Via Chris Anderson, a link to the current issue of Forbes, which is next on my read list (had to get through the Economist and the New Yorker first). Chris is pointing to an essay by Rupert Murdoch. I am amazed that Chris and I have such different views on the same piece. Chris quotes the following sections:
Media companies don't control the conversation anymore, at least not to the extent that we once did. The big hits of the past were often, if not exactly flukes, then at least the beneficiaries of limited options. Of course a film is going to be a success if it's the only movie available on a Saturday night. Similarly, when three networks divided up a nation of 200 million, life was a lot easier for television executives. And not so very long ago most of the daily newspapers that survived the age of consolidation could count themselves blessed with monopolies in their home cities.
All that has changed. Options abound. Fans of small niches can now find new content they could never before. Going elsewhere for news and entertainment is easier and cheaper than ever. And people's expectations of media have undergone a revolution. They are no longer content to be a passive audience; they insist on being participants, on creating their own material and finding others who will want to read, listen and watch.
Very longtail-ish.
Me, I focus on this piece:
Nonetheless, it would be wrong to conclude from this that the age of content is over. On the contrary, people want content more than ever, and there is a role for companies that can provide good stuff--"good" being the operative word. Quality is more important than ever, because the marketplace is more ruthlessly competitive. Options are not merely one click of the remote away; devices undreamed of a few short decades ago are at least as tempting as a change of the channel.
Old media can survive--and thrive--in this new environment, but they must adapt. We must learn how younger generations of consumers prefer to receive their news and entertainment, and we must meet those expectations.
The good news is that we are learning--and fast. Take the type of media I know best--news. News is in more demand than ever, but the vast network of Internet-savvy news junkies want their news with several fresh twists: constantly updated, relevant to their daily lives, complete with commentary and analysis, and presented in a way that allows them to interact not just with the news but with each other about the news. They won't wait until six o'clock to watch the news on television or until the next morning to read it in isolation. This plainly provides a challenge for news providers but also an opportunity to be far more engaged with the audience.
Content is more important than ever, old media can continue to thrive, the MSM is learning fast -- why it sounds like Rupert is reading my blog! Maybe I'll start a rumor to that effect. Techmeme, are you listening?