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For many publicly traded companies, it is annual report time, the time of year when the company is required to send out financial statements to its investors.
But the nature of that communication is changing. What was once reams of paper impersonally reflecting numbers, activities and attitudes is moving to a more personal and cheaper medium — online video.
At financial communications consulting firm ICR Inc., officials are finding video an increasingly more accepted method of communicating corporate earnings, as well as fulfilling reporting requirements.
ICR has more than 250 clients using video as a means to release both corporate information and required earnings, including technology related companies such as Diebold Inc., software developer Blackbaud Inc., and advanced materials maker Elmet Technologies Inc. of Maine.
In almost every case, said Timothy Carey, managing director of the digital media practice at ICR, the video report and collateral is the cheaper option.
According to a recent survey by the National Investor Relations Institute, the median print budget for an annual report last year was $97,500. At ICR, the average cost of a video report is about $45,000, according to Carey.
“In many cases, it just doesn’t seem to make financial sense to use printed annual reports any more,” he said.
The expansion of web-based video in corporate communications led Norwood-based digital marketing and events agency Cramer Productions Inc. to build a web-video production studio at its Norwood facilities and launch an end-to-end product for companies looking to delve into the world of online video content.
While digital agencies such as Cramer are not typically in the business of building studios, T.J. Martin, the executive vice president of sales for Cramer, said the company felt it needed to support its digital business model with the requisite infrastructure. To that end, the new studio is a 70,000-square-foot facility with several sets to facilitate simultaneous shooting.
According to Martin, customers have taken to the idea quickly, particularly as the economy has worsened.
One such customer is Dunkin’ Donuts parent Dunkin’ Brands Inc., which has used the Cramer studio and online video for a number of projects, from franchisee advisory council meetings (eliminating the need to bring franchisees from all over the country to a central location) to employee training videos.
“As a franchise system, we are always on the road, and the gold standard is still face-to-face,” said Margery Myers, senior vice president of communications, for Dunkin’ Brands. “But when you can’t do that, you need to find something as close as possible, and webcasting can do that.”
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