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Media Is Dead
This news is coming in the wake of Buzzfeed News and MTV News both filing for bankruptcy as well.
Media is dead, at least in the way that we traditionally think of media.
The model is no longer viable, because there are too many people creating too much content on too many platforms for there to be enough demand for advertisers to pay the fees required to pay for legitimate journalism.
We now have independent media. We have solopreneurs and creators telling stories for a specific group of people.
If you want to win in media, you have to go small to go big.
Media is no longer a revenue stream, it is a means to an end.
It is a way to generate attention and transition it to something else.
It’s reported that Bloomberg TV loses something like $100,000 a year, but that’s fine, because the media is an awareness platform for the Bloomberg terminal, which is the most successful SaaS product I can think of.
Media is dead and media now has more opportunity than ever.