New product strategies for publishing companies

Love this presentation from Judy Sims… Very nicely summarized at the end of her post and i’ve quoted below. There are specific themes I’ve take the liberty of highlighting below that traditional publishers need to pay attention to –

The economics of media have shifted. Scarcity and abundance have flipped. This has caused hyperdeflation in media value and the end of the blockbuster era. Hyperdeflation can be countered by creating snowballs. The old media blockbuster economy was built on exclusion. The new snowball economy will be built by being open to aggregators, micro-platforms and re-constructors and capitalizing on economies of distribution, coordination and production.

This part i really like

In media 2.0 there are 3 sources of value creation.

Revelation – what’s good. (My comment: includes anything that helps our users get what they want – links from competitors, blogs; anything relevant to users – we should provide it.)

Aggregation – bring elegant organization to the huge amount of data I’m exposed to and

Plasticity – let me get my hands on your content to see how I can add my own value to it. (My comment: i.e. via API, etc)

This new economy requires radically different product strategies: letting the outside in, curation rather than ownership, becoming a part of an ecosystem, moving from mass to vertical content and viewing the site as a service instead of a product.

via The New Economics of Media and thestar.com – SimsBlog.

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