The Future of Media Forum. What I learnt

It doesn't matter whether you're old or new media, generation x, y or a baby boomer - no one has really figured out the direction that this industry is headed in. Everyone agrees that new monetization models need to appear but nobody knows what they will look like and how exactly the traditional print industry will be effected.

The ad agencies need to change as well. They're too focused on buying media and still too TV centric. A more holistic approach that also recognizes how we consume and interact with multiple forms of media in a social context and at once is needed. The work being done by ad agencies is getting commoditized as well. The only real differentiator over the long term - creativity with its broadest definition. Agencies that can attract the best talent and deliver the most creative work will win.

Social came up a few times in the discussion but mostly in the context of Facebook and YouTube not making any money. And I think that's where these speakers are missing something. Firstly, Facebook and YouTube do have revenue models and each year earn more money. Secondly, the social behavior on these platforms is so widespread that they cannot be ignored. Google maybe paying for YouTube with its search dollars but I am confident that a significant percentage of YouTube users would pay $1 a month if they had to keep using the service. That's all YouTube would need to make their service incredibly profitable. At the moment, Google doesn't need to take that step.

Another key discussion point was the importance of mobile devices and how televisions and other large screen formats will be incorporate the web into them all at the cost of desktop computers. There's no question that the Internet will keep getting more mobile but will that address the monetization issues facing a lot of media today? Probably not. It was interesting how the speakers struggled with thinking of media beyond the framework of channels through which to push content. 

The Future of Media forum  confirmed a few suspicions of mine. Some people are wedded to old business models and with good reason. In some cases, as with Hearst Publications this is because the business models still continue to work well. In other cases, it is because that's all they know. What's missing is that no one is focusing on how consumption behavior has changed and the importance (or lack of importance) we give to traditional media brands. They way we consume, appreciate and respect media has fundamentally altered. We recognize that change but no one is rethinking their business model based on that change. That's the problem. 

Also check out this article on The Future of Media at Mediapost.