocktail bar, which it hires out to raise funds. Mr Wynd also meets running costs via sponsorship.
Founder Viktor Wynd is passionate about such enterprises being relatively self-reliant.
“The government’s involvement in the arts is often disastrous,” he said. “It creates vast bureaucracies and the money would be better spent on the police or NHS.
“Museum culture in the UK has centred around the misguided idea that funding should only come from the government, meaning that most cultural bodies put huge amounts of resource into getting grants – resources that if applied successfully to raising money from the private sector would probably do just as well.
“I believe the government ought to support a handful of major national collections – but even those should be encouraged to generate as much of their revenue as possible.”
Diversifying some museums would be a push too far, according to Brian Radam, the curator of the British Lawnmower Museum in Southport.
“I can’t see the British Lawnmower Museum becoming the latest blockbuster set – especially as most of our exhibits were destined for the scrapyard,” he said.
“As for the idea of a B&B – well, they would be extremely uncomfortable to sleep on.”
Finding funding to keep the museum going is exhausting work, Mr Radam says.
“Over the last 25 years we have become experts on saving money, running the museum on a shoestring,” he said.
The venue does not receive public funding so relies on its visitors and innovative ideas to secure its future.
As well as ticket sales, the museum also makes money through restoring beloved family grass-cutting heirlooms.
“One of our ideas was to create an exhibition of lawnmowers of the rich and famous,” said Mr Radam.
“We had Prince Charles and Princess Diana’s mower, Brian May’s and Albert Pierrepont’s on display,” he said.
“Lawnmowers are not the sexiest of subjects but the exhibition created a lot of interest and revenue.”
But as museums and public arts venues face significant financial pressures, is it realistic to say that all can find ways to raise funds independently?
The Museums Association believes there are more than 2,500 museums across the UK but says more than 60 have closed in the past 10 years.
“The bulk of closures are happening in areas that are less well-off, where there has been a severe decline in public spending,” said Mr Brown.
“We have also seen several museums opening over that time – these tend to be small, independent museums that are volunteer-run.
“A lot of our museums date from the 19th Century at a time of great national and civic pride.
“I don’t think the number of museums is unsustainable but clearly there is a trend for some types of museums – particularly those run by local authorities – to close at the moment.
“It feels as if museums are being asked to make an extremely quick transformation into business organisations, but that can’t take place overnight.
“There’s also a philosophical question about what the role of museums is and the extent to which they should be focusing their energies on generating income or on their public role of inspiring and educating people.”