the seven pillars of media
And I see things
That no one would ever glimpse
As your eyes roll back
And the real party begins
And I feel things
That I’m not supposed to feel
As I reassure myself
That I’m nothing but a jewel upon your crown
This week I discuss a new tool that I have developed in exploring mediums. It enables classification of mediums from both the perspective of consumers as well as that of the business and marketplace. I have called it the 7 pillars, because I am unashamedly trading off T. E. Lawrence’s Seven Pillars of Wisdom, and the themes of change, challenge and sustainability contained therein.
This framework contains seven pillars which support the media business and is weighted to look at things from a consumer perspective. Why? In the end, media is about the consumer, the audiences, demographics and psychometrics to which the consumer belongs, to their purchasing power and their consequent aggregated ability to endorse or demote marketplace media preferences.
Back in April, 2009 in why target, I made reference to the fact that consumers have three things to trade with a media company:
- Privacy (P) – by identifying their attributes, consumers add value by enabling the medium to build monetization cases by clearly measuring and demonstrating value to purchasers of advertising and sellers of content.
- Money ($) – either directly through paid subscriptions or subsidies, or indirectly through purchasing advertised content, goods and services.
- Time (T) – the amount of time that they spend with the medium and thus building equity in the audiences that are subsequently monetized.
Each of these are shown in the table below…
I have started mapping these attributes across clusters of similar mediums, and present TV mediums as the first in this series.
Clearly displayed is the technical dominance of and consumer potential that IPTV promises as a medium. However, being better does not count too much if you don’t have market share, and this is where the traditional players of cable, satellite and terrestrial TV shine. Note that IPTV encapsulates my thinking on both walled-garden as well as Over The Top, but in all cases, this is the ‘lounge-room’ experience.
Each of these mediums displays a footprint that broadly reflects the ongoing business model viability ‘at present’. It shows comparative capabilities and offers a quick visual to suggest potential areas of competitive improvement.
It is not perfect, but it does provide a very useful discussion tool, a common language for dialog and a real way to connect with the customer who is now driving the business.
I have analyzed all mediums in greater detail, and explained my justification for the scoring. These scores will be updated each quarter with new observations, press coverage and anecdotal information.
Change is certain, but guessing the future is still very precarious – especially in the media business. As stated by Edgar R. Fiedler “He who lives by the crystal ball soon learns to eat ground glass.”
Nonetheless, it is a tool that hopefully you’ll find useful.
Tell me it isn’t so… I’m listening.