Traditional news publications are here to stay. Although their “share of voice” has gone down, I think they will continue to thrive. But they face enormous competition not just from other news operations – but from you and me – as well as businesses, not for profit organizations, and government entities.
The evolution of journalism is ever changing, and it’s important for all news outlets to keep up with the pace – but some hurdles they’ll never be able to overcome.
In this day and age, anyone can be an influential news publisher to their own network of “subscribers”. The average personal Facebook site has about 150 “friends” (or subscribers). Multiply that by hundreds of millions of Facebook users and you have a gigantic news enterprise. Since Facebook content is free, it’s inevitably a major threat to traditional media – reducing their “share of voice”.
Today, anyone can develop content, push it out on their social media channels at zero cost and have the potential for that content to go viral. Look at how many YouTube videos shot on a smart phone camera suddenly get 3 million views!
Mean time, print and broadcast entities have seen a irreversible transition to digital media. For example, a traditional newspaper may have a couple hundred-thousand paid subscribers, yet it has over a million page views on its website – which is free and does not require a subscription.
Why is that such a big deal? There are a significant number of people that aren’t paying to see the paper’s content. Two decades ago, everyone was paying to see that content