Lean back media: the shock of the old
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Transcript of Lean back media: the shock of the old
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lean back 2.0
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everything is new again.
i have gradually become used to dividing my reading into the work,
laptop, info zone; and the chill, relaxing, leisurely read of the tablet.
the laptop replicates the old newspaper experience; the tablet replicates the book.
everything new is old again.
[ a n d r e w s u l l i v a n , t h e s u n d a y t i m e s ]
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everything is new again.
t h e r e b i r t h o f l e a n - b a c k m e d i a i s s e e m i n g l y a g e n t l e , r e a s s u r i n g c h a n g e
f o r m e d i a b u s i n e s s e s . f o r m e d i a b u s i n e s s e s .
it is actually a tsunami that demands urgent re-examination of everything
that constitutes a media business.
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lean back
r i t u a l p l e a s u r e o f r e a d i n g
s n a c k i n g a n d r e s e a r c h , c o m m u n i t y , s h a r i n g
l e a n - b a c k , o n l y b e t t e r
the first age:lean-back print
the second age:lean-forward web
the third age:lean-back digital
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news is becoming a shared social experience ,
with people swapping links in emails, posting
on social networks, ‘retweeting’ news stories
and haggling over the meaning of events in discussion threads.
[ p e w i n t e r n e t & a m e r i c a n l i f e p r o j e c t, 2 0 1 0 ]
the web demanded a
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7 million unique users
online content ideas
arena
debates
face-book
ask the economist
googlenews
by invitation
user comments
tumblr
itunes
audio edition
conversation cloud
youtubeprintcontent
the economist
asks
the web demanded a the economist approach to lean-forward web...
[ s o u r c e : o m n i t u r e ]
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the web demanded a
educatedu s e r s h av e ta k e n a n av e r a g e o f 4 e d u c at i o n c o u r s e s .
internationalthey took an average of 14 business trips and 7 le isure trips last year.
influentialalmost 1 in 5 hold a board d irectorship. 3% hold over four.
successfulav e r a g e p e r s o n a l i n c o m e o f u s e r s o f t h e e c o n o m i s t o n l i n e : $ 11 5 , 1 9 8 .
[ s o u r c e : t h e e c o n o m i s t o n l i n e r e a d e r s u r v e y, 2 0 1 0 . b a s e : a l l r e s p o n d e n t s w o r l d w i d e i n e m p l o y m e n t ]
the web demanded a ...that enabled us to build
a valuable global community.
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[ e z r a k l e i n , t h e w a s h i n g t o n p o s t ]
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[ g q , va n i t y fa i r , w i r e d a n d g l a m o u r a p p r e a d e r s u r v e y, c o n d e n a s t 2 0 1 0 ]
[ i m o d e r at e r e s e a r c h t e c h n o l o g i e s , d i g i ta l w o r l d b o o k c o n f e r e n c e 2 0 11 ]
lean back is different again:
print readers spend about 45 minutes with an issue each month. readers using their iphone and ipad
spend an average of 160 minutes.
65% of people have increased the amount they read due to e-books, with 80% attributing
this to the of reading a book digitally.
reading during ‘dead’ time was a key trend with travelling (72%) and waiting for an appointment (72%) proving most popular.
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[ j o n at h a n s e f f, m a c w o r l d ]
lean back is different again:
i never really found
it very enJoyable to read a magazine on my
computer or iphone. but with the ipad it’s a whole different story.
i can pinch out to zoom into a section; hyperlinks take me
directly to an article without making me flip through the pages…
... and i can read in bed without a light after my wife goes to sleep.
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simplicity &finishability.
n o o n e e v e r a s k e d f o r T h e e c o n o m i s T t o b e l o n g e r .
o u r l e a n - b a c k d i g i t a l s t r a t e g y i s R A D i c A L s i m P L i c i T Y. i t w a s a c o n s c i o u s
e d i t o r i a l d e c i s i o n t o s t r i p o u t o u r w e b i n n o v a t i o n s — i n m a n y w a y s t h i s
w a s h a r d e r t h a n k e e p i n g t h e m .
s o W h y d i d W e d o t h i s ?
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lean back 2.02.0
0 2 0 4 0 6 0 8 0
o t h e r
c o m m u t i n g
r u n n i n g e r r a n d s
i n a m e e t i n g / c l a s s
i n t h e b at h r o o m
w a i t i n g f o r s o m e o n e
w i t h f r i e n d s / fa m i ly
ly i n g i n b e d
w at c h i n g t v
% of respondents using tablets while...
