What is the future of local news? Newspapers are cratering left and right and nobody knows better than our audience how much pressure is being brought to bear on local radio and television. This reality stands in stark contrast to the fact that with news, as with real estate, location is everything. People are curious about national news, but their burning interest is LOCAL.
There is an interesting piece this week in Business Week on the fragmentation of audience underway due to new technologies and shifting consumer behavior. It suggests the need for new advertising platforms–just what traditional media folks don’t want to hear. And here on Shoptalk, we’ve reported on other efforts to undermine, supplant or replace traditional outlets with competitors like the San Diego News Network.
All this hand-wringing suggests to me a still-great opportunity for local TV operations which still control the largest (albeit shrinking) access to audience in most markets. Almost all the focus lately has been on cutting costs (and I’m sure that will continue) but there has to be equal energy given to the revenue model and finding effective ways to compete with or partner with new entities that will go after local interest audiences on line or elsewhere. As always, your ideas and suggestions are welcomed!
Erik Sorenson is chief executive officer of Vault.com, Inc. He oversees the strategic direction of the global, New York-based media company, including ShopTalk & TVSPY. If you would like to comment on Remote Control, or want to reach Erik, email remotecontrol@tvspy.