Publishers look past crypto and the metaverse as they embrace AI PLUS How YouTube has become the preferred platform for podcasters
How a newsletter about living cheaply grew to 10K via WoM
Today, we take a look at what comes next in innovation at media groups, what technologies are being passed over and what technologies and formats media companies are investing in. As Chris Sutcliffe writes in his summary of the Media Moments 2022 report, the media is experiencing its own crypto winter as money flows out of this risky, speculative asset class as the era of easy money and pandemic stimulus packages end.
What is very much on the innovation for 2023 is AI and short-form video, and Digiday highlights how Betches Media is leaning into their success. And Chinese internet giant Tencent is trying to play catchup and develop a response to TikTok.
Plus, we look at how YouTube is becoming a major platform for podcasters, and how a newsletter for how to live inexpensively in London grew its audience. With the cost of living crisis really biting not only Londoners but everyone in the UK, it seems to be at the right place and the right time.
And don't miss an interesting proposal for the future of Twitter. A hybrid cooperative run as a B corp social enterprise?
Chris has some solid numbers here about how the Meta is simply not hitting its numbers when it coes to the Metaverse, despite aggressive advertising and promotion. And he also has a rundown of how far NFTs have fallen, although he expresses cautious optimism that their is still room for innovation. However, the area where he see the most investment and interest is AI.
Speaking of AI, Brian Morrissey offers up some predictions. Marketing and advertising copy will go first he says. Search will become a mess, but he also sees AI as continuing to rebalance power from institutions to individuals. I'm not so sure about the creator economy getting a boost from that, but AI will definitely be a key area of technological development and disruption. ChatGPT is just the beginning, and investment will flow into this area as major players look to ensure that they are as dominant in the future as they have been in the past.
Speaking of AI, transparency will be a major issue. CNET has been experimenting with it, but some have accused the tech site of not being clear on what it was doing. It's trying to do that now.
YouTube as a podcast platform should not be a surprise, and Morning Consult has some fascinating numbers that show a complicated picture of the relationship between video and podcast listening.
The idea is so simple: A newsletter full of free events for people in London. I remember back in the day in Washington DC that there was something similar - a happy hour listing where unpaid or low-pad interns could get free snacks with their drinks. Note, word of mouth has been important but so has good, old local BBC radio. The relationship between emerging and traditional media often has a symbiotic element.
Developments in vertical, short-form video
The story about Betches Media, which is focused on serving young women, is another data point about the importance of YouTube. They are experimenting with YouTube Shorts. Why? Because it ties into their podcast strategy. I spot a trend.
And not only is Tencent placing a big bet on social video, newsletter startup Morning Brew just bought Our Future because it gives them a foothold in short-form video.
Industry news: A mixed bag of growth and inflation-fuelled losses
When we put together our State of the Digital publishing report at Pugpig, we heard a lot of stories about increased costs, and that is playing out as media groups report their results. DC Thomson and National World both saw increases in revenue, but increased energy and paper costs have taken a bite of healthy revenue as pandemic lockdowns ended.
Twitter as a social enterprise? And what next for your career
This an interesting proposal for a hybrid-cooperative model: a social enterprise. The one major hitch that I see is the sums that would be required to buy out Musk and his backers. However, as he drives the company into the ground, creditors may be willing or be forced to accept pennies on the dollar.
As media jobs become not only rarer but also the path to senior roles becomes more difficult, a former BBC journalist discusses how to make a personal pivot in 2023.