Old & New Media Can Get Along

18 07 2010

For my final post concerning the impact of social media on traditional media, I want to sum up this topic as a whole and point out the broader impact instead of focusing on specific examples. Let’s start off by recapping 11 lessons that we have learned.

  1. Social media has contributed to the decline of old media.
  2. Social media offers valuable 2-way dialogue.
  3. Social media is weaving its way into television.
  4. Social media can have a sense of humor.
  5. Social media is going audio. (Keep your eye on Audioboo)
  6. Social media has helped magazines stay alive by boosting the quality and quantity of their content.
  7. Social media policies can be controversial.
  8. Social media is a valuable tool for horizontally integrated companies (like ESPN).
  9. Social media has and is making a tremendous impact on journalism.
  10. Social media has helped some newspapers keep readers engaged.
  11. Social media has helped old media engage in online conversations.

Now I know these are not the only things we have learned but they are some of the fundamental lessons. So now what can we conclude about the impact of social media on traditional media?

Like we have already discussed, although social media has contributed to the decline of old media, social media can be used as a very valuable tool for old media to remain competitive. The 2-way dialogue that social media creates has changed the way people communicate across the globe. Whether B2B, P2P, or P2B, I think it is safe to say that social media has made communication much more efficient. For traditional media, this has vital effects because they must keep up with the pace of modern communications. Obviously social media is the resource to accomplish this but old media must strategically use this resource just as any other business must. I encourage traditional media companies in need for such strategies to check out Erica Swallow’s 6 Crucial Social Media Tips for Traditional Media.

Google Images

I believe overtime the two will learn how to get along and reach a balance. Newspapers will probably continue to struggle but I hope at some point they reach a threshold where they seize declining because they are so critical to the value of journalism. Just like in the CNN blog post, if social media and traditional media can work to create a mutual relationship it could be very valuable. Autonomous and objective news should be our number one priority as social media progresses and we build this relationship between old media and new media.