To say the emergence of mobile has caused a mass media shift would be, well, an understatement. Television, newspapers and radio are in the process of being reinvented whether they like it or not. The media industry is slowly folding over itself and the blurring between traditional print, television and radio is happening right before our eyes. I dare you to find one outlet that isn’t encroaching on another today – this isn’t creative destruction anymore, this is a land grab with huge economic consequences.
As the incumbents try to figure things out they are moving at a pace suitable for a different era altogether. This has left the door open for brand new companies, free of the encumbrances of towers and tubes and cables and presses and free to invent new business models, revenue sources and distribution methods that are just simply out of the grasp of today’s big media.
But all is not lost. The simple scale of audience the legacy companies have should never be overlooked – they are starting from a strong (albeit eroding) base. And after years of false starts, some of these labouring legacy lords are making smart strategic decisions proving they aren’t dead and don’t plan on rolling over any time soon.
So how do these companies turn their audience into revenue and what are the real challenges facing this new breed of mobile-first media company? Patrick Reynolds, Chief Strategic Officer of Triton Digital and I dive head long into these and many other pressing issues facing the media industry today.
Note: Check here for the previous episode with Patrick: Triton Digital: How they are using mobile to move radio from broadcasting to conversation making – with EVP Marketing, Patrick Reynolds for free!
Here is a quick reference of what we covered in the show. Click on the link and the video will take you to that clip
1. What is Triton Digital 2:38
2. What has changed in the last 12 months 3:40
3. What has shifted from your business over the last year 3:55
4. What has emerged in the past year that wasn’t on your radar 4:45
5. Why is the Internet Royalty Fairness Act important 7:00
6. Why would traditional radio stations be a part of this? Why not wait until the digital radio stations die as a result 10:10
7. Are more people tuning into digital radio? 11:40
8. Why are people tuning in? 12:15
9. If users trust traditional more than digital and digital is growing more than traditional because they play fewer ads, how do digital radio stations survive? 14:10
10. How have digital radio stations had an impact on traditional radio stations 18:00
11. Why is it ok for traditional radio stations to simply replicate their model online 19:30
12. How can radio stations do one-to-one marketing? 21:55
13. Are traditional radio stations really interested in doing localized one-to-one marketing? 23:55
14. Can these radio stations make the transition to digital? 25:45
15. How do radio stations battle the other media properties getting into their space? 30:45
16. Boston Globe and Radio BDC example 33:00
17. Case studies on how does Triton help both traditional and digital radio during this transition 36:00
18. Why is the audio proposition the best option for connecting to an audience 40:00
19. The 2 things that need to happen for this to take 41:35
20. What will it take to resolve the royalty issues? 43:20
21. Is there a risk of creating an online radio monopoly like we have in terrestrial radio? 44:36
22. What is the impact of location based marketing on digital radio 47:15
23. What about Apple or Nokia and Microsoft as the catalyst for change in this industry? 52:21
24. What is it that gets you excited about this industry 54:05
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About Patrick Reynolds
In a career spanning twenty years, Patrick Reynolds has covered the marketing spectrum. Having spent time in multiple top-tier advertising agencies (holding business, media, and creative leadership positions), he has led hyper-local targeted campaigns, groundbreaking global campaigns, and everything in between. In addition to advertising, Reynolds has been a marketing generalist with CMO stints at Tweeter Home Entertainment Group, Ando Media, and now at Triton Digital Media. A graduate of St. Bonaventure University, he resides in Boston with his wife and two children.