The Rise of New Media

From the Churchill Club Event on  the  5th March 2009

That traditional media is in trouble is not news, with mastheads in the US closing almost every other day.  But after discussing “The Rise of New Media” with our panel, some great new insights were uncovered.

Our panel was:
Debra Allanson – CEO of Ish Media
James Kirby – Editor of the Eureka Report
Stephen Mayne – Founder Crikey and the Mayne Report

So What’s Changed?

• Categories were very skill specific; There was TV, Movies and Journalism.  Now its all just content and small screen means mobile phones not TV.
• The production focus has changed from broadcaster or distribution format;  to users and the appliance used to access the content.
• Because a “connected, opportunistic crowd” is always reporting from the scene before traditional media, breaking news has been dramatically devalued.
• Many more revenue models have opened up, its not just advertising funded anymore.
• Editions (AM, PM , six o’clock news) are traditional media concepts that don’t map well into new media businesses.  Instead its a 24×7 constant stream.
• Controlling redistribution of content has become impossibly difficult.
• Software programmers are now an integral part of the team.
• Search Engines have soaked up the lions share of online advertising as they provide a more targetted service than online media.  Connecting advertisiers with customers at the moment when the customer is interested in buying, not just when the customer is interested.

So What’s Still the Same?

• Opportunistic members of crowds normally only get one event in there lifetime, so old fasioned story getting and news production still has to occur for effective new media properties.
• The same skills are required to produce quality content, just the engagement mdoel tends to be shifting towards contract workers from anywhere around the globe, rather than local employees.
• Quality opinion and analyis is still getting produced by the same experts.
• Quality stories and tight video is still beign produced by the same experts.

So What’s on the Horizon?

• The money is currently being made by selling new media properties to traditional media, not through operations.  Therefore simply surviving can be the most valuable asset at this stage.  But this is sure to change due to the variety of revenue models opening up and the collapse of  traditional media.
• Despite the size of the web, there is still little competition in quality content.
• Fee to Air TV, Cinema and Newspapers will continue to disintegrate.  Which will benefit new media models such as the internet and Cable TV.
• Shadow Media will not go unregulated for ever.  There is sure to be problems which will cause knee jerk legislative reactions.
• Content is still King.

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