[ p e w r e s e a r c h ( u s ) i n a s s o c i a t i o n w i t h t h e e c o n o m i s t g r o u p, o c t o b e r 2 0 1 1 ]
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lean back 2.02.0q. how much time in total do you think you will spend
reading the economist ipad app this week?
5 %5 %
1 0 %1 0 %
1 5 %1 5 %
2 0 %2 0 %
2 5 %2 5 %
n o n e l e s s t h a n 1 5 m i n s
1 5 - 3 0 m i n s
3 0 m i n s– 1 h r
1 – 1 . 5 h r s
1 . 5 – 2 h r s
2 – 2 . 5h r s
2 . 5 – 3h r s
3 – 4h r s
4 h r sa n d u p
[ s o u r c e : t h e e c o n o m i s t u k i p a d s u r v e y, j u l y 2 0 1 1 ]
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[ p e w r e s e a r c h ( u s ) i n a s s o c i a t i o n w i t h t h e e c o n o m i s t g r o u p, o c t o b e r 2 0 1 1 ]
immersed in the content:immersed in the content:4 2 % o f t a b l e t n e W s r e a d e r s r e g u l a r l y r e a d i n - d e p t h
n e W s a r t i c l e s . a n o t h e r 4 0 % s o m e t i m e s d o t h i s .
t h e y a r e three times as likely t o r e g u l a r l y r e a d i n - d e p t h a r t i c l e s a s t o w a t c h n e w s v i d e o s .
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o f t a b l e t n e W s u s e r s
r e a d i n - d e p t h a r t i c l e s
o f t a b l e t n e W s u s e r ss h a r e n e W s
o n s o c i a l n e t W o r k s
42%
16%
tablet news users read in-depth articles but share news less. participatory news is a part of the mix but even
among the young (19-25) less than 1 in 5 share news on the tablet regularly.
[ p e w r e s e a r c h ( u s ) i n a s s o c i a t i o n w i t h t h e e c o n o m i s t g r o u p, o c t o b e r 2 0 1 1 . t a b l e t n e w s u s e r s a r e d e f i n e d h e r e a s t h o s e w h o c o n s u m e n e w s o n t h e i r t a b l e t s a t l e a s t w e e k l y ]
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reading, not browsingreading, not browsingreading, not browsingreading, not browsingit’s hard to browse the web with an ipad.
[ m i r a t e c h w h i t e p a p e r , j u l y 2 0 1 1 ]
e y e a c t i v i t y o n a w e b s i t e
[ s o u r c e : w w w . m i r a t e c h . c o m / b l o g / u s e r - t e s t i n g - i p a d - v s - c o m p u t e r ]
a n d i t s c o r r e s p o n d i n g a p p
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reading, not browsingreading, not browsing
people who mainly use apps for news are more active tablet users in general.
they are more in-depth readers and were more satisfied with their tablet news experience.
some even stated that the content they get here is worth more than content on other platforms.
those who mainly use apps are also twice as likely as browser users to read magazines daily on their
tablet (13% vs 6% browser, 9% both).
[ p e w r e s e a r c h ( u s ) i n a s s o c i a t i o n w i t h t h e e c o n o m i s t g r o u p, o c t o b e r 2 0 1 1 ]
reading, not browsingreading, not browsingit’s hard to browse the web with an ipad.
[ m i r a t e c h w h i t e p a p e r , j u l y 2 0 1 1 ]
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reading, not browsingreading, not browsing
[ p e w r e s e a r c h ( u s ) i n a s s o c i a t i o n w i t h t h e e c o n o m i s t g r o u p, o c t o b e r 2 0 1 1 ]
5 3 % 4 6 %
2 2 %
t h e n e w s i s w o r t h m o r e
e n j o y t h e n e w s m o r e
e a s i e r t o l e a r n n e w t h i n g s
2 6 % 2 1 %1 1 %
m a i n l y a p p s
m a i n l y b r o w s e r
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the fastest speed of change our the fastest speed of change our industry has ever experienced.industry has ever experienced.
the kindle launched on november 19th 2007.
the ipad launched on January 27th 2010.
tablets and e readers are rapidly eclipsing
paper and rival screens.
we had centuries to adapt to print.
decades to adapt to the web.
we have to adapt to
lean-back 2.0.
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the fastest speed of change our the fastest speed of change our industry has ever experienced.industry has ever experienced.
