As market-savvy corporations continue to adapt their marketing strategies to address consumer tendencies, traditional advertising outlets are feeling the crunch. Why? The answer is two fold: 1) today’s consumers are more likely than ever to base their purchasing decisions on peer reference rather than advertising and 2) access to alternative media via the internet has reduced the influence and control long held by newspapers, television networks, and radio stations. Hence, the appeal traditional media outlets once held has been mitigated and the writing is on the wall for change in their advertising sales departments.
So, thinking about the future from a media outlet, what is the answer? With so many options available via the Internet, which provide current and plausibly accurate information, I’m not sure that a paid subscription is the way to go. I know that I would never pay for a subscription to a newspaper site as I can access the same information on Google News for free. And with the advertising model, think back to how many banner ads you’ve clicked on … and on top of that, how many banner ads have actually led you to a purchase. I know for most folks, that number is minuscule if it exists at all.
To conclude, I’m hoping to solicit some honest and candid discussion on this topic. I’ve read several blogs and articles on this topic, and I have yet to find an adequate answer for the dilemma facing the major media outlets. Is their future dim? Or is there a solution that will drive the financial solvency of television and radio broadcasters and hard copy newspapers. As I have a genuine interest in this topic, please let me know your thoughts … especially if you work in the mass-media industry.