Here are some notes from the first keynote of the day, featuring Om Malik and a discussion between Om and Mark Evans of the National Post. Items in italics are my thoughts and comments. They are discussing the future of media:
- Kind of cool, two green couches up on stage for this conversation.
- Can the old world of media survive, and if so, how do they adopt? Om says he doesn’t see the difference between old world and new world at all. As long as the information is delivered.
- Traditional media faces challenges because some people simply shouldn’t be in the traditional publishing business Om says. He thinks it would be impossible to replace things like the NY Times or National Post or WSJ.
- Are bloggers journalists? Om says people in that debate have too much time on their hands.
- Mark says a lot of newspapers are still struggling with the online business model. If they haven’t been able to embrace the web, how can they embrace blogs and podcasts and things? Om says if they don’t, they face a bigger problem, which is a whole new generation that only consumes their news online (sounds a lot like me).
- Om says that Forbes.com is really saving Forbes’ bacon right now.
- The hundreds of newspapers that will disappear are probably bad newspapers, Om thinks. It won’t be papers like the New York Times – “that said, I’ll be glad to see a lot of newspapers go.”
- Om says blogs are killing off the trade press more than anything.
- Mark asks about television, watching what you want when you want? Om says the mainstream market doesn’t really care, there haven’t been that many Tivos sold. He says TV is still a passive medium, people just want to sit there and watch whatever’s on, for the most part. Regular people don’t care about Tivo’s.
- Apparently Mark Evans likes The Sopranos, and has a bunch recorded on his PVR, ready to watch. I’ve still never seen an episode of that show.
- Mark asks about the Three C’s – credibility, content, and cash.
- Om says getting discovered is harder than attaining credibility. People can make judgement calls if they find the blog. Credibility comes from the content you create, and in the end, people recognize what’s good and what’s bad.
- Mark thinks newspapers can survive in local markets, for local advertisers. Om thinks there is an opportunity for local-focused startups.
And now, some questions from the floor.
- Are we underestimating the capacity of the day-to-day world of print, where you basically have a free license to spam?
- What about Craigslist? Om says the newspapers are up against free classifieds, but otherwise, Craigslist is a different kind of beast.
- “When information is free, the only thing of value is point of view.” Do you think that’s a helpful paradigm? Om says context is more valuable, you have to put everything in context, and most of the time, people fail to do this. People confuse opinion with context. Om says context is the single biggest thing missing in the news today.
- Imagine a future in which you get the news on a digital paper. How far are we from that world? Om has no clue.
- About the economics of blogging – how is one to establish themselves financially? (Boris Mann beside me says, join a network, next question! Agreed.) Om says he is part of Federated Media, which is an aggregated network. What we need is a new kind of advertising paradigm. Om says advertising is seriously lagging in the blogging space. Mark remarks that many reasons people blog now are not financial, they just want to get their point of view out there.
- Question about net neutrality. Om says from a blog publishing point of view, its not much of an issue. Mark wonders if it is a way for traditional media to protect themselves online, because they can pay. Om says there is room for independent media, they don’t need to be streaming high def!
- Question about transitioning from tradtitional newspaper to online. Om says lifestyle, sports, and business support the paper. In the online world, you can finetune things, maybe using AP or Reuters for international news instead of your own team. Om says the concept of magazines is not going away anytime soon.
- How do we effectively change that paradigm of advertising. I can turn off my ads on a website using Firefox – how do advertisers deal with that? Om: Internet Explorer, 85% market share. I would say that since Google pretty much owns Firefox, and their business is advertising (not search!), I wouldn’t expect it to get any worse than it already is. Om says he can’t believe the number of people that click on his Google ads. Mark: “who are these people?!”
- Om says the blogs that provide value with stick around, and the ones that don’t will go away. “Every user comes with their finger poised on the back button.” Boris remarks that RSS hasn’t come up once yet. How many people in this audience visit Om’s blog on the web? Probably most use RSS.
- Ah what do you know, the next question comes up, and Om answers with RSS. The question was about monetizing information, can we actually do it? Om says in reality, there is a fundamental change happening, with a new format of information distribution and consumption, and the business model needs to be worked out.
- What does it look like in three years? Om says it will look pretty similar. NYTimes or WSJ might hire some bloggers, but things aren’t moving as fast as people think. You will see the biggest media experiment.
- Boris gets to ask a question: he says he only uses RSS, he never visits the websites. Blogs are conversations, Boris can’t have a conversation with the National Post! So no question, but just comments, but he made a good point, and Om agrees. Om says RSS is a challenge, but its a huge opportunity. Whoever can figure out a new advertising model right now stands to make a lot of money. Mark says old media is failing miserably at creating a conversation.
- Seems people get their news mostly from the same services. Are you concerned about how that affects the conversation? Om says the real intelligence of blogs is in the comments.
Not surprisingly, this session went slightly over time.