0 2 0 4 0 6 0
5 9 %
5 2 %
4 3 %
4 1 %
3 4 %
11 %
u s e m y d e s k t o p / l a p t o p
none of the above
w at c h t v
u s e m y s m a r t p h o n e
l i s t e n t o t h e r a d i o
r e a d a pa p e r b o o k
i spend more time each day on my tablet than i...
[ s o u r c e : a d m o b , u s s u r v e y j u l y 2 0 1 1 ]
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news consumption is changing:people are already using the tablet to get news they used to find elsewhere—
primarily their desktop or laptop.
79%used to get their
news from a desktop or laptop
59%used to get their news
from a print newspaper
or magazine
57%used to get
their news from television
s o u r c e : p e w r e s e a r c h ( u s ) i n a s s o c i a t i o n w i t h
t h e e c o n o m i s t g r o u p, o c t o b e r 2 0 1 1
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the difference 2 years will make:
current preference vs expected preference in 2 years
2 0 %
4 0 %
6 0 %
8 0 %
1 0 0 %
p r i n t w e b s i t e pa i d
w e b s i t e f r e e
s m a r t-p h o n e a p p
ta b l e ta p p
e - r e a d e r a u d i oe d i t i o n
s o c i a lm e d i a
[ r e s p o n d e n t s : s u b s c r i b e r s a g e d 4 0 + . s o u r c e : b r a n d a s s e t ® v a l u a t o r u s a , 2 0 1 1 — t h e e c o n o m i s t c u s t o m s t u d y ]
c u r r e n t
i n 2 y e a r s
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sales of tablets, smartphones and e-readers are set to grow fast:
tablet sales forecast, 2010 — 2015
[ s o u r c e : g a r t n e r , e m a r k e t e r ]
b y 2 0 1 5 , t h e s m a r t p h o n e m a r k e t w i l l h a v e g r o w n f r o ma r o u n d 4 5 0 m d e v i c e s t o d a y t o 1 . 1 b n ( a n d r o i d , w i n d o w s , i o s , r i m ) .
by next year, 12% of us adults (28.9m people) will own an e-reader.
2 0 1 0 2 0 11 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5
326m252m
178m104m
64m18m
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economist readers in particular economist readers in particular are buying these devices:are buying these devices:
[ m e n d e l s o h n a f f l u e n t s u r v e y 2 0 1 1 ( u s ) ]
over 50% o f o u r u s r e a d e r s o w n a t a b l e t o r e - r e a d e r o R p l a n t o b u y
o n e i n t h e n e x t 1 2 m o n t h s
28% o f e c o n o m i s t r e a d e r s o w n a t a b l e t / e - r e a d e r
20% o w n a n e - r e a d e r
11% o w n a t a b l e t
23% p l a n t o p u r c h a s e a n e - r e a d e r / t a b l e t
w i t h i n t h e n e x t 1 2 m o n t h s
17% p l a n t o p u r c h a s e a t a b l e t w i t h i n t h e n e x t 1 2 m o n t h s
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the proportion of us adults using e-readers the proportion of us adults using e-readers nearly doubled from 2010-2011 and is now 15%.nearly doubled from 2010-2011 and is now 15%.
[ m e n d e l s o h n a f f l u e n t s u r v e y 2 0 1 1 ( u s ) ]
8%
15%
20102010 20112011
agree—i use an electronic reader, such as a kindle, an ipad or a nook, to read books:
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the tablet effect:the tablet effect:
because of the growth [of tablets and e-readers], paper use for print media including magazines,
newspapers, and books will have declined by as much as 21%, compared to their 2010 production rates.
additionally, over the next 15 years, production could fall by 40—50%.
[ r i s i g l o b a l s t u d y ( 2 0 1 1 ) ]
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audience: audience:
l e a n - b a c k r e a d e r s a r e t h e m a s s i n t e l l i g e n t . a g l o b a l p s y c h o g r a p h i c , n o t a d e m o g r a p h i c .
i n t e r e s t e d i n i d e a s . r e c e p t i v e t o n e w c o n c e p t s . c a t a l y s t s f o r c h a n g e . w e l i v e i n t h e i r w o r l d .
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audience: audience:
the economic product of the united states has become predominantly conceptual.
