The New Media ecology

Between the two us, that is Tomi and I we have chartered to evolving story of the challenges to business and marketing in the 21st Century.

To begin with we had few "takers" but over the last 12 months our workshops and consultancy in how to adapt to survive have come into increasing demand.

Of course it takes a while for the big fish to catch up. But they have. Whereas in 2005 we were lone voices, today in 2007, Analysts, CEO's CMO's and venture capitalists are asking us what does it all mean?

Well our book Communities Dominate Brands is a testament to that vision.

So joining the fray now, is the the motherload that is Accenture. Who have just released their version of events. Of course they have deep pockets, and a global infrastructure. But its welcome news none-the-less to find large consultancies echoing our news from 2005.

Via Technology360 we find the following

Accenture’s Global Content Study 2007 surveyed more than 100 leaders and decision-makers in the media and entertainment sectors, including television, film, music, radio, video games, publishing, interactive entertainment and advertising. The study solicited opinions from executives around the globe — across North America, Europe and Asia-Pacific — to gauge their views of where the greatest opportunities and challenges will come over the next five years. Key findings include:

62% of executives look to “new platforms” as being the most important key to growth, followed by 31% “new content” and 7% “geographic expansion” as the key growth lever.

Of these new platforms, online and mobile dominated; a combined 43% viewed online as most important (of which 17% represented a distribution of content through online portals or entertainment/information sites, and a further 13% through social networking sites and 13% through eCommerce sites), while mobile drew 17% of responses.

53% of executives surveyed indicated that “short form content” offered the largest opportunity for “new content,” with “long form” or “full length” video content (greater than 60 minutes) garnering 11% of responses. In addition, “video gaming” was viewed as a key growth area, according to 13% of executives.
Asked what they believed was a top threat to the business, over half of the executives (57%) identified “consumer-based competition” or “user-generated” content; 46% of respondents viewed “piracy or IP theft” as a top three issue.

However, despite the perceived threat, 68% of respondents believe that they will be able to harness user-generated content to create revenue within one to three years.

Nearly 80% of those surveyed believed that there was no bubble in the Web 2.0 space, with 70% of respondents also observing that social media was a natural, “evolutionary” progression for media (versus 25% calling social media “revolutionary” and 5% calling it “a fad”.) As a reflection of this upbeat perception, over 90% of the executives said that their companies would become involved in social media over the next 12 months.

Half of executives indicated that advertising could grow to become the most prevalent business model in the industry within five years, with digital advertising driving growth.
Content remains king (according to 37% of respondents), although the crown is under attack by technology companies (26%) and telecommunications players (9%).

Critically important is the need for digital readiness and a future technology road map. Only by transforming their organization and capabilities can media and entertainment expect to maximize the opportunity that digital offers. This includes increasing reach (through multi-platform distribution), engagement (through social media and interactivity) and monetization (through digital advertising).

There will be no bubble in this space for many reasons that we explain on this blog. Those that think this is a fad are sadly deluded.

It spells a radical evolution of Media, Society and Commerce. The BIG, the realy BIG question is. How do you moentise it? How does the business model work? At which point does the money flow and to WHOM? But curiously, so much talk about UGC and how to stimulate it not, not how to make money out of networked conversation and interaction. For that you will need to talk to Tomi and I.

And I like Terry Heaton's POV on Accenture's new new announcement Our view is its already yesterday's chip paper. Mobile as the 7th Mass Media anyone? and why oh why is all this happening? what underpins this change because that is what you have to ask yourself. The technology is exciting, but its not about the technology. So do get in touch and we will let you know. :-)

So congratulations Accenture for catching up, but remember it is an evolving story that currently has no end.

We are all familiar with the comfey cardy of our analogue world. The rules for the New world are different

Comments

[Lars]

Hey Guys:

Good stuff, thought you'd like to see this article posted just the other day by Jeremy Wagstaff:
http://www.loosewireblog.com/2007/10/the-future-of-n.html
http://loosewire.typepad.com/about.html

cheers!

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