The Future of Media: 6 Lessons from BuzzFeed
1. The internet inverted the media business.
Old media model: create product, add on content.
New media model: create content, add on product.
2. Assume the algorithm.
Before the internet, we looked for products. Now products come to us.
Before the internet, we looked for entertainment. Now entertainment comes to us.
3. Don’t create. Curate.
BuzzFeed curates the internet. It finds the best content and gives it context. Social media takes care of the rest.
4. Modern media is inherently social.
Content is more than learning or entertainment. Content is a conversation. It’s how we communicate. It's how we connect with people who matter to us.
5. How can media companies compete against giant companies?
- Following the data.
- Being more nimble.
- Sprinting to market.
- Responding quickly.
- Holding less inventory.
Move at the speed of the internet.
BuzzFeed can go from sketch to store in less than a month. Faster than fast-fashion.
6. For the first time, brands can super-serve every customer.
They can hyper-segment their audiences. And create a brand for every personality type.
Looking forward: Shifts in media lead to shifts in behavior. New shopping channels with re-shape commerce.
The internet will change what we buy, where we buy, and how much we’re willing to spend on stuff.
The medium is the message.