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Why old media companies don’t have to be losers
Jul 14, 2010 by Lucy Küng in the theme Converged media regulation – it’s time to act
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The established media have already lost the Internet battle. Not a single ‘old’ media company leads in any of the key ‘new’ media areas – be it search, social networking, or digital downloading. They aren’t alone. History shows winning organizations, whatever the segment, whatever the territory, usually become losers when technology transitions occur.
It’s tempting to blame this on technological change. But while the scope and velocity of current changes confronting the media industry now are extreme, they are not the real cause of the industry’s problems. In fact, technology transitions are, as they have always been, a major growth driver for the sector.
The real problem lies deep inside the organizations themselves, in their inability to get their strategic and structural responses right, to build out new business based on the new technologies while running their old businesses well. Thus again and again they cede critical new business fields to new players.
The art of mastering technological change lies in clear thinking and getting some pretty prosaic organisational details right. It doesn’t involve grand strategic master plans, but it does require a simple (but not simplistic) strategic blueprint that reduces complexity and presents a credible and inspiring way forward for the organisation. Thereafter and most critically, it requires investing much time, money and careful attention on getting the internal organisation right – on removing overt and covert blocks to change and liberating the latent potential for innovation that is present in all media organizations. Hotshot new media companies do not have a higher creativity quotient than older ones, they simply place fewer obstacles in the way of seizing the potential of technology transitions.
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