The future is not what it used to be. Things seem to change quite rapidly. Most media and publishing companies I encounter however show a lack of action because they don’t really understand where they and their clients are heading. This is especially the case in Europe. That is dangerous, because Asia and the US don’t show signs of this attitude of wait & see.
If a company doesn’t move and innovate because of a lack of vision, a vision has to be developed asap. Most of the time however I suspect there is no action because of an attitude of avoiding risks. An attitude of wishful thinking that the business will be as usual. That is very dangerous indeed, because it will not.
Changes in customer behavior take time. It takes around 20 years for an invention to be accepted and fully used, experts say. The web is about as old as that. Today there are youngsters who don’t even know what life is without the web. It’s been there forever. All things are digital.
But if we consider the production of original content, the way it is distributed and offered to customers I would conclude that most media companies still think and act from an analogue point of view. Content and quality content is scarce they seem to think, but it is not. Advertising as the sole driver of business will be back they hope, but this revenue model is in collapse.
This time of multiple crises is very exciting for media industries because of the disappearance of money. It is not the technology, that’s been around now for long enough. It’s the speed of the evaporation of the green stuff, the stuff that dreams are made of.
This is the moment to change. A time to look back. Hindsight is better than foresight. Consider the changes the web induced and multiply them with the nascent move to mobile. Everything will be at the fingertips of the customers, but this time unleashed from their desks.