Two ways media’s changing now, and two ways it’s going to change:
The FT Digital event in London last week pulled together some of the cream of the European media world. The big conclusion they were made privy to?
The media world will soon discover exactly how many ways you can skin a cat.
The old-fashioned way for media brands to skin a cat – make the content and license rights to distribute it, or advertise next to it – doesn’t work anymore as a standalone product. As a result, the business model experimentation we’ve seen so far in the media world is turning into business model explosion. Evidence: Half of the speakers and attendees at this media event wouldn’t have been at a media event at all only three or four years ago. Facebook. Shazam. BuzzFeed. And tech VCs, for example.
Two pieces of news exemplified changes taking place right now: One, Facebook’s acquisition of Oculus (a virtual reality gaming device) forced discussion toward the value of a platform – the device is only as valuable as the community of developers creating remarkable content for it; tech and media companies alike need to take a platform approach to their assets.
Second, The New York Times’ launching of NYT Now – a premium version of the Times exclusively for smartphones – showed how media companies are bending themselves backward to divorce (call it “conscious uncoupling” if you will) resources from revenue. The mobile app will take a Facebook-like approach to making money by allowing advertisers to publish sponsored content in-feed.
And two discussions painted a picture of media’s future: