By Samantha Karol, Senior Marketing Assistant
Yesterday morning, a group of media industry stalwarts came together at Media Magazine’s The Future of Media Forum at the Times Center in Manhattan. The panel included:
Mark Cuban, Chairman & Co-Founder, HDnet and Dallas Mavericks
Vivian Schiller, President & CEO, NPR
Bob Garfield, Columnist, Advertising Age
Chris Anderson, Editor-in-Chief, Wired Magazine
Milton Glaser, Milton Glaser, Inc.
Reid Hoffman, Executive Chairman and Co-Founder, LinkedIn
Judy McGrath, Chairman and CEO, MTV Networks
Rob Norman, CEO, GroupM Interaction Worldwide
Martha Stewart, Founder, Martha Stewart Living Omnimedia
Susan Whiting, Vice Chair, the Nielsen Company
The forum draws on the content of a special edition of Media Magazine that asks the question: What is the future of media? CPX Interactive was proud to sponsor both the forum and the special issue of the magazine for the second year in a row.
Anderson, who served as moderator, started the discussion off by asking, “What does ‘media’ mean?” He explained his belief that terms like ‘media’ limit plans for the future and the ability to construct a business model. The panelists answered questions from Anderson, and later the audience, on the changes they’ve seen in the media industry and what the future may bring.
Cuban talked about the importance of packaging different types of content together and monetizing that content across all platforms. Stewart explained how she has put that theory into practice, turning “dreamers into doers” through merchandising. “When people read a story about a bedroom in our magazine, they can then go and find a beautiful product to enable them to create a beautiful bedroom in their home,” she said. “The consumer is all important, it’s very important to us to be relevant to everyone, every age, every place.”
Keeping up with the rapid changes that technology brings can be difficult. “What’s premium today will be ubiquitous tomorrow,” Cuban said, and advised making the most of what you already have, referring to Tru2Way technology, which makes television more interactive, as an example.
The panelists also discussed the lack of separation between content and advertising in the online space, and the emphasis on relevance. Instead of placing an ad as far away from related content as possible, they are often placed on the same screen. This practice is based on the theory that if someone is reading about something, they’re more likely to want to take action about it. For McGrath, this change has had less of an impact because, as she explained, there was never that kind of separation in the entertainment industry.
Although he understands the importance of finding the right medium to transmit information, Glaser expressed that there should be more of a focus on the consequences of transmitting information. He warned that when targeting consumers, it’s important to consider whether they will benefit from the content they are receiving. Schiller agreed, saying that it’s more important to her company that you’re listening to the radio, than the way you do so, be it on your iPod or your computer.
As an online ad network, CPX is very interested in and excited to see what the future brings. Mike Fleischman, EVP of Business Development for CPX Interactive, attended the event, and had this to say about the future of media: “Publishers have a great opportunity to distribute their content digitally across a broader base in a shorter period of time. Companies like CPX who have effective targeting and technological capabilities will capitalize on the moving of content and advertising over to the Internet. ”
For more on the forum, visit the official website.
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