In Mark Ramsay's Hear 2.0 blog, Mike Agovino has a very important quote:
"If we’re not making more money OFF the air than we are ON the air 10 years from now, we’re in trouble."
Mike's being generous with his timeline. Juxtapose his prediction with the announcement that Viacom is upping its revenue goals to over $500 million for this year. Clearly, "old media" feel the pressure to leverage more dollars from their digital activities.
Paul and I did one of those New York City "four-meetings-in-one-day" trips earlier in the year. We visited everything from a magazine publisher to a cable network, and even an online game producer. While these are all different businesses, the message was the same - it's critical for traditional media players to look to their online assets for revenue growth.
Of course, in order to accomplish these goals, the digital product has to be in-line with consumers' tastes. It also has to be worth visiting. This is the struggle that radio companies are enduring on a daily basis: where to sink the dollars moving forward. Given the costs of HD Radio, the digital space, and of course, the core product, there are many needy sources, all crying out for personnel and capital.
While we gear up for Summit 12 - which will tackle PPM, marketing, and technology among other things - consider taking a stroll back to last year's Summit in Dallas via our online video streaming. I believe the companion panels headed up by Gordon Borrell and Jason Calacanis are still must-see sessions. Each says a lot about where we are and where we need to be.