Daisy Whitney and I are pleased to present the 35th edition of the VideoNuze Report podcast, for October 9, 2009.
This week Daisy and I first discuss Daisy's New Media Minute piece on how book publishers and authors are building iPhone apps, which include video, to enhance their books. The apps also present content in the interval between when a book is finished and when it finally hits the store shelves. Daisy highlights apps for marketing expert Bob Gilbreath's new book "The Next Evolution of Marketing" and novelist Nick Cave's new book "The Death of Bunny Munro." While the book publishing industry is not known for being on the bleeding edge of technology adoption, interest in iPhone appears to be building.
Speaking of publishing, I provide more detail on my post this week "Goumet Magazine's Closing Offers Lessons for Navigating the Broadband Era." I received a lot of emails in response to this post, as the 68 year-old Gourmet clearly had a passionate following and its shuttering by owner Conde Nast was further evidence of how the media industry is changing. I contend that media brands need to embrace a multi-platform approach to survive. It's not good enough to simply be a great magazine anymore. All media brands need to figure out how to play in both online and mobile video.
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Earlier this week when Conde Nast pulled the plug on Gourmet magazine and 3 other titles, there was much hand-wringing about the depressed state of the magazine industry. But while falling ad sales, costs of production, editorial issues and redundancy were all contributors to the 68 year-old Gourmet's ultimate fate, in my view, its failure is part of a much larger story of how much the media business has evolved. More specifically, Gourmet offers abundant lessons for those trying to successfully navigate the broadband era.
Gourmet, and its owner Conde Nast, are part of a proud media tradition that relied mainly on tying an editorial approach and brand to one specific media outlet - the magazine. In this traditional paradigm, the media world was thought of in terms of categories: broadcast TV network, newspaper, radio, cable, etc. While the same corporate owner might have interests across categories, the specific mission of each media property was well-defined: turn out the best product possible for your chosen medium and keep your audience and advertisers coming back for more. (As a sidenote, this is a key reason why most magazine companies did not launch cable TV networks related to their areas of specialty 25 years ago, thereby opening the field for upstarts.)
The problem is that this model is out of synch with the way many real people actually experience media today. People affiliate with media brands in a more deeply self-identifying way. It's no longer just the information and entertainment that's conveyed, but also about the statement affiliating with that media brand makes and/or the implied trust and comfort that's provided. For better or for worse - depending on your perspective - brand affiliation is now a deeply ingrained part of our cultural landscape.
Smart advertisers know this too. They are not just interested in just reaching their target audience when they pick up a magazine for example. They want to surround consumers with their brand whenever consumers engage with their chosen media. Advertisers continue to grapple with how to optimize their media spending to gain mindshare and drive sales.
Forward-thinking media companies have realized for sometime now that changing consumer and advertiser preferences must drive the way they do business, not the other way around. Two examples I like to cite are ESPN and Food Network, two highly successful cable networks that have built strong media brands and prospered by constantly reinforcing the value of their core franchises.
Among the many non-cable activities each has launched are successful magazines. That may seem ironic given the magazine industry's woes, but in truth each has figured out how to extend their brand, editorial, and importantly, advertiser interest into print. Food Network magazine's recent success is all the more remarkable; while Conde Nast has undergone a wrenching downsizing, Food Network Magazine, which launched in October '08 (in partnership with Hearst), has recently expanded its circulation base to 900,000, nearly on par with what Gourmet achieved after 68 years.
Noteworthy for ESPN and Food Network have been their successful online initiatives and push into broadband video, all reinforcing their core franchises. In addition to its ad and commerce supported web sites, ESPN has rolled out ESPN 360, a subscription online video service available in 41 million U.S. broadband homes for which ISPs pay a monthly fee. Food Network too has been busy expanding its franchise in online video, among other things recently launching Food2, a broadband-only channel catering to younger viewers that cultivates up-and-coming talent. And as I wrote on Monday, Scripps Networks (Food's owner) just announced a deal with 5Min (an online video syndication platform) to proliferate its content across the web while also gaining access to additional targeted ad inventory to sell.
What do you think? Post a comment now.