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Hard News at the Hard Rock

Key Learnings from the Interactive Media Conference 2010 in Las Vegas
by

John Hill

on 24 June 2010

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Transcript of Hard News at the Hard Rock

Print Ad Revenues Shrinking Fast 75.7% of newspaper revenues in 2006 came from print. In 2011, it's projected to be 49.5%. Growing Interactive Ad Revenues In 2006, about 7% of newspaper revenues came from interactive products. In 2011, that's projected to jump to 12.4%. Though not as fast as everyone hopes. "Put the digital people in charge." — John Paton, JRC Paton: Print people may be very talented and good at what they do but they've been in charge for 100+ years and in charge of digital for the past 10 years. It isn't working. Digital first, print last. Keep spending on digital. You have to spend more on research than you're comfortable with. Devote resources solely to the new ecology. John Paton E&P Publisher of the Year
Journal Register Company Cut legacy costs "Putting more money into print is putting money into a sinking boat." "It's not just audience but audience engagement." Get people on board who "get it" and get rid of those who don't. There will be a lot of blood on the floor when you're done. Goodbye, silos. Hello, matrix.
Bring the world of content in.
New content protocol today is fast-to-slow
Multimedia and mulitdirectional
Match the platform to the audience. Create a new business model. "Our job is to add context to a world drive by algorithms." Goal: 28% of profit from digital in 3-4 years; 50% within 5 years. But just enhancing print isn't the solution. Video is the online experience. Participate in the "new link economy" espoused by Jeff Jarvis. Define. Measure. Sell. Develop new products the market wants. Work with aggregators, not against them. Create community media labs, train and reward bloggers. Create a network and sell it. Discussions are happening online and on handhelds, not in print. How do you know what the conversation is, if it's not happening on your platform? Create partnerships with local media outlets. What does deadline mean with a mobile phone? Don't try to outthink digital. Keep it simple. Simple ideas work best. Ask yourself: Do your products create a preference for advertisers? Nor is a pay wall. If you have walled gardens, eventually all the nutrients get sucked out. Grok! "We have no secrets." Interactive Media Conference 2010 Key Learnings Remember that we're all on this burning platform together. Eric Moore, SVP, Media and Entertainment, Razorfish What is your core value proposition? Define a strategy that builds off of it. Not all pay walls are created equal. Act like a digital native, not a print tourist. Be consistent. Be nimble, break out of the container. Do it quickly. Your site is no longer a destination! Will Twitter peter out? Maybe, but Facebook is here to stay. EW.com is seeing rapid growth with Twitter., and is continually looking for ways to leverage it to deepen engagement. Cyndi Stivers, EW.com News is a now a "shared social experience." You ignore social media at your own risk. You don't want the wrong ROI — "Return on ignorance." Josh Cohen, Senior Business Product Manager at Google News doesn't need saving. It needs to be transformed. Anna Robertson, social media director at Yahoo Twitter works for entertainment but is not just for pushing news. You need to humanize your social media efforts. Hyperlocal Bill Ostendorf, Creative Circle Media Consulting Be a Web site and something else. That's the secret sauce. "We gotta get out of the news biz and into the life biz." News is just a small part of readers' interests. Is it payback time? Grok means to understand so thoroughly that the observer becomes a part of the observed—to merge, blend, intermarry, lose identity in group experience. ie, Frontline, ProPublica, Times Picayune joint project on police brutality post-Katrina
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