The idea for this post came from the question:' Is social media such as youtube beneficial to media companies in anyway, i.e.While it's providing viewers alternate forms of entertainment and taking eyeballs away from mass media to user generated content, is it in anyway helping large scale established and large scale content producers?
I explored this topic a little and found the following:
The highest viewed video on you tube UK is British pop star Leona Lewis’ Bleeding Love- as on the 24th of November, 2008 its been viewed over 75 million times. However eventhough the record company, the artist or any TV station hasn’t directly made any money on these views, has this taken revenue away from them? Have the 75 million views have actually taken business away from the music company? It doesn’t seem like it. Leona Lewis is by far the highest selling X factor artist with over 2 million albums sold until now. It was also claimed to be the ‘worlds fastest selling downloadable single after it was downloaded over 50,000 times within 30 minutes of becoming available after the end of X Factor 2007.’ All of this despite year on year shrinking sales of music in the physical format and increasing in peer to peer music sharing on the internet. It seems that though youtube might not be making Google too much money its certainly good for the business of other media companies.
Is it driving people away from traditional 'mass produced' media ... or towards it?
Reference:
- www. youtube.com
- http://www.xfactorodds.co.uk/leona-lewis.html
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