[ a l a n g r e e n s p a n ]
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audience:
elite media
mass media
m a r k e t s i z es m a l l b i g
de
mo
gr
ap
hic
s
mass intelligence
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audience:
2 6 . 8 m p e o p l e n o w l i s t e n
t o n p r
8 . 5 m v i s i t o r s t o t h e l o u v r e
W e a r e o f t e n t o l d t h a t t h e o n l y W a y f o r m e d i a c o m p a n i e s t o s u r v i v e i s t o d u m b d o W n ; t h a t y o u n g p e o p l e h a v e n a r r o W a t t e n t i o n s p a n s s o
e v e r y t h i n g n e e d s t o b e d e l i v e r e d i n s o u n d b i t e s .
t h a t i s n o t t r u e .
8 m c o p i e s o f c i v i l i s a t i o n v i d e o g a m e
s e r i e s s o l d
2 8 . 2 m s u b s c r i b e r s
t o h b o
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audience:
“ n o l a n c a s h e d i n h i s h a r d - e a r n e d a r t i s t i c a n d f i n a n c i a l f r e e d o m w i t h i n c e p t i o n , t h e $ 1 6 0 m a u t e u r v e h i c l e t h a t p r o v e s r e a l l y e x p e n s i v e m o v i e s
d o n ’ t h a v e t o b e s t u p i d t o b e s u c c e s s f u l .
i t ’ s a f i l m t h a t i m a g i n e s t h a t t h e m u l t i -p l e x m a s s e s a r e n ’ t s o d u m b a f t e r a l l . ”
m a r k k e r m o d e , f i l m c r i t i c
“ s k y a t l a n t i c h d i s u n a s h a m e d l y d e d i c a t e d t o q u a l i t y .
s k y a t l a n t i c h d i s a k e y p a r t o f o u r s t r a t e g y t o h e l p f u r t h e r g r o w t h e c o n t e n t g a p b e t w e e n w h a t y o u c a n g e t w i t h s k y a n d w h a t y o u c a n
g e t e l s e w h e r e . ”
s t u a r t m u r p h y , d i r e c t o r o f p r o g r a m m e s ( s k y 1 a n d s k y a t l a n t i c )
© warner bros, 2011 © sky and hbo, 2011
p a y t v h a s s h o W n t h a t v a l u e i s c r e a t e d a n d e X t r a c t e d t h r o u g h i n v e s t m e n t i n Q u a l i t y c o n t e n t . d a t a s h o W s t h a t m o r e p e o p l e W a n t t o b e
c h a l l e n g e d b y W h a t t h e y r e a d , W a t c h a n d l i s t e n t o t h a n e v e r b e f o r e .
i t i s a m a s s p h e n o m e n o n t h a t W e c a l l m a s s i n t e l l i g e n c e .
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audience:
mix and
family guy
the simpsons
saturday night live
american idol
sports illustrated
espn
people magazine
us weekly
the oprah magazine
the economist
the new yorker
the atlantic
hbo
art galleries
live theatre
classical concert
people who read/watch/attend at
least two of...
33%
32%
39%
[ s o u r c e : m r i , f a l l 2 0 0 7 ]
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audience: audience:
a truly mass phenomenon:‘ W e l l d o n , m y s u n ’ : a n i g h t at t h e o p e r a f o r 2 , 2 0 0 s u n r e a d e r s m a d e w av e s a r o u n d t h e w o r l d i n a n
a m a z i n g m o m e n t i n b r i t i s h c u lt u r e .
t h e o p e n i n g n i g h t o f m o z a r t ’ s d o n g i o va n n i at l o n d o n ’ s r o ya l o p e r a h o u s e w a s pa c k e d
t o t h e r a f t e r s e x c l u s i v e ly b y s u n r e a d e r s .
[ s o u r c e : t h e s u n . c o . u k , s e p t e m b e r 2 0 0 8 ]
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audience:
and their ranks are growing...
[ s o u r c e : u n e s c o , 2 0 0 9 ]
international student numbers
1 m i l l i o n
5 0 0 , 0 0 0
1 9 7 5 1 9 8 0 1 9 8 5 1 9 9 0 1 9 9 5 2 0 0 0 2 0 0 5 2 0 0 9
1 . 5 m i l l i o n
2 m i l l i o n
2 . 5 m i l l i o n
3 m i l l i o n
3 . 5 m i l l i o n
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audience:
smart is the new cool.
