Here’s a few factoids from writer Sharon Waxman about where the media is going today: The amount of video content created by YouTube users, for free, for six months is more than broadcast producers created in more than 60 years of professional, paid programming. YouTube uploads around 9,232 hours of new video each day. Think about that a bit. At the same time, traditional broadcast TV viewership declined 8% last year – which is significant because since the 80’s the decline has only been about 1-2% each year.
That means change has kicked in at a whole new level in the last year. DVD sales fell 9% in the United States in 2008. Movie theater attendance declined 5% in 2008. The problem with all of these numbers is that although the shift is pointing directly to online and mobile entertainment, few have figured out how to turn that momentum into a business. Movie producer Marshall Herskovitz says, “People truly do not understand the extent to which new media is not a business.” He speaks from painful experience after losing a lot of money on “Quarterlife” – a web series and social media hub.
I go into much more detail on how the digital transition is impacting media in my new book “The Last TV Evangelist.” If you want a fieldguide to the media revolution, this is the book for you. The big question is: What are the implications of this shift? What are you doing right now to prepare for the future of media and entertainment?
Good readers – share your ideas!