“Traditional media is changing.” That would be called an “understatement.” The real facts are the traditional media is going through a tectonic shift of historical proportions. Advertising money is moving at a faster rate towards the online world, while direct mail, radio, TV and print media ad revenue are all going down.
Amidst the changes, opportunities (and failures) are percolating.
The first 10 minutes of the following video, “A conversation with The Publisher and Editors of Politico,” outlines some of these media changes. Keep in mind that although the theme of the video is centered on politics (politico.com), in the first 10 minutes, the interview reflects how online media power can be established relatively quickly outside of the realm of institutional media. Jim VandeHei notes “We think that the future is very much in having these niche sites.” He goes on to say “We’ve seen more change in journalism in the last two or three years than we saw in the thirty years before and I think in the next three years we’ll see even more than we have in these three years. I think it’s an amazing period of transformation.”
Regardless of how much, or how little, you may care about how fast traditional media is changing, the real story is how much the world of online media is a exploding. We are amidst an unusual period of history where so much is concurrently being developed so fast, in terms of new media, that the rules of play are in a state of flux. How much you are participating in the game today could have a significant impact on your business tomorrow.