First, the pivot to video. Then, the pivot to podcasting. Now, the pivot to subscription.
Media companies are struggling: “Verizon Media Group laid off
7% of its staff, Buzzfeed
laid off 200 employees, etc. ”.
What is happening and what is next for media? What is a good strategy?
A quick summary:
“In summary, Netflix followed a six step process: (1) Create a brand people love, (2) gain early revenue traction by selling other companies’ products, (3) collect data on user behavior, (4) create owned products based on data insights, (5) sell those products to your existing audience, and (6) iterate and improve those products.”
So influencers are in a great position to follow this process because they already are a brand people love. They can then advertise products for other companies, get data and understand behavior, and then create their own products.