Posts Tagged ‘Digital Media’

Twitter is to publishing as iTunes was to music

April 7, 2009

Twitter is posing a serious threat to the traditional publisher, both online and offline. The internet has changed how we consume media and Twitter is pushing the petal to the metal. We now consume a lot more of a lot less and with Twitter, it’s in 140 characters. Yes, I understand that a lot of times Tweets have links which take visitors back to content rich sites, but I can see news through a Twitter feed. This calls for innovation.

A similar switch in consumption has recently occurred in the music industry. People were no longer required to purchase the full album, but rather a single track. This allowed customized “albums” to be built. Purchased is a different story. Consumers no longer wanted to buy a $12 disc for a song or two, but rather 2 tracks for $1.98. Consuming a lot more a of a lot less. Similar concept. Niche categories like 23 genre’s of House were created and the long tail continued, read Chris Anderson’s book.

I know there are several other music models in the industry, but iTunes paved the way for innovation and a lot of skeptics have been forced to eat their words. As we continue to see newspapers fall, online publishers must take note and innovate or they will be next. They cannot compete on speed. Plain and simple, they will not win on breaking news stories. They must find ways to innovate. Today we may trust the local “reporter” who is next door just as much as a news outlet. 

Media outlets are at a critical junction in their existence. What was once the kings empire, is now at risk of falling to the commoner to a simple tagline of “what are you doing”.

Disney champions digital media

March 13, 2008

Disney CEO Robert Iger stated that the web is just as important for kids as TV at the McGraw-Hill Media Summit. He urged other executives to join the digital movement, or hire new people who will. It is interesting to see that large brands like Disney are just now admitting that digital is as important as TV.

One of the interesting points that he made was that he has a Facebook page, albeit two friends, but at least he is experiencing the digital movement first-hand which a lot of executives are not (other than linkedin). I think it is key that executives continue to experience the online world, and do not think of it as a childish taboo. Ones that have experienced the online world, will be much more willing to embrace it and make the most of new technology.

It is important for large brands to accept that the digital future is now and join, or forever be left behind.