We're in the middle of a digital tsunami impacting media business

729_ We're in the middle of a digital tsunami that is impacting the media business 
Greg Maffei, President and CEO of Liberty Media Corp was a keynote speaker for the Silicon Flatirons, CTP & the Cable Center event, 'Rise of Broadband Video and Future of Digital Media'. Greg said, "We're in the middle of a digital tsunami that is impacting the media business enormously. FaceBook has 300 million users, up three times in a year; YouTube has 400 million users, by almost any measure it's the largest TV station in the world. About 24 hours of video is uploaded every ten minutes. Ninety-six percent of Gen Y have joined a social network. You can't get 96% of people to do anything. This one is stunning to me; One out of eight couples that married last year, met online. What a transformation that is. And it only accelerates, FaceBook would be the 4th largest country in the world, and the fastest growing segment on FaceBook is 55 to 65 year old women. Google is about twice the size of Time Warner which is the largest traditional media company in advertising. Most of the things that are happening are creating unstable competitive environments and business models with very low barriers to entry and pricing power is destroyed for all entrants. Some examples of that destruction of legacy business models; music, a well known story. Are we going to see this in video? Perhaps. Hulu is hugely destructive and I don't think the people behind it NBC and the like, Fox, are going to stay with it long - I think they're going to change the model because it is not sustainable. Newspapers is probably the best example that is current right now." There's much more...
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