More than Digital Duct Tape
From today's news:
A new study from IBM reveals that "media companies are falling behind in meeting the growing expectations of digital savvy consumers and the advertisers looking to reach them," and points to a "growing rift between advertisers and content owners, media distributors and agencies." "To succeed—especially in the current economic environment—media companies will need to develop a new set of capabilities to support the industry's evolving demands which include micro targeting, real-time ROI measurement and cross-platform integration. Now is the time for companies to move quickly to become more effective with their assets and build for the future." [The report] cites four key trends in the media business today: consumer adoption of new distribution formats, a shift in advertising spend, digital migration of platforms and the emergence of new capabilities due to moves by new entrants and existing players. The study indicates that 63 percent of global CMOs expect to increase interactive/online marketing spend while 65 percent expect to decrease traditional advertising.
As I have said before, the digital elements in your portfolio are not "non-traditional revenue," they are "new traditional revenue."
Any broadcaster – and there are many out there (although not likely to be reading this) – who thinks our solution is to return "to the basics" and stick our communal heads deep into the sand is a fool.
Every broadcaster should be restructuring from the ground up around digital opportunities, not simply tacking on digital strategies like so many strips of duct tape.
This is a time of amazing opportunity if you have the vision and the will to have at it.