1982 2002
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the way forward
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the way forward
t h e o l d m o d e l s a r e i r r e d e e m a b ly b r o k e n .
t h e W e b d i d n ’ t s a t i s f y o u r a p p e t i t e f o r t h e p r i n t e d W o r d . l e a n - b a c k d i g i t a l w i l l .
e v e r y t h i n g i s b a c k t o n o r m a l — a p a r t f r o m t h e p r o d u c t , t e c h n o l o g y , p r o d u c t i o n p r o c e s s e s , s u b s c r i p t i o n a n d n e W s s t a n d m a r k e t i n g a n d a d v e r t i s i n g s a l e s .
W e m u s t n o t a d a p t l e g a c y m o d e l s , W e m u s t b u i l d r e a d e r - l e d b u s i n e s s m o d e l s f r o m s c r a t c h .
reinvention is required.
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what does this mean for media
businesses?
e d i t o r i a lp r o d u c t
m a r k e t i n g
b u s i n e s s m o d e l s
p r o d u c t i o n
a d v e r t i s i n g
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71% of tablet users
prefer reading or
hearing facts rather
than pictures or video
(26% prefer pictures).
this compares to
an even split in the
general population.
news users are about
three times as likely
to regularly read
in-depth articles as
to watch news videos.
product:
[ s o u r c e : p e w r e s e a r c h ( u s ) i n a s s o c i a t i o n w i t h t h e e c o n o m i s t g r o u p, o c t o b e r 2 0 1 1 ]
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product:
i n v e s t m e n t i n h i g h - q u a l i t y , l o n g - f o r m j o u r n a l i s m i s n o t c o m p l a c e n c y , i t i s b a s e d o n a u d i e n c e i n s i g h t .
i t i s n o t o n l y T h e e c o n o m i s T t h a t c a n p u l l o f f t h i s t r i c k . t h e m a s s i n t e l l i g e n t a r e a b i g m a r k e t .
the rebirth of reading means the rebirth of writing.
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example 1:multi-platform bundling
example 2:audio edition
product:
better how?l e a n - b a c k d i g i t a l i s n o t l e a n - b a c k p r i n t .
t h e m e d i u m w i l l s h a p e t h e m e d i a .
w e a r e j u s t b e g i n n i n g t o i n n o v a t e t o e x p l o r e i t s p o t e n t i a l t o i n c r e a s e r e a d e r v a l u e .
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how a news organisationworks is changing.
a p r o l i f e r a t i o n o f d e v i c e s , f o r m a t s a n d w a y s t o e n g a g e t h e r e a d e r
d e m a n d s n e w s k i l l s , n e w c a p a c i t ya n d n e w s t r u c t u r e s .
product:
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a s W e l l a s m a k i n g t W i t t e r , f a c e - b o o k a n d g o o g l e pa r t o f t h e n e W s e c o s y s t e m ,
t h e i n t e r n e t h a s a l s o m a d e p o s s i b l e e n t i r e l y n e W k i n d s o f s p e c i a l i s t n e W s
o r g a n i s a t i o n s — i n c l u d i n g a h o s t o f n o t - f o r - p r o f i t n e W s o r g a n i s a t i o n s t h a t r e l y o n p h i l a n t h r o p i c f u n d i n g a n d s p e c i a l i s e i n p a r t i c u l a r k i n d s
o f J o u r n a l i s m .
m a n y o f t h e s e n e W o u t f i t s c o l l a b o r a t e W i t h t r a d i t i o n a l n e W s o r g a n i s a t i o n s ,
t a k i n g a d v a n t a g e o f t h e i r b r o a d r e a c h a n d t r u s t e d , e s t a b l i s h e d b r a n d s .
t o m s t a n d a g e , d i g i t a l e d i t o r , t h e e c o n o m i s t
product:
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develop new reading
opportunities...
product:
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relaxing at home•
on the plane •
out and about •
on the move•
waiting for the train
relaxing at home•
on the plane •
out and about •
on the run•
waiting for the train
•with the family
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product:
t h a n k s f o r c o m i n g !
n y p o s t. c o m e d i t o r i a l c o n t e n t i s n o W o n ly a c c e s s i b l e o n t h e i p a d t h r o u g h t h e n e W y o r k p o s t a p p.
[ s o u r c e : n y p o s t. c o m / i p a d r e d i r e c t / ]
l e a n - b a c k d i g i t a l ’ s r e l a t i o n s h i p w i t h t h e w e b w i l l n e e d s o r t i n g . t h e n e w y o r k p o s t d o e s n o t s e e m t h e w a y t o g o :
don’t turn your back on your readers.
