PRSA Silicon Valley recently hosted a panel discussion on the struggles traditional media have recently faced in efforts to reinvent their business models in order to continue distributing authentic, newsworthy content. Moderated by Sam Whitmore, the panel members included:
- John Raess, Bureau Chief, Associated Press
- Quentin Hardy, National Editor, Forbes
- Owen Thomas, Online Editorial Director, NBC Bay Area
- Kevin A. Yen, Director of Strategic Partnerships, YouTube
- Lisa Stone, Co-Founder, BlogHer
- Louis Freedberg, Director of California Watch
I think everyone in the room could agree that the panelists sparked lively debate with one another, each providing their perspective on what the future of media will look like. The controversy in the room was very indicative that modern day media still remains undefined.
Today, journalists are still experimenting with the benefits and challenges of social media, trying to keep pace with real-time communication channels, and working relentlessly to maintain a position of influence in the name of journalism.
The challenge with modern day media is keeping up with change
When Sam Whitmore asked the panelists what keeps them up at night, John Raess from AP said it was the constant wildfire reporting, where real-time communication outlets like Twitter have impacted the way breaking news is reported. Additionally, Quentin Hardy from Forbes said the biggest threat the media faces today is determining what the revenue model will look like for a changing media landscape. Each panelist brought a unique point of view, but if there’s one thing that can be agreed upon, it’s that there has been a fundamental shift in the way people consume news today.
We no longer rely on newspaper subscriptions or the ten o’clock broadcast to get our daily dose of news; we can receive it in a RSS feed delivered straight to our email inbox, search for the top news headlines on Twitter, download the latest NPR podcast on iTunes, or access WSJ and NYT updates on our handhelds thanks to iPhone applications…and that’s just naming a few. As consumers, we are spoiled because we have the ability to access content anytime, and in nearly any form we prefer. But this window of accessibility places more pressure on journalists to rise above the noise.
As we continue to navigate through these changes and experiment with social media, it’s worth stopping to ask yourself, “Is it going to add to the info overload or is it going to help me make sense of it all?”
Luckily, there’s light at the end of the tunnel. When asked what the future of media will look like five years from now, panelists believed that there will be stabilization in advertising soon. They also projected we will see more reporting that engages audiences in the production of news, where authenticity and building a connection with readers will be more valuable than ever. In addition, it will be interesting to see how mobility impacts news content and distribution; mobile news formats have the potential to be a profitable model. Who knows…it may not be long before our news subscriptions start to show up in our monthly phone bills.
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