Traditional media is going through a horrible phase after over a century of wealth and strong position in our society. Media companies all over the world are struggling to survive, after failing to understand how quickly and powerfully the whole media landscape is changing.
The disruption is of course caused mainly by internet and digitalization as a whole. Consumers are changing their behavior quicker than most us could anticipate, since new technology makes it possible for them. It is all about friction, which needs to be reduced, as most of us want to have things and services cheaper, quicker, simpler and have fun while using them.
In the good old days media companies were able to run things on their own. As they controlled the distribution channel (morning delivery), they were not actually that interested in partnerships or what their clients really wanted. Money kept coming in all the same.
In digitalized world distribution channel is more or less controlled by Google, Facebook, Apple and couple of other big global players. And it took media companies far too long to realize this fatal change. And more bad news: a new report about US media, The state of the media, concludes that big boys will be even stronger in years to come.
Most media companies took no notice that readers no longer want to be just passive readers. They want to take part, share and make a difference by using new tools now available for them. And it is the last hour for old media to capture readers attention by using new technology and accepting that they need to evolve from one-way storytelling into real platform for big and small societies.
History of media is right now being re-written and only the companies that take full advantage of this unique moment can dream to prosper also in the future. This calls for innovations, courage and new attitude. As old way is failing, new solutions need to be invented.
One of the most interesting ideas is truly make it possible for people to make their neighborhoods a better place. This concept is called Fix my street, where people are given new possibilities to interact with local authorities and local media companies giving them power to make a difference. It does not matter whether you have broken lamps and pumps on your home street, using this kind of new service things they can be fixed more quickly than ever as everyone is contributing.
Right now research and experimenting is needed more than ever. Also networks and partnerships are required to succeed in this new era. Before car was invented and people were asked what they needed and wanted, they answered: faster horses. Looking right or left it looks like old media is all about faster horses, unfortunately.