The digital age has beckoned the end of the media industry as we know it.
Technology, especially the advent of the internet, has resulted in the complete remodeling of media business models. the power to control no longer rests in the hands of the media moguls, it is the audience that has emerged supreme, interpolating interactive features of the internet to the best of their advantage.
The days are gone when one would wake up to the rustle of a newspaper.
It is now the clicks and taps of high end laptops and Ipads that are
the chosen aids for a consumer of news.
Not only do these boast of superior variety in content, most online news forums are free.Anything that is free is automatically attractive. Since the audiences are moving into the internet increasingly, advertisers too do not want to be far behind.
This has bled media houses dry with lack of revenue and decreased circulation.
Connected device adoption and a broader process of digitization are permanently and irrevocably changing the way in which customers interact with products and services.
According to Tim O Reilly and his Web 2.0, the secret to the success of digitization is the nature of interactivity that it offers.The real threat is that, this phenomenon is not going to be restricted to the media and news industry.
It is now certain that the a similar phenomenon of digitization will eventually transform all industries, that companies lose control of
their customers when new technology enables them to interact with
products on their own terms.
Revenues will be heavily threatened with customers and audiences choosing the cheaper and more interactive model.This has effectively revolutionized marketing strategies.
The media industry in an effort to recover lost ground had to accept the digital influx into their processes. They had to weave their marketing
strategies around this.
Vogue, Telegraph and the BBC saw a huge surge in readership when they introduced their IPAD versions.As with everything else, the media meltdown is indication enough of the fact that if all products and services are not made digital savvy,there will be a serious loss of revenue.
So evolve your strategies or be the loser!