How Consumers Hijacked the Media Model
From Marketwatch:
It is no secret that the traditional media are under assault from audiences.
In the magazine industry, advertising pages at Time Warner Inc.’s Time magazine were down 23.8% in 2006 from 2000, according to Publishers Information Bureau. Newsweek’s ad pages fell about 17.6% in the same period. In the newspaper industry, the New York Times stock has been halved since trading above $50 in 2002. In the music industry, sales of CDs have been declining in the last seven years and fell 20% in the first quarter of this year. Contd…
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Most indian marketers and traditional media professionals would discount these as western trends. Keep in mind, indians are highly aspirational and have shown a higher affinity for technology-entertainment than most developed countries (a classic example is india’s booming Mobile VAS Industry). India’s share of global internet users has hovered between 3-4% since 2000, clearly illustrating a set of advanced users and new user growth proportionate to the rest of the planet. We’re already approaching the tipping point and distribution continues to get better (wi-lan, mobile…). While traditional media waits and watches, online media models change …real-time…by the user, for the user, of the user!
He who laughs last, laughs loudest…