Six Maxims for Challenged Local Media

[Commentary] The litany of challenging news began recently with near simultaneous decisions by Gannett and Scripps to spin off their newspaper divisions, CBS announcing it would move its affiliation in Indianapolis from LIN Media’s WISH-TV to Tribune-owned WTTV, and Walt Disney putting its 23 radio stations on the block. At a time like this, it’s important to consider a few maxims about media.

First: The sky has never actually fallen. The media industry ecosystem echoes periodically with what I like to call Chicken Little Syndrome.

Second: It’s time to ramp up investment in digital. Legacy media companies need to invest aggressively in digital, and that means significantly more than the 1% of revenue that most consultants recommend.

Third: Branding and promotion are critical. Digital disruption has brought an exponential increase in the number of companies vying in the media industry, and, in particular, in the local digital media arena.

Fourth: Collaborate, on both content and promotion.

Fifth: Put the kids in charge. Legacy media needs a big infusion of 25-years-olds.

Sixth: Remember Darwin. It isn’t the strongest who survive. It’s the most adaptable.