Post #5–Two Women Business & Publishing–Kendra Bonnett and Matilda Butler

Traditional media has been taking a beating of late. Well not just of late. Newspapers and magazines have been reporting declining readership, lost ad revenue, and dwindling stock values for some time now. Seemingly the only thing going up are the number of layoffs. And now after about a century of daily publication, the Christian Science Monitor will cut back to a weekly. Last night on the NewsHour with Jim Leher, we heard an interesting segment, called “Old Media, New Media,” and I’ve included a link to the audio file.

There’s no question print media has to change to remain at all competitive. And digital media is the cost-effective choice. Paper, printing and distribution costs make it difficult for publications to compete aggressively for readership that’s drawn to 24-hour news, cable TV channels tailored to virtually every interest, mobile media and the Internet. Add economic uncertainty to the equation and it becomes virtually impossible.

So what does this have to do with blogging? It’s this. For all I read and hear from the traditional media about the need to cut costs and reposition themselves in the digital arena, I hear very little about how they’re going to build their Web presence.

I grant that the major magazines and papers have a stronger brand than you and I, and that many of their loyal readers will follow them online. But will they stay? It all depends on how effectively the old media make the transition. Will they embrace interactive formats, encourage forums, blog effectively? Will they be able to compete with social networks? Some will. Many will not. The new media is not traditional media sans the paper and ink. Success requires a new template.

The same applies to authors and entrepreneurs moving online from traditional publishing and brick-and-mortar businesses. Blogging and social media are key components that we’ll continue to explore there. But I want you to leave you this link to a discussion between author-entrepreneurs Seth Godin and Tom Peters recorded for American Express’ Open Forum.