10 Predictions For The Future Of Media
share this story
Media, advertising, marketing and communications leaders converged for a forum on the ever-debated topic of "the future of media" this morning at New York University's Kimmel Center as part of Advertising Week.
Digital was a common theme in the roundtable discussion moderated by Josh Quittner, editorial director of Flipboard, and presented by MediaPost Communications.
Panelists for the fourth annual "Future of Media Forum" included Bob Carrigan (CEO, IDG Communications), Beth Comstick (SVP and Chief Marketing, General Electric), Mike Kelly (CEO, The Weather Channel), Steve Lacy (CEO, Meredith Corporation), Brian Monahan (EVP, Managing Director, IPG Media Lab), and Bob Pittman (Chairman, Clear Channel Media and Entertainment Platforms).
Past panelists at the event have included Martha Stewart, Ev Williams, Mark Cuban, Susan Whiting, Reed Hoffman and Fred Wilson.
Here are 10 predictions from panelists at this year's forum on what the future of media will look like in five to ten years. MediaPost also rounded up additional predictions on the future of media here.
Media Will Be Wearable
The future of media will include wearable devices, and they are coming soon, says GE's Beth Comstock. And she's hinting at a bit more than wristbands for iPods.
TV Will Be 'Downloaded'
Colle+McVoy President Christine Freuchte predicts that years from now you'll be able to download television, and watch live while you interact with friends all in one place. Companies like Hulu and Netflix are banking on this trend toward streaming on the Web.
Radio Will Evolve
The future of radio is anybody's guess, Clear Channel Media CEO Bob Pittman says, but it's likely to transform in 5-10 years. It might be part a new device by then or maybe it will just be online.
You'll Talk To Ads
Imagine if you could talk to ads and get responses. On the heels of Apple's announcement of <a href="http://www.huffingtonpost.com/2011/10/04/siri-apple-iphone-4s-voice-personal-assistant_n_994605.html" target="_hplink">voice recognition technology for iPhone 4S</a>, panelists believe this will be a reality for ads in just a few years.
Convenience > Quality
MTV founder Bob Pittman predicts those who succeed in media will be those who offer readers and viewers what they're looking for right now -- immediately. This will be more important than even quality of content in the coming years, Pittman believes.
Role Of Data Grows
David Verklin of VS Ventures predicted that "data is the new creative" when asked about media metrics of the future. Pittman, though, said he believes ROI will be more important than metrics in the future.
Ads Will Target Networks
More than just consumers themselves, advertisers will be more interested in consumers' relationships in the future, Pittman predicts, and that could have an impact on media too.
User Experience: #1
Beth Comstock predicts there will be more investment in user experience in the years ahead. Bob Pittman agrees, adding media will focus more on the user than the interface or device.
All Devices Will Interact
Interconnected devices will be a key part of the future of media, Flipboard's Josh Quittner predicts. Those who equip for that will be well positioned.
It Will Be Different
Media has evolved rapidly in the last few decades due to the Internet. Panelists believe this evolution will only continue.