Newscorp and Myspace Side By Side?

I joined Peter Gabriel last night at a private Media Governors meeting which was off the record so I cant attribute remarks....But it was interesting to see the newly established upstart Chris DeWolfe of MySpace, recently acquired by the media giant Newscorp, in conversation with mega-mogul Rupert Murdoch about the future of media.

Legacy media (ie newspapers, television, radio etc) is in the midst of a revolution (of sorts), racing to adapt to the new media Web 2.0 landscape characterized by citizen journalism, the blogosphere, and the likes of MySpace, Face Book, YouTube, etc. The challenge from the legacy media perspective is how to "monetize" online content while sustaining the traditional cost-heavy infrastructure, ie if you are in the business of delivering and distributing newsprint. In the US, media giant and newspaper chain Knight Ridder was recently acquired by the highest bidder....a smaller chain.

While legacy media troubles over the challenge, we see the opportunity for a more democratizing, bottom-up influence in how issues are framed and responded to -- hence, the forthcoming Hub!

Posted by Gillian Caldwell on January 26, 2007 at 04:05 AM in Davos07 | Permalink