Recently had an exchange with an old friend, who works for a major magazine at a major media company. I’ll put it here because I think it’s illustrative of the kinds of thinking some people are doing, and the kinds of terror the current changes sweeping through our industries are causing.
I told my friend I was doing Internet publishing consulting, and he asked me the following (I’ve edited somewhat to protect his, and the company’s, identity): “A large, famous media company in the United States seeks a strategy to make money publishing on the web, because its famous old media properties are going down the tubes. Problem is, the company’s management doesn’t have the first iota of a clue as to what to do, let alone how to do it. All that’s at stake is whether the company will exist in ten years. Any ideas?”
Well, that was pretty stark. And frank, coming from someone within, whose livelihood depends on these decisions. But, as I said, indicative of the terror within.
Here’s my answer, again edited for masking purposes: “Yeah, I’ve got some ideas and I think an executive had lunch with there a couple months ago probably “gets it,” but I don’t know if upper management can. It’s quite a quandary: What company in any industry wants to participate in destroying its own business, making radical change, become its own competitor in order to survive? (Like gnawing off your own legs, perhaps, to get out of a trap — except in this case many new legs can grow back.)”
“[Your company] is not alone — we are at an inflection point, and shakeups continue. There will continue to be a need for good journalism and entertainment. That “content”, I think, has to come with an acceptance of dispersal or flattening of the information and command chains — again, something [your company] may not be terribly good
at.”
I’m sure some of the behemoths will survive in some fashion. But some will go the way of RCA or the Mutual Broadcast Network or the New York Herald Tribune.