Hot on the heels of my blog post yesterday, an AFP syndicated article on the Sydney Morning Herald (SMH) website today says that media companies must look at multiple publishing platforms to enhance revenue streams.
The article, Media need multiple platforms: execs, says that “with advertising revenue eroding and free content abundant, media companies are going to need to adapt their strategies to the new environment ushered in by the internet, they said at the Bloomberg BusinessWeek 2010 Media Summit. Hard to believe it has taken the media companies this long to work out this very fundamental change to publishing and content creation!
And why is it that media companies have been so slow? Perhaps it comes down to sticking one’s head in the sand and pretending change isn’t happening. Or perhaps a media company might like to think it can bully alternative publishing and content creation providers out of the media business. But perhaps it all comes down to the fact that changing traditional media publishing means doing new things. And doing new things means thinking very hard about a changed publishing environment where control is no longer the sanctity of media company monoliths. We already see how traditional and control-centred companies like to work in the music industry; desperate to hold onto oligopolistic control of music content and distribution despite a rapidly networked digital world.
However, change is inevitable and some media companies are actively looking at all the opportunities. Julie Michalowski, vice-president for business development at Conde Nast, was quoted in the SMH article as saying: “What we want to continue to do is to build digital relationships so that we can have a multi-channel relationship with our consumers that includes print and includes other ways that they want to access us”. Hooray for that!