Five very interesting, very different and very scary news items just crawled across the wire (or Google Reader – depending on how "with it" you are). Independently, they are worrying, when placed against one another, they create an even bigger question mark about the present and future of media and advertising.
Media, advertising and even the digital channels are all facing significant and real challenges. They’re not just financial either (it’s beyond the economy). The development of new and emerging business models is not keeping pace with the changes and the shifts in the advertising dollars.
If you followed the stories above, some of the most respected and trusted traditional news sources are struggling with issues of debt load (even though they like to blame the digitization of the news), while they push towards some new business models in the digital space. At the same time, some of those traditional mass media outlets that have shifted to digital-only platforms are not seeing the results that they had hoped for (granted, it’s still early days). From there, the more established online portals that control a ton of traffic and advertising dollars online are struggling due to the economy (or, more specifically, because the marketers are seeing their ad budgets chopped) which is leading to an overall decline in online advertising (while it’s still not as bad as some other channels, it is worrisome). Then, to top it all off, newer digital platforms (like Twitter) are seeing huge growth and usage spikes, but nothing really relevant in the form of monetization or revenue.
If this is a time of creative destruction (and it does feel that way), we’re all going to have figure out what’s going to get us out of this mess, and how we’re going to define and validate these newer business models and advertising platforms – sooner rather than later.
Any ideas?
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