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When it comes to tackling digital - is your company a schizophrenic? In our legacy media report we outlined two different types of local media companies - legacy centric and multi-media. Everyone is going to think they are multi-media, but the vast majority are legacy centric companies. There is nothing wrong with either one, but it's important to know which path you are on. In a recent survey we did for the RAB, three quarters of radio managers believed there was significant digital opportunities for their company.
What characterizes multi-media companies? They have a completely separate digital unit with a completely separate digital staff. Those companies are going to grow faster, have a lot of new initiatives, and not be held back or beholden to the legacy media company. Can you truly say you are a multi-media company or are you legacy centric. Why is it important to know? Your strategy in everything you do has to be tied to whether you are beholden to the core product or if you have a completely separate venture that also serves the core product.
We will be talking about this at our conference, March 3rd and 4th in New York. Hope to see you there! www.borrellassociates.com/loac2014
For more on the Future of Legacy Media Report: www.borrellassociates.com