I am just back from DigitalHollywood show. There was one question I heard more loudly than any other no matter which session I attended; “How do we monetize content?” The question now takes on an urgent tone as more and more traditional media struggle to answer that question before it’s too late.
And coincidentally, the dialogue at DigitalHollywood seemed a real world extension of the Ad Age article I had written that just was just published; Why Charging for Online Content (Mostly) Won’t Work. The article outlined why trying to monetize content is really hard and the better approach is to create unique user experiences, like a robust community, that then lets you create upsell opportunities. By the kinds of responses I got on the article, I seem to have hit a note. Many people wrote extensively about how current models don’t work.
And as in my article, the conference betrayed a gnawing sense of angst since no one anymore doubted that the old model was broken, but no one was clear about what will replace it.
We all knew we were on the precipice of something big, new, unknown and undefined. We were excited, inspired, and cautious.
We also knew we were all making it up as we go.
Yet even from within the doubts, one could see innovation all around. There are a lot of great tech companies offering lots of versions of video streaming platforms … from PPV to satellite to distributed networks. There were other great companies who had really interesting audience engagement models from the citizen journalists of AllVoices to MomTV who look to create meaningful interactions with Moms. Despite the cool technology we all saw at the conference, the chase for the content monetization answer trumped most others.
The Ad Age article seemed prescient to the conference’s theme because I actually answered that question directly by drawing on the experience of Paltalk, a profitable web 2.0 company. Paltalk’s monetization engine uses content to attract audiences but then creates end user value in offering real time, interactive video visitor engagement within our communities. Once the user is committed to a community, then there are interesting upsell opportunities possible.
This is what “community casting” is about. It is about creating and nurturing a community with real time community interaction with video and chat. This is what will emerge as the new content monetization engine.
It is, in fact, already working now. Watch this space.
Filed under: Corporate business models, digital marketing, Journalism, profitable business model, social media, social networks | Tagged: Community Casting, content monetization, DigitalHollywood, internet marketing, judy shapiro, PPV, video streaming, Web 2.0 | 1 Comment »