What ever happened to those big fat sloppy media companies that “just didn’t get it?” Dead? Buried? Nope. The profits are rolling in.
Companies from Time Warner to News Corp to NBC have reported increased earnings that beat analyst’s most optimistic forecasts. Even Time Warner’s magazine division posted impressiveresults and, what’s more,the supposedly dead newspaper industry is showing signs of life.
What’s going on here? Weren’t these companies supposed to be steamrolled by the digitized social media colossus? Actually, themedia rebound was predictable and, moreover, the comeback is here to stay. Here’s why:
It’s The Content, Stupid
As I wrote in an earlier post about thefuture of media, the core mission of media is to inform, entertain and inspire. That has not changed nor is there any indication that it will. While it might be fun to keep in touch with your fraternity brothers onFacebook, that’s not really content.
Leading media companies are full of extremely talented people who know how to uncover information the rest of us can’t and tell stories that we enjoy watching, hearing and reading about. It’s no accident that so much of what we see on social media is actually links to mainstream media.
While amateurs can often come up with worthwhile stuff as well, it shouldn’t be surprising that the most sought after content is produced by those who have devoted their life to their craft. The rest of us are just winging it.
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