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The groundswell of consumers using social technologies poses both a threat and opportunity for media companies. The threat has often been more visible than the opportunity: User-generated content diffuses editorial power. The immense popularity of social networking sites like Facebook introduces new competition for audiences' time and attention. The ability to share content freely on sites like YouTube and peer-to-peer networks like BitTorrent means that consumers can bypass official media distribution channels, eroding media companies' traditional revenue streams of ad impressions and purchasing or subscription fees. But media companies can use the same technologies and social trends that threaten their businesses to their benefit. By supporting audiences and their objectives with smart social media strategies, media companies can accomplish their eBusiness goals of increasing traffic, engagement, and resultant ad revenue.
Agenda:
Vendors mentioned: CBS, CNN, Fast Company, Hearst, Martha Stewart Living, Meredith, New York Times Co., Slate.com, Time Inc.
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