Newspapers and other print mediums, even TV are losing a huge portion of their advertising revenue share to the web, most of these now own an online property where they are trying to make up revenue losses, is this too little too late?
There are many reasons that have made it hard for the traditional media company to compete with its own online web property and here are just a few of them:
1. The web has more competition:
Offline they are competing with only a few other newspapers/stations, but on the web they are competing with millions, the web has given everybody a voice for free!! Not everyone can establish a print newspaper or a TV station, but everyone can easily own a Blog FOR FREE, and if you happened to be a really good ad writer in a specific niche, you could well start to get your own audience.
2. The web is fast paced compared to traditional media:A few months in the web world is a very long time, so while those guys are strategizing for the next 5 years, a young 20 year old could come up with another Facebook or Digg, or may be another Google.
3. Should you care less about brand/reputation:
When it comes to the web medium, it is an open environment, expect criticism, spam and all kinds of other attacks, fear will get you know where, get rid of these fears and go online.
4. The low cost of getting traffic on the web:Thanks to paid search and search engine optimization; you can get instant traffic online once you have finished your website, you can also control the amount of traffic/money you want to spend every day.
5. The web has a huge user base:
Before the web there were millions of people who were unreachable by any media, the popularity of the web has created a huge user base where small ideas can find people interested them.
Is traditional media going to die soon?
It will not die, but traditional media should expect to lose more of it is advertisement revenue year by year, they have a solution, which is to convert more resources towards their web departments and try to hire some creative minds AND online marketing experts in order to;
- Drive more traffic to their online properties
- Enhance their brand
- Make it harder for smaller players to penetrate the market by continually growing your own online presence to catch any new opportunities.