Japanese newspaper companies expect “complementary effect” and “synergistic effects” when performing event projects. In some cases this has not happened. In addition, with sales in the doldrums, doubts are being raised about the event business, which is putting pressure on profits, and the nature of the event business is being questioned. However, we have found no research on media events in recent years, and we examined this question through an individual case analysis of the “Trans–America Walk 2001”. As a result of the verification of “complementary and synergistic effects,” it was determined that the effect was not commensurate with the amount of money invested. However, it is judged that the project linked to the Internet had high expectations, given that newspaper circulation was at a low ebb at the time. In addition, newspaper companies have the dual roles of being “private enterprises” and “public institutions of society”. However, it is difficult for newspaper companies to be commercialistic because of its position as a public institution of society. Therefore, it was necessary to emphasize the publicness of the event. On the other hand, there were advantages to being a public institution of society at the time. That is, it was possible to obtain preferential treatment in the legal system. However, event projects that do not generate revenue tend to be discontinued. There is a need for a serious outlook on the negative effects that might result from the financial crisis of the newspapers that have long supported sports culture.
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