Hot Topic - Digital Natives
Now with economic crisis mostly averted, media people are returning to themes of old. Change has been so fatiguing. Media consumers just don’t understand. The internet remains a curse. And young people are as perplexing as ever.
To repeat how profoundly the media world has changed with the development of information and communication technologies is akin to remarking how the sun rises and sets. Storms may brew but technology steadily, perhaps not slowly, moves forward. More people have more access to information faster and smarter than could have possibly been imagined at the first of the century. It is an unparalleled tool, rightly described as a web, pervasive in the lives of billions and undeniably fragile.
With resigned entente it’s accepted that advertising as media’s primary revenue source is slipping away. Advertising in newspapers and magazines fell to the internet first and fastest, readers attracted more to the web’s cornucopia and media buyers following. Television advertising held steady until viewers strayed, the web offering more, sooner, everywhere. Publishers and broadcasters answered by building paywalls. Then internet advertising began slowing.
Most people in the media world would like consumers to behave a bit better. Broadcasters certainly would. It seems that once consumers got their hands on the remote control everything changed.
Ah, the great digital impasse is as deep and muddy as ever. On one side there are the ‘digital natives’ reshaping media content faster than you can say Guttenberg. On the other are content producers and distributors, squeezed to a pucker, looking to squeeze anybody.
Warren Buffett has a canny way of describing a problem in very understandable language. Thus, here’s his take on why newspapers are in trouble – newspapers are essential to advertisers only as long as they are essential to readers. Lose the reader, you lose the advertiser.
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