Magazine article ADWEEK

Winners' Playbook: 5 Ways to Survive in the New Media Jungle. It's Hard to Be a Media Company in an Age of Digital Disruption. Here Are Some Survival Tips

Magazine article ADWEEK

Winners' Playbook: 5 Ways to Survive in the New Media Jungle. It's Hard to Be a Media Company in an Age of Digital Disruption. Here Are Some Survival Tips

Article excerpt

ADOPT A DIGITAL MIND-SET

The move-fast-and-break-things ethos of Silicon Valley hasn't quite made its way to Madison Avenue. For example: Traditional audience measurements like CPM and Nielsen don't transfer to the digital age, says Omnicom Media Group's Catherine Sullivan; the industry needs to iterate faster on the changes necessary to compete in a digital environment.

"It's not just media companies, it's all of us," she says. "We're all trying to be more like digital, but the reality is that it's taking too long. We need to collectively rip the Band-Aid off, and we all need to be in this together."

PICK YOUR NICHE AND DIVE DEEP

General-interest media companies are becoming an endangered species. Homing in on a specific audience and identifying its needs is the path to survival, says PMX Agency vp Jesse Math.

"The number of companies that can be all things to all consumers is probably limited to the likes of Netflix and NBC," Math says. "So brands need to decide who they are and where they want to play. What do your consumers want from you, and how do you best service their needs from an entertainment or information standpoint?"

DIVERSIFY YOUR REVENUE STREAM

The old world where media companies made all their money from subscriptions and advertising is rapidly disappearing. Successful media companies develop multiple products and services, often in partnership with brand advertisers, to insulate themselves from economic uncertainty, says Raju Narisetti, professor of journalism at Columbia. …

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