Wednesday, May 09, 2007
Some Mainstream Media Leading The Charge To New Business Models
byThere have been many stories about mainstream media (newspapers, broadcast television, magazines, etc.) digging in their heels in the face of competition from online sources. However, there are also encouraging examples of those in the industry that are out front and leading the way for their rivals when it comes to rapid and necessary change.
One example is the New York Times (NYT). This Business 2.0 story details the NYT’s “Digital Makeover.” While the revenues from the print side of the business are flat or down, the NYT’s online revenues are soaring.
The New York Times is one of the few newspapers that is rapidly revising their whole business model around the Web, rather than trying to hang on to a previous era’s way of business that will eventually become untenable. The New York Times is using new tools—blogs, podcasts, social networking, RSS feeds, e-mail alerts, etc.—to quickly adapt to the new media environment. While the transition period between one business model and another is always a difficult journey, the NYT is poised to emerge a leader.
CBS is another example of an industry trailblazer. Instead of hunkering down and trying to protect its traditional delivery method and content, CBS is cutting syndication deals like there is no tomorrow. This includes distributing free TV programming online via Joost, Brightcove, Bebo, Netvibes, Veoh and others. CBS, and other major networks, might have been a little slow getting to the online dance, but they are now making up for it with rapid strategic partnerships.
Other mainstream media companies will soon have to take bold steps like the New York Times and CBS, or risk being quickly outdistanced in the race to the future.
