Digital Advertising Agency Business with ‘On the Media’ Host Bob Garfield
Public Relations Society of America International Conference Keynote Speaker Bob Garfield, author of The Chaos Scenario and co-host of NPR’s On the Media, talks about the imminent fate of advertising agencies and the mass media business, why the insatiable quest for quarterly profits spells death for the old media guard and what the collision of our TV sound bite culture and the Net means for so many Americans who are chronically disengaged from credible sources of news and information.
Digital Advertising Agency Insights
3:12 – Bob Garfield on what he’ll discuss (*explicative*) at the 2009 PRSA International Conference.
3:34 – How the web empowers those formerly known as the customer, the electorate, or the congregation to make life miserable for organizations.
4:39 – Why the digital revolution, which allows us to aggregate the energies and combined passions of the world, means utter catastrophe for the media and marketing industries.
6:02 — The imminent fate of the fabled symbiosis between advertising and media due to the digital revolution.
7:02 – Why the public financial ownership model, which demands increased quarterly net profits, promotes the status quo by restricting the mainstream media business from experimenting with new media and social media channels that could have long-term benefits at the expense of short-term gains.
10:03 – Stakeholder relations as the future of marketing and advertising online.
13:40 – The dangers of living in a US without a vibrant mainstream news media complex serving as a proverbial fourth estate, offering another set of checks and balances against the executive, legislative and judicial branches.
14:34 – The difference between the crowd’s psychology and the crowd’s aggregated wisdom.
16:35 – Cable news puts sensationalism before journalism by serving up a continuous feed of lies, half-truths, and demagoguery that corresponds with the worldview of its target audience, but the Internet hosts an endless number of points of views, so there will always be a more significant number of moderate, rational thinkers on the web than in the polarized world of cable news, says Garfield.
20:01 – Whether or not trusted journalism brands will ever enjoy their day in the sun again.
21:17 – How and why unchecked power, as demonstrated by the careers of Kevin Costner and Eddie Murphy, rarely results in quality products.
21:55 – The severity of the digital revolution will not allow old media to adapt to the new media landscape. Garfield says this shift is on the scale of the industrial revolution, collapsing entire business models.
22:31 – Why the advertising industry cannot and will not adapt to the digital revolution.
24:39 –Transferring one’s knowledge of mass media to the business of new media engagement and what the convergence of the sound bite and the internet means for a large number of Americans who are chronically disengaged from accurate, balanced news and information.
26:38 – Some journalism brands will survive, but while the imminent Chaos Scenario that Garfield predicts is underway, many purveyors of mainstream news media will disappear. He shares what the media and democracy landscape might look like in 20 years.
28:04 – The impact of the rise of social media on television spot advertising, Madison Avenue’s mad dash to reinvent itself in the digital world and why online display advertising is so ineffective.
29:54 – Garfield’s investment advice to shareholders of ad agency Interpublic Group [NYSE: IPG] and Omnicom [NYSE:OMC].
Photo by (cc) David Berkowitz – www.marketersstudio.com