If you are a regular to this blog, you've heard this before: in the future, it will be very difficult to tell the difference between media companies and brands that sell products and services.
Heck, we may be there already. Media companies are working hard to develop products while their advertising revenues plummet. Brands must develop consistent content and publishing strategies in order to attract and retain customers (to ultimately sell their products).
It's a strange marketing world we live in today.
Another shining example of this happening is at The Guardian, the liberal UK newspaper and online resource. After giving my speech on the Future of Custom Publishing at the "Best of Corporate Publishing" 2009 event in Berlin, Germany last week, I had the opportunity to listen to Colin Hughes, managing director of Guardian Professional, the B2B Division of Guardian Media.
After talking for a while about content syndication, Colin opened up about the future of The Guardian. Here are his thoughts through my notes:
- No one has figured out how newspapers can make enough money online to be profitable, including them.
- They are not quite sure when the last day will come for a printed Guardian, but their leadership is quite sure it will come within the next 30 years, if not sooner. They are preparing that it could realistically come very soon (though).
- They belief the key to their growth is in creating new, unique and valuable products and services by leveraging the Guardian brand.
Let's focus on that third point for a second. The Guardian has been working with over 850 development organizations around the world. Their charge: to develop new applications and products based on the Guardian brand.
These development organizations get free use of the Guardian brand, with the only caveat being that if any money is made, there must be a revenue share with the Guardian.
It's a Facebook Apps meets NYTimes strategy. The Guardian has their own VC fund, but instead of monetary investment, they willingly give use of the Guardian brand. Only time will tell if it will work, but I believe they are headed in the right direction as a large media company.
In 10 years, it will be interesting to see if we'll be able to tell The Guardian from other brands working to sell products and applications in their chosen sectors.
As media companies have been aware for some time now that their emerging competitors are their own advertisers, brands need to be aware that future competition will come from media companies as well.
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