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product:
l e a n - b a c k d i g i t a l ’ s r e l a t i o n s h i p w i t h t h e w e b w i l l n e e d s o r t i n g . t h e n e w y o r k p o s t d o e s n o t s e e m t h e w a y t o g o :
don’t turn your back on your readers.
business business business business business business business modelmodelmodelmodelmodelmodelmodel
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a d v e r t i s i n g r e v e n u e w i l l n e v e r s u p p o r t t h e c o m m i s s i o n i n g m o d e l f o r h i g h - e n d j o u r n a l i s m .
a d r e v e n u e f r o m b u i l d i n g s c a l e w i l l n o t k e e p p a c e w i t h t h e c o s t o f c r e a t i n g
d i s t i n c t i v e c o n t e n t t o b u i l d a u d i e n c e .
T h e G U A R D i A n m a y n e v e r s u s t a i n h i g h - q u a l i t y j o u r n a l i s m d e l i v e r e d f o r f r e e w i t h o u t c r o s s - s u b s i d y .
we need to move beyond the pay–barrier debate.
business model:
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r e a d e r s w i l l n o t p a y f o r c o m m o d i t i s e d p r o d u c t s i n s u f f i c i e n t n u m b e r s .
g e n e r i c c o n t e n t d o e s n o t p r o v i d e e n o u g h v a l u e t o c o m p e t e w i t h f r e e .
T h e T i m e s m a y n e v e r b u i l d a s u s t a i n a b l e s u b s c r i b e r b a s e i n i t s c u r r e n t f o r m w i t h o u t c r o s s - s u b s i d y .
the broken paywall model:
business model:
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business model:there are lots of functional media models.
a l l s u c c e s s f u l m o d e l s a r e u n d e r p i n n e d b y r e a d e r i n s i g h t a n d a b l e t o c r e a t e a n d e x t r a c t v a l u e a t l e s s t h a n
t h e c o s t o f c r e a t i o n .
gawkerthe
young turks
the economist
reutersbreaking
views
fox news channel mumsnetmashable financial
times
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business model:
u n d e r s t a n d r e a d e r s . w o r k o u t h o w t o c r e a t e v a l u e f o r t h e m a n d e x t r a c t v a l u e f r o m t h e m .
what we’re prepared to pay for things is extraordinarily subJective and
incredibly contextually determined.
[ r o r y s u t h e r l a n d , c h a i r , t h e i p a , u k ]
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a m a z o n c u s t o m e r s b u y 3 . 3 t i m e s a s m a n y b o o k s a f t e r b u y i n g a k i n d l e — a f i g u r e t h a t h a s a c c e l e r a t e d
i n t h e p a s t y e a r a s p r i c e s f o r t h e d e v i c e f e l l .
m o r e t h a n a q u a r t e r o f a p p u s e r s h a v e p a i d f o r n e w s o n t h e i r t a b l e t , c o m p a r e d
w i t h j u s t 5 % o f b r o w s e r u s e r s .
o f t h o s e w h o p a y t h e v a s t m a j o r i t y ( 8 6 % ) g e t n e w s o n t h e i r t a b l e t d a i l y a n d 5 3 %
s p e n d m o r e t i m e w i t h n e w s n o w t h a n t h e y d i d b e f o r e t h e y h a d t h e i r t a b l e t ( v e r s u s 3 0 % o f a l l n e w s u s e r s ) .
business model:
[ w a l l s t r e e t j o u r n a l , a u g u s t 2 0 1 0 ]
[ s o u r c e : p e w r e s e a r c h ( u s ) i n a s s o c i a t i o n w i t h t h e e c o n o m i s t g r o u p, o c t o b e r 2 0 1 1 ]
the rebirth of paid content
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not a zero-sum game:
[ s o u r c e : f o x i n s i g h t j u l y / a u g u s t 2 0 1 1 . b a s e : 1 , 2 0 4 ]
2 5 %
0 %
2 5 %
5 0 %
7 5 %
with the launch of the app i consider my
subscription greater value
for money
the economist is interested in the needs
of its readers
other people in my household
read the economist
on my ipad/iphone
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153% compound annual g
rowth rate
global mobile app + advertising revenue = $12 billion in 2011e revenue, up 17x in 3 years
$ 5 b i l l i o n
mo
bil
e a
d +
ap
ps
sp
en
din
g
$ 1 0 b i l l i o n
$ 1 5 b i l l i o n
2 0 0 8 2 0 0 9 2 0 1 0 2 0 11 e
[ s o u r c e : g a r t n e r , 2 0 1 1 . n o t e : a p p l e h a s p a i d > $ 3 b n t o d e v e l o p e r s a s o f s e p t e m b e r 2 0 1 1 , i m p l y i n g g r o s s a p p m a r k e t r e v e n u e o f $ 4 b n i n 3 y e a r s ; g o o g l e i n d i c a t e d d u r i n g
c q 3 e a r n i n g s c a l l t h a t i t e x p e c t s $ 2 . 5 b n m o b i l e a d r e v e n u e i n 2 0 1 1 e ]
m o b i l e a d v e r t i s i n g
not a zero-sum game:
$0.7bn
$12bn
m o b i l e a p p s
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77% of digital subscribers are new to us and 12% are lapsed.
