The Changing Shape of the Media in 2022
The irresolute ways in which we all consume media, and how the media itself needs to evolve in response to such changes, were major topics at the recent Code Conference. Executives such as Dean Baquet of The New York Times, Jeff Bewkes of Time Warner, Reed Hastings of Netflix, and Shari Redstone of Viacom and CBS each talked about how their businesses were changing.
As usual, Mary Meeker of Kleiner Perkins (above) set the phase for many of the media discussions with her annual report on Cyberspace Trends.
What I constitute most interesting was the astonishing growth in
V years ago, the average person spent less than an hour a day consuming digital media on a mobile device; today that number is more than than iii hours a day.
Mobile ad has grown as well, and the combination of mobile and desktop Internet media consumption now accounts for more than time—and more than ad spend—than Tv in the U.South. And, Meeker said, the same will before long be truthful globally. She addressed the growth of advert blocking and how the leading advert platforms are providing more than means of tracking and measuring ads, with the goal of helping advertisers to reach people with the right advert at the correct time and place.
On other topics, I was nigh surprised by her focus on gaming, to which she credited Bing Gordon, now of Kleiner Perkins only formerly with Electronic Arts. She highlighted the growth of interactive games, and how these are at present impacting learning and engagement, as well as how gaming concepts, techniques, and tools are becoming the foundation for all sorts of Internet services well beyond standard gaming.
Meeker too touched on the growth of deject computing and its affect on enterprise calculating in general; the Chinese and Indian internet markets; and health care. It'due south worth a await at the whole 355-slide presentation to capture the total scope of the changes she sees.
Dean Baquet, executive editor of The New York Times, said that he thinks "news is not relevant if it's not widely read," and that while it is important the Times gets subscribers, it'south also important to have a "permeable" paywall, which is how the sites gets 130 million monthly readers.
Baquet talked almost how the Times needs to evolve, with writers having different voices, and perhaps besides adding their pictures and biographies to the stories so readers empathize their backgrounds. He said anybody involved with the Times understands that the paper has changed, has to alter
"I think the biggest crisis in journalism in America is the crisis in local news," Baquet said, noting that the Times, the Washington Mail service, and the Wall Street Periodical are doing okay, but that smaller, local papers are not. He said that we need to effigy out a style to ensure that local issues, such equally school boards, are covered, but he isn't sure what the right model may be. Asked about philanthropy funding journalism, he noted that the Times is doing a project with the New Orleans Times-Picayune about the environment. In this effort, the Times-Picayune's reporting was subsidized by a philanthropist.
Netflix CEO Reed Hastings talked near the success the visitor has had with Television receiver shows, such as Firm of Cards and Orange is the New Blackness, but said information technology's "just getting started" in creating its own movies. Hastings said Netflix chose to create serialized media first, because of binge watching, which the company could see on repeats of other shows, but at present wants to create a wide variety of movies, from loftier-end to low-cost films.
Currently, movies are typically available to content distributors through windowing systems:
Hastings noted that most of Netflix'due south growth is now international, and said that the firm is currently commissioning original content in more languages and from more than countries, in detail citing French republic, Federal republic of germany, Turkey, Japan, and Republic of india.
Asked about the other technology companies—Google, Facebook, and Apple—getting into the business of commissioning unique content, he said the market is "nowhere nearly saturation" and said the more entrants, the more piece of work for the talent. Hastings did say that the concept of linear Goggle box has lasted almost 100 years, only predicted that in the side by side 20 years "information technology's all going to be on-need."
I was particularly interested in how he differentiated Netflix from Amazon Prime Video, proverb he would rather exist compared with a premium service, such equally HBO, as opposed to Amazon, which wants to be very wide. Hastings doesn't recollect Netflix would consider ad-supported content as opposed to subscription-supported offerings, maxim companies like Facebook and Google are amend suited for ad-supported models.
