In this digital age, the ‘always-on’, high-speed aspects of broadband Internet are having a profound effect on our daily lives. Its impact on the media industry is transformative. Empowered by high speed broadband, consumers are increasingly blending the internet with other media. Viewers are customizing their media experience by choosing content- music, information, programmes and movies, more to their interests and tastes. They watch the big game on TV and catch up on all the stories about their favourite sport stars on the internet. They hear a headline on the radio and go online for details. At the end of a TV show they log on to the internet to try and find out more about the next episode. It’s an integrated experience where people explore their interests and indulge their passions through multiple channels. Yahoo and Media edge in a research paper issued in 2006 called this “Media Meshing.”
Alan Wutrzel, President, Research / media development, NBC Universal reinstated this phenomenon, when earlier this year he stated, 'I don't think the average consumer will consume video in the next five years in any one way. I think they'll consume it in many, many different ways. It's just going to be how that all gets proportioned. Some people will still spend more time and energy going to the advertiser supported video. Others will spend more time going online. Others will spend more time downloading and paying for it.'
For media companies integration of media and targeted marketing is imperative. Just as consumers mesh their experience across media, media companies also need to mesh their content across channels. Media neutrality is essential.
Media companies therefore need to use the internet and Web 2.0 as an opportunity to work closely with viewers and jointly develop new content.The proilferation of broadband and the explosion of Web 2.0 have also brought about a movement of viewers users generating their own content and sharing it for free. Traditionally media houses have been in charge of creating and publishing all the content that we view, using resources and channels that either they own or have access to. New content is controlled and created by a few.
Today, to create and load up a video on Youtube viewers don’t need large resources and the channels of distribution are free. Control for creation and distribution of new content is in the hands of millions. Where is the publisher or media company in all of this? Millions of people are creating and sharing new content with others across the world and studios, music labels and media companies are largely out of the loop.
Media companies therefore need to use the internet give viewers the necessary platform and the tools to create higher quality new content – provide viewers access to the creative and technological capabilities of the studio and thus generate new content which the viewers themselves would help promote.
The impact of the internet on the media business is an unfolding phenomenon that could potentially generate value for everyone.
References:
Alan Wutrzel, President, Research / media development, NBC Universal reinstated this phenomenon, when earlier this year he stated, 'I don't think the average consumer will consume video in the next five years in any one way. I think they'll consume it in many, many different ways. It's just going to be how that all gets proportioned. Some people will still spend more time and energy going to the advertiser supported video. Others will spend more time going online. Others will spend more time downloading and paying for it.'
For media companies integration of media and targeted marketing is imperative. Just as consumers mesh their experience across media, media companies also need to mesh their content across channels. Media neutrality is essential.
Media companies therefore need to use the internet and Web 2.0 as an opportunity to work closely with viewers and jointly develop new content.The proilferation of broadband and the explosion of Web 2.0 have also brought about a movement of viewers users generating their own content and sharing it for free. Traditionally media houses have been in charge of creating and publishing all the content that we view, using resources and channels that either they own or have access to. New content is controlled and created by a few.
Today, to create and load up a video on Youtube viewers don’t need large resources and the channels of distribution are free. Control for creation and distribution of new content is in the hands of millions. Where is the publisher or media company in all of this? Millions of people are creating and sharing new content with others across the world and studios, music labels and media companies are largely out of the loop.
Media companies therefore need to use the internet give viewers the necessary platform and the tools to create higher quality new content – provide viewers access to the creative and technological capabilities of the studio and thus generate new content which the viewers themselves would help promote.
The impact of the internet on the media business is an unfolding phenomenon that could potentially generate value for everyone.
References:
- 'Its a broadband life', Yahoo and Media edge research paper, 2005
- 'The future of Television', PBS http://www.pbs.org/nbr/site/features/special/future-of-television_home/
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