Wednesday, October 22, 2008

Media Week Takes a Blow

Traditional media has been on a constant downward trend for over a decade. Particularly hard hit has been print media and in spite of efforts to bolster their presence through the Internet, most of these media are seen primarily as newspapers or magazines in the eyes of their audience. Furthermore, traditional media tries to market their online content in a manner very similar to their hard copy. If it didn't work in print, it most likely won't work online.

Media Week is an excellent case in point. Mediabistro.com reports "in what a tipster calls, 'a salary dump with older people making more money,' PRNewser reports that Mediaweek has laid off several high-level staffers: senior editor John Consoli, managing/interactive editor Lisa Granatstein, art director Paul Virga, and senior photo editor Kim Sullivan -- all of whom had been at the publication for more than 10 years. Brandweek also laid off executive editor Barry Janoff."
Media Week is also among those publications guilty of trying to sell online the type of information that many believe they can find elsewhere at little or no cost. According to their website, people pay $19.95 a month for an online subscription and $24.95 a month for online and print. The prices go up for International readers.

In describing the publication. MediaWeek.com states that its mission: "Mediaweek.com is the online extension of Mediaweek magazine. It is dedicated to serving the magazine's readership with the latest breaking media industry news and analysis, along with commentary that puts that news into perspective."

Regarding the company, "Mediaweek.com is a Nielsen eMedia production. Nielsen Business Publications, Inc. penetrates and enlightens the media industry with print, face-to-face, and online information. Nielsen eMedia enables Nielsen Business Publications, Inc. to publish in the fast-paced online market."
Traditional media thoroughly dragged its feet in response to the onslaught brought on by the Internet. The new media has won the war because it has been on the offensive. It had no vested interest in the old revenue models, but adapted new systems as it has grown and expanded. Traditional media, on the other hand, has been in a purely defensive mode trying to hold on to what revenues it has and largely ignoring the very large writing on the wall or, in this case, on the Web.

Kevin Price articles frequently appear at ChicagoSunTimes.com, Reuters.com, USAToday.com, and other national media.

Kevin Price is Host of the
Price of Business (M-F at 11 AM on CNN 650) and Publisher of the Houston Business Review. Hear the show live and online at PriceofBusiness.com. Visit the archive of past shows here.

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