A Quote by Tom Freston
If you look at the Internet, it's been hard for a lot of the traditional media companies to launch viable brands.
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I'm reading the way a lot of technology executives have decried 'gatekeepers' and 'traditional media,' and that one of the promises of 'new media' was that it would break the chokehold that old media companies had on public opinion.
I see "demand creation" as a 20th-century construct that's bound up with advertising. It's an outmoded view of marketing that says, "First, we build a product or service, then we advertise it into people's lives." Embedded this view is the belief that companies control brands. This is a myth. My message all along has been that brands are actually created by customers, not companies. Companies only provide the raw materials - the products, messaging, behaviors - that people use these to create brands.
From commercial companies to political campaigns, advertising dollars are increasingly being spent on the web, rather than on traditional media. Jeopardize this arrangement and a vast number of free Internet features and functions will evaporate in short order.
Successful companies in social media function more like entertainment companies, publishers, or party planners than as traditional advertisers.
What happens in the media is the cult of personality. The brands who have been forced to cut their staff have been forced to take on the brands of journalists.
There are fewer media writers in traditional settings. That is a beat that many legacy brands cannot afford. On the other hand technology writers are writing about media in ways they didn't before. As a consequence of the shift, there is less interest in many ways in the activities at some media. If you look at coverage of media as whole, the decision-making at the three broadcast networks and the cable channels, for instance, is much less of a focus than it once was. The guts of what goes on at Fox or CNN or MSNBC probably has less impact than it once did. It certainly gets less attention.
Crowdsourced funding via cryptocurrencies is a viable practice. A lot of good ideas and innovative companies are coming out of it. This segment is creating thousands of jobs and companies all over the world.
PR got to be much bigger because of the emergence of digital media. Now we have hundreds of people who are, in a sense, manning embassies for Facebook and Twitter for brands. So the business in effect has morphed from pitching stories to traditional media, to working with bloggers, Twitter, Facebook and other social media, and then putting good content up on owned websites.
The most potentially transformative impact of social media is its ability to encourage brands to marry profit and purpose. The reason brands participate is that such outreach earns those companies social currency enabling them to start or participate in conversations that connect them to consumers in meaningful ways.
When there were not very many Internet companies, the supply of Internet companies to the market was small and the appetite for them was large. Therefore, if you were in the business of creating Internet companies in 1996-98, you had a market that provided massive demand for that.
I think traditional media is vitally important, I think there are a lot of benefits to working in traditional media, and I enjoy doing working with real paint when I get the chance.
I've always believed about brands and media that the mistake sometimes that's made is to think you're just going to take what you've been doing and kind of re-purpose it into the new platform. I don't think that ever works because consumers look for different experiences in different media formats.
I've talked about how the future of journalism will be a hybrid future where traditional media players embrace the ways of new media (including transparency, interactivity, and immediacy) and new media companies adopt the best practices of old media (including fairness, accuracy, and high-impact investigative journalism).
The problem that we've had is four media companies run media, globally. And some say they're on the Right and some say they're on the Left; look, they're all afraid of losing Ford as a client. So they're all, by definition, huge companies that are going to be inherently conservative.
It is hard to look away from the swirl of media that the untimely and tragic death of Heath Ledger has engendered, and the Internet has jacked the frenzy into overdrive.
What I love about what I get to do is that I'm allowed to create the stories that I want to tell with minimal interference by some very big corporations like Microsoft and Sprint and EA and BioWare. The advantage that these tech companies have is that they understand the space organically, versus traditional media companies.
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