Future of News Media
One of my friend commented -
“Media is pro liberal and will. Always will be same. India and elsewhere. But other reporting is also nauseating so best is your judgement and what your conscience tells you. Rest is all perspective .”
I like the statement. There is more to this. In my opinion media was neither liberal or conservative. It is power and the power is available to the highest bidder. That power is controlling the news narrative.
With Facebook live, youtube live, periscope anyone can broadcast. Anyone can provide their opinion on twitter as the news happens. Today’s young generation is involved in creating news in addition to consuming news.
There are so many youtube channels that provide you the perspective. As news happens there is less and less time for the news outlets to decide how to present it and how to control the news narrative.
Their power of controlling the news narrative is lost. That is what Media is mad about. They are ranting about Trump but he and his followers were just using the new technology to control the narrative before the likes of CNN and MSNBC got to decide how to control the narrative.
In 2000 I remember going to Borders in Sunnyvale. (What that has to do with this? Hold on please). In 2011 Borders closed its doors for good. It was the first big casualty. You can say Amazon killed it. But its the power of internet. Amazon was there in the right time and right place.
Now Internet is going after two more industries.
- Entertainment Industry
- TV News Industry
Netflix is investing $6 Billion in 2017 for content creation. HBO, Disney, Showtime are all going online. Falling cable revenues is yesterday’s news.
For News Industry the new generation is not looking at CNN or Fox News. They are looking at these new outlets. CNN has viewership of about 2 million people watching it in peak hour. Right wing Tomi Leheran runs a facebook live channel with 2.5m live viewership every day.
As soon as Berkeley riots started, there were multiple people live streaming these as they happened. The news narrative was already formed. Left was quickly branded as the trouble maker. After one day, Professor Robert Reich appeared on CNN and tried to do damage control by blaming the right.
But the narrative was already formed and traditional media was trying damage control. When something is happening, people live stream. It has become impossible to control the narrative which is the real power traditional news media had.
However there is a huge nexus of power. Judiciary, Government and Military agencies. So this power will not be given up so easily like the book industry.
Expect some channels to be blocked. Some twitter accounts to be blocked. While going away Obama signed the “Countering Disinformation And Propaganda Act”. This authorizes $611 Billion for the military in 2017.
We are living in interesting times. The reality is way to interesting than the fake news narratives that we may be watching or watching Trump talk.
TV Ad revenues are already falling. In 2016 you saw the movement of big TV stars. Megan Kelly left Fox News and joined NBC. She is paid $18m a year. This may be the last big payout as you can see the salaries fall in the news media in the coming years.
more to follow…