Traditional Publishing, REST IN PEACE
This is the headline that greets you when you land on a web page erected as a memorial to commemorate the decline of Traditional Media. A photograph of a man who seems to be in distress and who’s possibly just lost his job accompanies this headline. If this does not paint a bleak picture, go on to read the 548 headlines that all sing to the same tune as the following:
- Bad Times: NYT Says Revenue Fell 13.9% Last Month- Forbes.com
- Men’s monthly magazine Arena to cease printing after 22 years- Guardian.co.uk
- Cosmopolitan UK publisher to cut 100 jobs- Guardian.co.uk
There’s even a website entitled Newspaper Death Watch that chronicles all the publishing and newspaper houses that close down. All rather morbid wouldn’t you say?
The Deadly Spell
Let’s take a quick look at Traditional Media and how the Internet cast it’s deadly spell.
Back in the old days, we’re talking 500 years ago; Gutenberg revolutionized the printing industry by inventing the printing press. This meant bibles could be produced at a fraction the time it used to. This also meant more copies in a shorter time and the Word of God got further reach in a shorter time. Newspaper houses and Magazine publishers still use a printing press today (well thank you captain obvious).
Much later, shortly after the advent of electricity, the world was blessed with another few media breakthroughs, namely radio then a few years later, television. Marketers and Advertising agencies had it all figured out as they devised Integrated Marketing Campaigns with astronomical budgets. Ah, the good old days. Well, much to the dismay of many of these agencies, this media landscape started to change.
Behold! Enter The WWW
At first a website was seen as a cute way to put your company brochure online and on top of that the disastrous dot bomb era created skepticism that labeled the Internet as a bad media and business channel.
Fortunately, since then the Internet has matured. Now, in countries where broadband has achieved high levels of household penetration, the web has become the consumer medium of choice.
Why? Because people can do research, shop online, watch videos and connect with friends all in the comfort of their own homes. People can choose what media they want to consume, where and when they choose too, especially with mobile connectivity. Marketers can no longer dictate what advertising messages people get subjected too.
Social Media, The New Black
Then there is the phenomenon of Social Media. It changed the media landscape forever. Social Media websites have allowed consumers to connect with friends, family, colleagues and peers in ways that were never imaginable a few decades ago.
Technology has empowered the consumer to become the Prosumer. Prosumers are consumers who produce content such as videos, photos and blogs that can be instantly distributed and shared amongst millions of people via social media platforms. This is also known as user-generated content or UCG.
Here is an interesting bit of trivia about the reach of Traditional Media vs. the Internet and Social Media.
Years it took to reach a market audience of 50 Million:
- Radio – 38 Years
- TV – 13 Years
- The Internet – 4 Years
- The iPod – 3 Years
- Facebook – 2 Years
So How Does The Internet Affect Traditional Media?
The Internet has decreased the need for Traditional Media because it enabled consumers to join social societies within their neighborhoods, across their countries and internationally. It has empowered them to converse at their leisure, 24/7, with friends.
Considering all that’s been said, the demise of Traditional Media can largely be attributed to the following factors:
- Decline in readership: The distribution of free news and information on the web has led to the decline in readership for traditional publications.
- Decline in revenues: The decline in readership means advertisers will spend their money elsewhere and this leads to a decline in ad revenue.
- Real-time updates: Traditional Media can’t compete with instantly updated user-generated content that’s immediately available for the world to see.
- The rise of UGC websites: People have the freedom of unlimited real time commentary on content while Traditional Media is static and is a one-way communication tool.
- Online Audio/Video channels: People can choose what they want to watch and listen, when they want to and where without any advertising interrupting their experience.
Simply put. The Internet has revolutionized the way things get done today. It has revolutionized the way we do business, the way we communicate and has broken down the walls of Traditional Media.
A recent example is the decision by Unilever UK to fire Lowe, their Ad agency of 15 years, in favor of crowdsourcing – which means it has thrown the brand creative pitch open to agencies and basically any person who can think of an idea, worldwide. This is done on the Internet of course.
Traditional Media will still be around for a while, but the Internet is getting more and more integrated into our daily lives.
Think about this. You could do without the Mail & Guardian or the MensHealth Mag for quite some time, perhaps live quite happily without it? But you just dare cut that ADSL connection…