It's been a rough year and an even rougher week. Not surprisingly, media is feeling the strain. According to the Miami Herald today, unless you're Oprah or Dr. Phil, you're in trouble. Mass media in general are suffering financially from the tightening of advertising pockets, and neither the media nor the advertising industry seem ready to smarten up.
We all know the cycle. Companies have to sell things to make money, and they support mass media via advertising to sell these things. When times are tough, the competition for consumers gets more intense, which means smart advertising (targeting specific consumers where they are at) is vital. This increasingly means going digital.
Problem is, while spending in digital media is increasing, budgets still aren't equivalent to the number of people who are online. From Wired: "The spending advertisers are doing on the internet does not equal what people are doing," said Jordan Hoffner, director of content partnerships at YouTube. "People are spending more time online, but advertisers are not flocking to [the internet] at the same rate."
This is nothing new. In fact, we've been having this conversation for close to ten years.
Although some do get it. Yesterday, AdWeek quoted Jack Klues a managing partner of Publicis Groupe's VivaKi about the future: "We won't be talking about analog versus digital or maybe even channels at all," he said. "It's all digital. What we're trying to do is identify by audience, whether it's new mothers or dog owners wherever they are."
Unfortunately, Klues is in the minority. For the most part, the old guard is seemingly unable to embrace change. They continue to act like children placing their hands over their ears and screaming "I can't hear you!!!" Problem is, the world is changing regardless of whatever tantrums they throw. Let's just hope they wise up soon.