New technologies along with the launch of new audio and video services are disrupting the media industry. At the MFM CFO Summit held late this month in Fort Lauderdale, Brent Magid, CEO and president of Frank N. Magid Associates, talked about these new channels and content offerings and their impact on traditional media. identify the current risks for local TV operators and offer solutions to overcome these risks.
In his presentation “Key Trends in Media: Pivot for Success,” Magid gave conference attendees a look at which media are growing and the reasons for that growth. Finally, he identified the current risks for local TV operators and offered a look at ways those entities can overcome these risks.
Today we continue on Brent Magid’s theme of making necessary, pivotal changes at TV stations and other media organizations.
Evolve The Content Offering
Among the data Magid shared with MFM CFO Summit attendees was the finding that TV is still the No. 1 source for news. However, fewer adults are relying on scheduled broadcasts as their means of obtaining that information.
The data show that the idea of a news habit is far from dead, but younger consumers are far less likely to have it. More troubling is that this group tends to let news find them.
“In a crowded, competitive environment, the content that stands out and the brands that find them will win,” said Magid.
“With that in mind, it’s important to understand that platforms are not one-size-fits-all when redefining a station’s distribution strategy. This means creating and marketing unique content that aligns with the target audience and platform being used as well as developing specific content offerings that keep pace with distribution model changes.”
Magid said differentiated content strategies for mobile, OTT, connected TV, and social distribution are more important than ever.
Define The Strategic Goal For Each Platform
Magid also stressed the importance of responding to the exploding demand for livestreaming. Today, nearly four out of five viewers (77%) say they livestream video. That number is even higher for Millennials (85%).
Nearly half of survey respondents (45%) livestream video found on YouTube, and 24% use Facebook Live.
“Look to social livestreaming as an opportunity, not a threat,” Magid advised. “Consider the engagement factor and how it can be used to drive interest in content.”
He said stations should view social live streaming as an additive to their brand and existing content offerings.
“Develop meaningful connections with Millennials and Plurals on the digital platforms where they spend the most time.”
Evaluate And Reallocate Resources
Finally, Magid recommends making some pivotal changes to stations’ content development capabilities. Newsrooms were initially designed to distribute primarily to one platform; they will need to change. He encourages management to rethink job descriptions, workflows, schedules, dayparts, and even the overall culture.
Magid recommends asking such questions as “How can we align our resources to better address the needs of consumers who live outside the linear paradigm?” and “Does the newsroom have the tools and training it needs to deliver on the intended strategy?”
The bottom line is that daily content planning must encompass both linear and digital platforms. Digital cannot be an afterthought if it’s to succeed.
“Consider how stories and content unfold across each platform,” Magid said.