Forbes magazine, at 90, includes this piece writen by Rupert Murdoch, chairman of News Corporation.
In his own words:
-”Media companies don’t control the conversation anymore, at least not to the extent that we once did.”
Of course a film is going to be a success if it’s the only movie available on a Saturday night.
Similarly, when three networks divided up a nation of 200 million, life was a lot easier for television executives.
And not so very long ago most of the daily newspapers that survived the age of consolidation could count themselves blessed with monopolies in their home cities.
All that has changed.
Fans of small niches can now find new content they could never before.”
-”People’s expectations of media have undergone a revolution.
They are no longer content to be a passive audience; they insist on being participants, on creating their own material and finding others who will want to read, listen and watch.
Consequently the old media are threatened by the erosion of our traditional profit centers.”
-”People want content more than ever, and there is a role for companies that can provide good stuff — “good” being the operative word.
Quality is more important than ever, because the marketplace is more ruthlessly competitive.”
“Old media can survive — and thrive — in this new environment, but they must adapt.
We must learn how younger generations of consumers prefer to receive their news and entertainment, and we must meet those expectations.
The good news is that we are learning — and fast.
Take the type of media I know best — news. News is in more demand than ever, but the vast network of Internet-savvy news junkies want their news with several fresh twists: constantly updated, relevant to their daily lives, complete with commentary and analysis, and presented in a way that allows them to interact not just with the news but with each other about the news.
They won’t wait until six o’clock to watch the news on television or until the next morning to read it in isolation.
This plainly provides a challenge for news providers but also an opportunity to be far more engaged with the audience.
Companies that take advantage of this new meaning of network and adapt to the expectations of the networked consumer can look forward to a new golden age of media.
Far be it from me to suggest that either I or my company have all the answers.
No one does.
But the future of media is a future of relentless experimentation and innovation, accelerating change, and — for those who embrace the new ways in which consumers are connecting with each other — enormous potential.”
We at INNOVATION have recently updated our more than 10-year-old vision for the future of this industry.
It was “From Media Companies to Information Engines.”
Now it is:
“From Media Companies to Information Engines.
From Readers to Audiences.
From Audiences to Communities.”