Media explodes
: Seth Godin has words of great wisdom for media and advertising machers (and it’s not even a manifesto):
According to MarketingVOX, online media accounts for 12% of media consumption. That’s a stunning rise: one out of eight, up from zero in just ten or so years.
At the same time, though, they report that online media accounts for just 2% of ad spending.
This could be because online media doesn’t work (but it does)
or that it’s hard to buy advertising in it (but it isn’t)
or that it’s radically underpriced and a bargain (which may be true).
The real reason is pretty obvious: organizations hate to change. (so do people, but that’s a different story).
Whenever you are faced with a situation where your competition is afraid to change but you can see the reality of the situation, you have a huge opportunity. This is the biggest growth and market share opportunity in at least a decade.
Short version: corporations, politicians, non-profits and even individuals who overinvest in online will see the same spectacular bounce that companies saw from TV in the fifties and sixties.
: Add to this Barrons practically writing print’s obit. Add to that Jupiter’s contention that online ad spending will exceed magazine ad spending by 2008. Now subtract half of all that because of (a) hype, (b) experience, (c) prudence… and you still have an upheaval in the media and marketing industries. And it has just begun.
