The domination of the information market by mainstream media has rested upon a traditional business model for many years, but it seems to be in rapid decline. Mass media face a new challenge to create distinctive value for tech-savvy young consumers, believes Andrew Heyward, former President of CBS News, and a leading American expert in innovative digital technologies. Heyward, also a principal in the boutique strategy firm MarketspaceNext LLC and a senior advisor to Monitor Group, will participate in the Future Media Forum which will take place in RIA Novosti on June 19, and will report on how to build successful media companies in the XXI century.
The traditional media industry is facing great challenges nowadays: due to the high speed of ICT development media business, work flow, and the way audiences have significantly changed. What do you see as the greatest challenge for traditional/editorial mass media in the USA and worldwide?
What was once a comfortable oligopoly for mainstream media has fragmented into a marketplace of multiple choices for entertainment and information - and power has shifted from the provider to the customer. The greatest challenge is for mass media companies to create distinctive value for tech-savvy young consumers and get paid for it as traditional business models erode.