Don't Look Now, But Old Media May Be Figuring This New Media Thing Out
from the slowly,-but-surely dept
It’s not much, but there are a few signs that some “old media” companies are starting to figure out what makes new media tick. This morning’s announcement that CBS is buying last.fm for $280 million isn’t all that interesting on its own — but it’s one of a pattern of recent deals by so-called “old media” companies that have them looking to build or buy into communities, rather than just content. The mistake that many media companies have made over the last few years is the belief that the content was king — and as long as they had the content, the community would form naturally. What people are noticing is that the community is important and it’s hard work to build one. Of course, recognizing that is only the first step. The real question is what these companies will do to cultivate these communities. In most cases (MySpace being the one exception so far), these types of purchases tend to wither and die once they become part of a larger company (and the entrepreneurial souls of the community move on).