Changing Media

30 Jan

For me, the presentation wasn’t about learning something new or profound. I don’t mean to sound arrogant, but I equate it to something like the increase in mobile device usage or something else we know, we just haven’t quantified. I really liked Padgett’s presentation because it confirmed what I already suspected. The world is changing. Not just evolving, but rapidly changing in the way it did when we entered the industrial revolution. Fortunes will be made and lost in the new “world” so to speak.

In the “spending trends by media” slide, it’s clear that legacy media is a dying business. Traditional news companies are hemorrhaging and what I took away from the presentation is simply another warning sign that we need to diversify. For the same reason we shouldn’t have all of our money in a specific stock or even a specific industry like “healthcare” or “tech”, we need to diversify personally as well. This may not have been the intention of the presentation but I think it’s foolish to have a single degree and specialize in a specific area in a newspaper or even broadcast company. I think it’s crucial to diversify our talents and skills to be adaptable and marketable to an ever-changing economic environment. Simply put, the “buy and hold” strategy isn’t effective in the stock market today and it also isn’t in the workforce.

Also, towards the end of her presentation she talked about the fact that consumers want to participate. This spoke to me too because in the “old days” we just saw ads on TV and in print but today, people want a voice. For example: I interviewed a guy last semester that owns a huge bounce house company here in mid-MO. He started 10 years ago with 3 bounce houses. In the past 10 years, he has spent ZERO dollars on traditional advertising. NOT ONE DOLLAR. He markets through Facebook, Yelp, YP.com and word of mouth. Fast forward from 10-years ago to today, he has 56 different types of inflatable units, 5 company vehicles, multiple employees, has grown every single year and has annual revenues over $150,000 (he wouldn’t say specifically). What’s shocking is this is a traditional bricks and mortar business. Apply this to a high-tech startup and I imagine it’s even more powerful.

 

Author: Jeremy Truitt

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