The media business continues going through a tumultuous period of creative destruction – but, in the throes of risk, there is also an opportunity for creation and renewal.
That is the view of Bloomberg Media’s digital head, as he sets about rebooting TV news through an upcoming partnership with Twitter.
“We’re in a tough time,” Scott Havens tells Beet.TV in this video interview. “David Carr (the late New York Times media writer) said something about being in a long, dark hallway. At the other end of the hallway is the room after disruption – we’re not really sure when we’re going to get to that room or what it’s going to look like.
“I think there are going to be some more casualties in media. The model has radically changed, a lot of the economic value goes to the duopoly (of Google and Facebook). There’s going to be a lot more destruction before we create something new… we’re going to see some failures of some notable failures as well as some brands we love.”
But, if that sounds like doom and gloom, consider that Bloomberg is actually on a tear right now.
Already boasting some impressive digital numbers and having skilfully turned around its consumer-facing business news operations in the last couple of years, the company this week announced it would build on its existing Twitter simulcast of its Bloomberg TV channel with a new product on the social network.
Still in development, the service, due in the fall, would include breaking news video, user-contributed media and more.
“We haven’t actually built it yet.,” says Havens, speaking at the NewFronts, where he pitched the new platform and others to advertisers “We are hoping to find several launch sponsors to integrate them in to the product. What you have seen today may look very different, both on the content side and on advertising integration.”
What we do know is this – whilst media continue searching for the pot of gold at the end of the digital rainbow, Havens says amid turmoil is the best time to reinvent.
“There is a ripe opportunity to create something new in news in this era when we really need it,” he adds. “There are opportunities to create new things, to rethink advertising integration. Wherever there’s risk and disruption there’s opportunity.
“It’s going to be a tough time for a little while longer until the force can regrow.”
This video is part of Beet.TV’s coverage of the IAB’s Digital Content NewFronts 2017. The series is sponsored by the IAB. For more videos from the #NewFronts, please visit this page.