Chris Williamson - Why Legacy Media’s Numbers Are Plummeting - Konstantin Kisin
The discussion highlights the decline of legacy media, such as MSNBC, due to economic factors and the rise of personalized content. Traditional media outlets are losing credibility and audience because they cannot compete with the personalized content offered by algorithms. This shift allows content creators to reach audiences directly, bypassing traditional media channels. The conversation also touches on the fragmentation of social media platforms, with users moving to different platforms based on political affiliations. Despite this, the network effect keeps most users on major platforms like X (formerly Twitter). The discussion also critiques the current state of social media, emphasizing the need for improvements to make platforms more enjoyable and less toxic. The conversation concludes with a mention of Spotify's goal to make user time on their platform the best hour of their day, contrasting with the often negative experiences on other platforms.
Key Points:
- Legacy media is losing credibility and audience due to economic shifts and the rise of personalized content.
- Algorithms allow users to curate their own content, reducing the need for traditional media packages.
- Social media platforms are fragmenting, but the network effect keeps users on major platforms.
- There is a need for social media platforms to improve user experience and reduce toxicity.
- Spotify aims to make user time on their platform the most enjoyable part of their day.
Details:
1. 📉 The Decline of Legacy Media
- MSNBC's ratings recently collapsed to its lowest since July 19th, 2014, with only 38,000 total viewers in the 24 to 54 age group, indicating significant credibility issues and challenges in attracting younger audiences.
- The decline in ratings highlights a broader trend facing legacy media, where trust and relevance are increasingly questioned by the public.
- Comparatively, other media outlets are also experiencing similar trends, necessitating strategic shifts to regain audience trust and engagement.
2. 🔄 The Shift in Media Consumption
- Mainstream media's decline is significantly influenced by economic factors alongside credibility issues, highlighting a complex landscape.
- Credibility challenges affect both mainstream and new media, with new media being subject to less stringent fact-checking, impacting public trust.
- New media platforms, including podcasts, often surpass traditional outlets like MSNBC or CNN in audience size, despite some factual inaccuracies.
- The transition towards new media is partly driven by audience preference for diverse and niche content not typically covered by traditional news sources.
- Economic challenges for mainstream media include reduced advertising revenues and competition from digital platforms.
- Successful new media examples include popular podcasts like 'The Joe Rogan Experience,' which attract millions of listeners, illustrating the shift in audience engagement.
3. 📲 Personalized Content and Algorithms
- Algorithms empower users to curate their own content, reducing dependence on traditional media packaging of creators.
- Platforms like Substack and YouTube provide direct audience access, challenging mainstream institutions' ability to retain top talent.
- The development of algorithm-based content curation apps will aggregate preferred content from various platforms, enhancing user experience.
- This shift in content delivery increases competition and offers more choices, allowing consumers to receive highly personalized content.
- Examples of such apps include Feedly and Flipboard, which aggregate content based on user-selected topics and preferences.
- For creators, this represents both an opportunity to reach niche audiences and a challenge due to increased competition for attention.