Mack Collier, Valeria Maltoni, CK, Gavin Heaton, Toby Bloomberg and Mark Goren were so kind to answer my interviews. Among the 6 questions, I asked what was the next big challenge for media owners and there is (fortunately) no unanimity around this particular question. Of course, the concept of media owner is quiet vague and can embrace different realities (from right owners to portal sites and broadcasters). But, according to my fellow bloggers, the challenges for the media industry are multiple:
“Coming to grips with the faxt that it’s difficult to control distribution online, and usually makes bad business sense to try to anyway” (Mack)
User generated content
“Staying fresh and relevant. And understanding that co-creation and content generation can be a company’s most valuable assets” (Valeria)
“Media owners need to understand when they “let go,” or share, it is then that they are engaging and truly building bonds with their customers” (CK)
“The challenge then becomes: what does your target audience really want, what is right for the brand and what is doable with your resources (time, money and people). Once you answer those questions (which marketers have always asked) the next challenge is how to form a cohesive, integrated strategy” (Toby)
“We keep trying to cobble old metrics onto new marketing channels and they simply don’t apply. The organisation that figures out how to measure the impact of online media on key business metrics will reap massive rewards” (Gavin)
“their biggest challenge lies in figuring out how to make their online ad revenues higher than their print edition ad revenues so they become less dependent on the broken model of traditional advertising” (Mark)
And of course, relevance of the content
Even if they are pretty different, I’m affraid (for the media owners) that all of the opinions above are totally correct
So basically, if I summarize, the media owners have to reinvent their whole value chain: With new revenues as goal: Understand the specificity of the online audience, develop new strategies for this audience, develop engagement tactics, remain very reactive, cope with DRM, reinvent their distribution and sales models and adopt new metrics.
I even could add some other challenges: the end of information scarcity, the declining importance of pageviews, the need to develop competitive video strategies, the technology evolution requiring permanent trainings and investments, the search engine optimisation and the fact that they need to learn to cope with the syndication models and… be unique.
Let’s meditate on this (creepy) Harold Wilson quote: “He who rejects change is the architect of decay. The only human institution which rejects progress is the cemetary”