not a zero-sum game:reaching new audiences
p r i n t s u b s c r i b e r s a t p u r c h a s e
c a n c e l l e d /s u s p e n d e d /
n o t r e n e w e d
6% 4%
l a p s e d p r i n t s u b s c r i b e r s
12%
n e v e r h a d a p r i n t
s u b s c r i p t i o n
77%
[ s o u r c e : e c o n o m i s t g r o u p c u s t o m e r d a t a b a s e , a u g u s t 2 0 1 1 ]
previous experience of the economist by digital subscribers:
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not a zero-sum game:time spent with news now compared
with before owning a tablet
3 0 %s p e n d m o r e t i m e
6 5 % s p e n d
s a m e a m o u n t o f t i m e
4% s
pe
nd
le
ss
tim
e[ s o u r c e : p e w r e s e a r c h ( u s ) i n a s s o c i a t i o n w i t h t h e e c o n o m i s t g r o u p, o c t o b e r 2 0 1 1 ]
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2 0 0
4 0 0
6 0 0
8 0 0
1 , 0 0 0
1 , 2 0 0
1 , 4 0 0
1 , 6 0 0
1 , 8 0 0
2 0 0 72 0 0 2 2 0 0 82 0 0 3 2 0 0 92 0 0 4 2 0 1 02 0 0 5 2 0 112 0 0 6
not a zero-sum game:circulation growth
economist circulation volumes – septemberdigital:
27% increase
volu
mes
(‘00
0)
p r i n t d i g i t a l
the right app has unlocked digital revenues for the economist.
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2 %
4 %
6 %
8 %
1 0 %
1 2 %
1 4 %
1 6 %
1 8 %
a u c t i o n s i t e s
b a n k a c c o u n t s
c r e d i t c a r d s
e l e c t r o n i c pay m e n t s
f i n a n c i a l n e w s / s t o c k
q u o t e s
o n l i n e r e ta i l
s t o c k t r a d i n g
not a zero-sum game:develop mobile commerce
mar
ket
%
u k u s j p
[ s o u r c e : c o m s c o r e m o b i l e n s j a n 2 0 1 1 , m p a ]
% used mobile device to purchase the following:
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not a zero-sum game:develop mobile commerce
of tablet users:
w a n t t h e a b i l i t y t o b u y d i r e c t l y f r o m a d s
s t a t e d t h a t t h e y w a n t t o b e a b l e t o p u r c h a s e p r o d u c t s a n d s e r v i c e s d i r e c t l y f r o m e d i t o r i a l f e a t u r e s .
t y p i c a l l y e n g a g e w i t h d i g i t a l m a g a z i n e a d s
[ p e w r e s e a r c h ( u s ) i n a s s o c i a t i o n w i t h t h e e c o n o m i s t g r o u p, o c t o b e r 2 0 1 1 ]
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i n p r i n t w e s t r u g g l e t o d e l i v e r f o r t h e w e e k e n d i n m a n y p a r t s o f t h e w o r l d .
p o s t a l d e l i v e r y i s e x p e n s i v e a n d i n c r e a s i n g l y u n r e l i a b l e .
changing the economics of distribution
business model:
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m a r k e t i n g
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marketing:
the five p’s reimagined:
product:
price:
place:
promotion:
people:
t h e d e m a n d f o r i n t e l l i g e n t , i m m e r s i v e l e a n b a c k i s a b s o l u t e b u t t h e p o t e n t i a l f o r l e a n - b a c k d i g i t a l t o
d e l i v e r a n e n h a n c e d e x p e r i e n c e i s s t i l l t o b e e x p l o r e d .
r e a d e r r e l a t i o n s h i p w i t h c o n t e n t b e i n g r e d e f i n e d a n d t h e r e a r e f e w p r i c e - p o i n t b e n c h m a r k s .
