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My Message for the Media Industry and Independent Content Creators!
Simplifying emerging technology trends with Shira Lazar. Learn what matters in web3 and AI in under 3 minutes per week.
Shira Lazar
January 28, 2024
Grappling with change is hard, but what are you going to do about it?
The media industry is at a crossroads, rocked by layoffs at giants like LA Times, Pitchfork, Sports Illustrated, and Condé Nast. The consistent layoffs just within the last month have caused an uproar and fear across the media landscape, leaving thousands of journalists and creators jobless and uncertain.
With the increasing job cuts and consolidations, it’s evident the traditional media model is failing. Monetizing content through conventional means like programmatic ads and sponsorships is becoming more challenging. However, giants like The New York Times have somehow found a way to stay afloat. Also, a special shout-out to Morning Brew, which is a fairly new media outlet that has also found a winning formula and has been killing it across the board.
Morning Brew's revenue rose from $20 million in 2020 to an estimated $70 million in 2022; 2023 figures have not yet been disclosed.
Shout out to On The Media, who produced a great podcast episode about this here. NYT successfully pivoted and expanded, becoming a tech and lifestyle brand, possibly setting a blueprint for others by continuing to provide high-quality reporting and diversifying their content to reach a broader audience.
As the founder of What’s Trending, an independent media brand that launched in 2011 and rode the social media and creator economy wave, I sometimes joke about how I wish I had built a tech company with content on top of it. I’ve realized over time that while I could have a ton more followers and revenue than a tech company, there’s a clear value and respect given to tech companies that content companies just don’t get.
That said, if I was going to start over, I would think about data, tech, and AI while building a media brand. I would think about subscription services as a model right away vs after the fact. I would think about a newsletter, live shopping, and affiliate marketing, too. You might even want to get into IRL events and products. Plus, community engagement is key, so have your business model, but don’t forget about connecting with the folks who drive it.
By the way, as I write this and all of us are understandably shocked and processing these changes, there are individuals actively building all of the ideas I mentioned. As my boyfriend reminds me, feel your feelings, but don’t unpack there, as doing so may keep you stuck there longer than you’d like.
Side note: When it comes to Web3, you might roll your eyes, but companies like Now Media and Rug Radio, which recently merged with Decrypt Media, are exploring the blockchain as a new model for media. They are worth checking out, too! I also wrote about how the blockchain can revolutionize entertainment in the LA Business Journal last year.
On the other side of the coin, there are some people celebrating this paradigm shift.
They are in the ‘all old media sucks’ and ‘everything is fake news’ camp. But it’s important to understand a world without journalism and even local news. Washington Post columnist Taylor Lorenz discusses the importance of journalism and how it makes our communities better here.
Let's be clear: this isn’t just a journalism and big media problem; independent content creators and small media brands are experiencing similar woes.
However, if you’re Gary Vaynerchuk, it means live streaming on Twitch. He recently posted how he regrets not having gone the live-streaming route and seems to be planting his flag there as a 2024 content trend doing a multi-hour stream tomorrow. More info from his Instagram post announcement here.
In the end, the future of media relies not just on companies but also on individuals to adapt, be curious and flexible, and embrace innovation and disruption. It means thinking of content as community building, marketing, and deal flow. It means diversifying revenue streams, staying lean, not spending more money than you have, letting go of what’s not working, and doubling down on what is.
The silver lining? These difficult times are when we are forced to find solutions and innovate. While we are in the throes of history, it sucks and doesn’t make sense; we will look back and understand how it got us to a better place. Remember, hindsight is 20/20 unless you’ve been through it enough times, and then it just becomes a cycle that comes and inevitably ends, landing us on new fertile ground.
Quick Headlines:
Positive Affirmation:
"You are loved just for being who you are, just for existing.” - Ram Dass
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With gratitude,
