Tuesday, December 06, 2005
Media 1.0 vs Media 2.0
"...The reall story of the Wikipedia is why would anyone presume anything written in there is accurate? Where's the accountablity? Well, there is none. Another reason why good content written by professionals with editorial oversight isn't going away anytime soon."
And, incredibly, misses the whole point. Has he looked at vaporizing media industry market caps lately? What does Gartenberg think the private equity funds sniffing around publishers are going to do with them? Hire more editors :) ?!
It's not that Wikipedia is better or worse. It's that it creates more value. How do we know this?
Because, in fact, content written by professionals with editorial oversight (as we know it) is already going away - those eroding market caps are translating into accelerating layoffs and restructuring in the real world. They mean that 1.0 competences and resources,and the business models they support - 1.0 value creation itself - is worth less and less.
Make no mistake about it, new models like Wikipedia are economically revolutionary - they're hyperefficient sources of value creation. They are very much substitutes for mass media.
The numbers simply don't lie; it's no coincidence that value is eroding from media 1.0 players, while the market cap of 2.0 players like Google and Yahoo continues to balloon: this is value shifting in the real world. Wikipedia doesn't have a market cap, but it does have an accelerating base of users - and like value, their attention is gained at the expense of the traditional media industry.
Smart mass media players will turn them media 2.0 into complements, by building edge platforms and edge competencies.
I mean, it's the end of 2005. Isn't it intuitive and obvious how the media industry could utilize Wikipedia, blogs, and podcasts (etc) to revolutionize their strategies and business models?
"I mean, it's the end of 2005. Isn't it intuitive and obvious how the media industry could utilize Wikipedia, blogs, and podcasts (etc) to revolutionize their strategies and business models?"
Grin. Ought to be.
Do have suggestions or are you keeping them for consultancy?