w e c a n b e e v e r y w h e r e , b u t h o w m u c h p o w e r s h o u l d w e a l l o w d i g i t a l s a l e s c h a n n e l s , s u c h a s i t u n e s a n d a m a z o n , t o e x e r t ?
t h e p a r a d o x o f i n f i n i t e c h o i c e m e a n s s o c i a l i s a k e y d r i v e r a n d i n a n a g e o f m e d i a c o n s u m p t i o n a s a f o r m o f s o c i a l e x p r e s s i o n , h o w d o w e s t a y r e l e v a n t a n d a s p i r a t i o n a l ?
m a s s i n t e l l i g e n c e i s a g l o b a l m a r k e t , b u t h o w d o w e s e r v e t h e m ?
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43%43%
1 0 %
2 0 %
3 0 %
4 0 %
5 0 %
p r i n t r a d i o t v i n t e r n e t m o b i l e
time spent consuming media vs % of advertising spending, usa 2010
% o
f to
tal
med
ia c
on
sum
ptio
n t
ime
o
r ad
vert
isin
g s
pen
din
g
t i m e s p e n t
a d v e r t i s i n g s p e n d
[ s o u r c e : k p c b / e m a r k e t e r , m a r c h 2 0 1 1 ]
a $20 billion opportunity
in the us
8%
27%
16%
25%
8%11%
19%
.5%
advertising:
opportunity or
tablet users tend to be more highly educated, employed full-time and have a higher household
income than the us population overall.
[ p e w r e s e a r c h ( u s ) i n a s s o c i a t i o n w i t h t h e e c o n o m i s t g r o u p, o c t o b e r 2 0 1 1 ]
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advertising:
W i l l n e e d :
n e w c r e a t i v e s t a n d a r d s
n e w m e a s u r e s
n e w s k i l l s
n e w m a r k e t
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conclusion
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conclusion
lean-back 2.0 is not the end.
i t i s t h e l at e s t Wav e o f d i s r u p t i o n .
e v e r y t h i n g o l d i s n e W a g a i n . b u t d i f f e r e n t.
a n d i t i s d i f f e r e n t a g a i n f r o m t h e W e b , W h i c h m e a n s
i t s h o u l d b e J u s t a s s c a r y f o r n e W m e d i a b r a n d s , W i t h n o e X p e r i e n c e o f d e l i v e r i n g
l e a n - b a c k c o n t e n t.
b u t i t i s n o t a Z e r o - s u m g a m e .
s u r v i va l a n d p r o s p e r i t y m e a n r e i m a g i n i n g o u r b u s i n e s s . . .
. . . a l l o v e r a g a i n .
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conclusion
W i l l t h e m e d i u m c h a n g e m e d i a ?
W i l l t h e r e l a t i o n s h i p W i t h c u s t o m e r s / r e a d e r s c h a n g e
b e c a u s e o f n e W i n t e r m e d i a r i e s ?
W h a t W i l l a d v e r t i s i n g b e l i k e ?
W h o c o u l d s t e a l o u r l u n c h ?
c a n W e c h a n g e f a r a n d f a s t e n o u g h — a n d W h a t i s s t o p p i n g u s ?
the big questions we ask ourselves
( a n d y o u m i g h t t o o )
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conclusion
t h e i n t e r n e t w a s n o t t h e f i r s t r a d i c a l c h a n g e t o h i t t h e m e d i a i n d u s t r y.
s i n c e t h e 1 9 8 0 s t h e r e h a s b e e n w av e a f t e r w av e o f t e c h n o l o g i c a l c h a n g e .
m o s t h av e a d a p t e d . s o m e h av e d i e d . m a n y m o r e h av e ta k e n t h e i r p l a c e . m e d i a h a s p r o l i f e r at e d .
T h e e c o n o m i s T h a s b e n e f i t e d f r o m a n d c a p i ta l i s e d o n fav o u r a b l e w i n d s o f c h a n g e :
— globalisation—spread of the english language
—the era of mass intelligence
a n d W i t h l u c k t h i s i s t h e l at e s t …
disruption is an occupational hazard:
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the i(deas) pad:
d e s i g n e d f o r t h e a g e o f m a s s i n t e l l i g e n c e .
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a n d r e w r a s h b a s s , c h i e f e x e c u t i v e t h e e c o n o m i s t g r o u p
n o v e m b e r 2 0 1 1
lean back 2.0