Value of New Media vs. Old Media

Jeff Jarvis on the the Rockeboom ad auction:

And here we have in a microcosm the explanation of why media is so horribly out of sync today: The public is valuing new media much more than the old, but the advertisers still value the old. Most every newspaper and in many cases TV networks and magazines have much larger audiences online, but the revenue for their old media properties remains much higher because the advertisers and agencies still value the old and the safe. They want metrics. They want control. They want guarantees. This, in turn, makes big publishers and producers play it safe because they don’t want to mess with the cash cow. And that means that advertisers miss the opportunity to reach a larger, younger, smarter audience in the new medium, which is — supposedly — what they’re dying to do. And that means that big media companies now face competition from a thousand Rocketbooms and a million Gawkers.

And if you are in the media/advertising business and you’ve never heard of Rocketboom or Gawker… you’re probably already screwed. Tick, tock…tick, tock.

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