Tuesday, April 1, 2008

The New Rules of Media

Great article that looks at the changing print media with some great words of wisdom. The highlights:

There is a move away from traditional media and toward online media. Newspapers ended 2007 with 8.4% less circulation daily and 11.4% less Sunday than in 2001. Plus, print newspaper ad revenues experienced their worst drop in more than 50 years, according to the Newspaper Association of America.

Meanwhile, online news consumption is up. In 2000, 60% of people said they had got news online ever; 22% said they did it “yesterday” — a gauge for regular readers. In late 2007, the number who got online news ever was up to 71% and 37% said they were online for news “yesterday.

The New Rules of Media
1. The Audience Knows More Than the Journalist
2. People Are in Conrol of Their Media Experience
3. Anyone Can Be a Media Creator or Remixer
4. Traditional Media Must Evolve or Die
5. Despite Censorship, The Story Will Get Out
6. Amateur and Professional Journalists Should Work Together
7. Journalists Need to Be Multi-Platform

Read the full article here.

Hulu or Hula: Either Way, Strong Start, Quick Drop

From Silicon Alley, "Traffic to Hulu shot up the week of its public debut on March 12, but dropped off during the following week, according to Hitwise. That's not too surprising given curiosity around the launch. But it is a sign that Hulu's growth curve is going to be bumpy. The week after its debut, Hitwise ranked Hulu as the 13th video site in terms of market share. (No. 1: YouTube, of course). But in its second week, Hulu dropped down to 18th place, one spot behind AOL's Truveo, and one ahead of LiveLeak."

Magazines Join Digital-Ad Wave

Social networking, e-commerce, online promotion, interactive marketing - print magazines are indeed preparing for the future, as this article talks about the work that magazine publishers like Conde Nast and Hearst are doing to maintain their relevence. The deep pockets of these companies enables them to purchase new media companies to incorporate into their business strategy.

Most interestingly was the two different approaches these magazine publishers were utilizing to expand their reach. I was intrigued to read the campaign Conde Nast has created with Dillard to showcase hot trends in merchandise, voted on by web viewers, that would be highlighted and available for purchase at their store. "This takes publishers further into the realm of marketing services. Instead of simply selling marketers ad space, they're rolling up their sleeves and designing the promotions as well." What I didn't see was how it incorporated back to the magazine's content.

Hearst has taken a different tack by acquiring Kaboodle, an e-commerce site, to enhance their own web page value. While this relationship is not helpful for big box retailers like Dillard, it strategically may make more sense. The shift in ad dollars may move away from brick and mortar businesses to products and services. And the Hearst web sites can be both editorial and a link to social networking and shopping. The companies purchasing ad space may find more value as they can more closely track advertising to purchase online. At the very least, through social networking links, to learn what customers think of their product.

For these magazine publishers to remain profitable in the digital age, the magazine's content must adapt to mobility, social networking, and online purchase behavior. Their reader/user must be successfully transitioned from print to digital usage while maintaining the value of the subscription as the predominant source for editorial content. Once that connection is made, consumers will value the new relationships (products & services) offered to try, rate and potentially buy.