Posts Tagged ‘innovation’

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”.