Hastings acknowledged that "[Netflix is] not trying to see all the needs" of its customers, and noted that customers lookout man
A lot of the give-and-take focused on "net neutrality," and Hastings acknowledged that Netflix isn't playing the lead office in the chat that it did a few years ago. "Nosotros think net neutrality is incredibly important," for society, innovation, and entrepreneurs, he said, only added that Netflix is now and so large that internet neutrality is no longer its "main battle."
Jill Soloway, creator of Amazon Prime TV shows Transparent and I Love Dick, said she outset pitched Transparent to many other channels and wasn't sure what to wait. Amazon offered to give her back the pilot episode if they didn't choice it upwards as a serial, and also mentioned that Amazon didn't give her equally many notes on shows as other TV networks did. Amazon and others are at present more open up to the idea of a flawed female atomic number 82, she said.
Soloway talked about how she discussed with Amazon founder Jeff Bezos how stories such as Transparent can have more than impact on the culture than politics. Soloway'southward new visitor, called Topple, aims to "topple the patriarchy," also as to produce more content by women, people of color, and those with different voices.
Defending the company's program to be acquired past AT&T, Time Warner CEO Jeff Bewkes said that combining Fourth dimension Warner's content with AT&T'south abilities and retail distribution will enable the integrated organization to movement faster, as we motility into a new era for video. He said the acquisition is in the normal Section of Justice review; he doesn't think the change in administrations will bear upon it going frontward.
Bewkes talked about the big changes in media over the past five years, mentioning mobile video, broadband video, improved at-home video choices, and improve navigation. He said, "nosotros tried to do 'TV everywhere' 7 years ago," just it didn't work because the applied science wasn't there.
Bewkes said Time Warner had content and distribution together for 20 years (because of its onetime ownership of Time Warner Cable), but noted they spun it off "considering it wasn't national." He said it but covered 12 percent of the country, while AT&T, through its DirecTV and Mobile businesses, has a national footprint and national competitors. "It has to be everywhere," Bewkes said, emphasizing that with national mobile, circulate, and video distribution, the company will accept direct information about consumers across the country.
While Bewkes said the combined company could offering new products faster, he said it wouldn't offer content that isn't as well available on other platforms. I advantage is that if you accept distribution with directly retail data, you know who is watching when yous launch new products.
"We call back there ought to be more innovation and more competition," Bewkes said, noting that Time Warner invented TV supported by subscribers with HBO, and besides has sites that are supported by a combination of subscriptions and advertisements such equally TNT, FX, and CNN.
On the subject of internet neutrality, he said: "
Shari Redstone, vice chair of CBS and Viacom, acknowledged that concluding fall she had backed a merger of CBS and Viacom, but has since inverse her mind. "They're both stars," she said, and since the modify in direction at Viacom—now under CEO Bob Bakish—she sees much more "energy" at that company. It became apparent to her that assets were undervalued at Viacom, and that a merger would take hurt the momentum of Viacom.
Redstone said it'southward at present a great time to do deals considering
Redstone as well discussed CBS, where CEO Les Moonves just signed another contract. Asked virtually the value of sports with NFL ratings down, she sees sports as very of import, and part of the success of the network going forrad. "People want exclusive content," she said. She believes the ratings for the NFL were downward because things "got very disruptive" for consumers last yr, with too many networks and social issues, and stated she has "full confidence in the NFL." In the time to come, it will non just be nearly content, but nigh the experience around the content, she said.
Redstone, who is also a co-founder and managing partner of Advancit Majuscule, explained that the venture capital firm invests in early-phase ventures like digital measurement visitor Moat (recently acquired by Oracle), video suppliers like Maker Studios (recently acquired Disney), and a number of augmented reality firms, while Viacom and CBS look at later stage investments. Redstone said that the most value she can add together to the larger companies is an understanding of what is going on in that world. She said her biggest mistake as a VC was passing on Twitch.
Source: https://sea.pcmag.com/feature/16077/the-changing-shape-of-the-media-in-2017
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