The media sector has since the dot-com been in a changing world. This week it is also evident in Norway. Schibsted, the leading Norwegian media conglomerate said they need to cut 750 mill NOK, most due to plummeting advertising revenues (and some due to failed Classified Ad initiative in Spain). This is not a unique incident, as many media companies see the true results of the financial crisis. Hjemmet Mortensen is another example who published information about their cuts today.
I think I have to repeat my mantra, change is good – it opens for new opportunities. I must admit however that I wonder how the ad-market will look like in the future. The future is for fortune tellers to describe, I on the other hand, just wonder how one sell more stuff if you do not advertise? Is this the real social media revolution that we see? More Twitter, recommendations and relations, a more transparent reality – a flatter world! Now it is here for real.
A surprising effect is that local newspapers in Norway are still more or less withstanding (actually Norwegians reads more papers than most others). I guess it is because national and international news are available best online, while local news is still best in the paper. Are there entrepreneurs out there who are ready start the war for local content? Oh yes!
Filed under: On entrepreneurship, On social media | 3 Comments
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Social media certainly is makings its way into advertising. For instance the other day I commented on a blogpost that had reviewed a new type of chocolate from a small artisan chocolatier in England, and the next day I had an email waiting for me from that very same chocolatier that they were delighted in me being interested in their chocolate, and that if I sent them my address they would ship me some samples of their chocolate so I could try it myself. I’ll probably review it on my blog too, thus giving them even more buzz than from the first blog alone. That is the power of social media
Svein Magus, this is a very good story. What is the name of the chocolate?
I am keen
Hehe. The name of the chocolate is Camaya, and you can find them and order from http://www.camaya.co.uk/home/index.shtml.
I just recieved my samples (three full bars!) yesterday, and they were absolutely awesome! Especially the cashew-sesame one. Yummey!