Wetpaint CEO Ben Elowitz on the Future of Digital Media
Alex Weinstein (@alexweinstein) is the Director of Product at Wetpaint and the author of the Technology + Entrepreneurship blog where he explores data-driven decision making in the face of uncertainty. Prior to Wetpaint, Weinstein led technology initiatives in Microsoft Live Labs.
Every day, we go to our favorite news outlets and get our fix. We land on the same familiar sites. We seek out the kind of news that fits our fancy. We casually share the most interesting news with our friends – over dinner or online. And, tomorrow, it starts all over again.
Why? What motivates us to watch the daily news, read an opinion in a magazine, and come back to a favorite TV show? For content creators and distributors, it’s easy to think that it’s all about the content. This view is based on the notion that people desire the intrinsic value of content, such as the knowledge hidden in a report, or the laugh they experience from a comedy sketch. But this idea is too flat, and it ignores a more powerful force that’s at work, and that drives the tremendous confluence among target populations when it comes to what they read.
Indeed, in many cases, a deeply human driver is far more valuable than the information itself. And that driver is the desire to be a valuable, appreciated member of a group.
As the graphic below shows, this desire maps directly to Maslow’s pyramid of human needs – the need for esteem.
(diagram from NYTimes – http://ideas.blogs.nytimes.com/2010/07/16/revising-maslows-pyramid/)
After taking this pyramid or hierarchy of needs in, it becomes clear that, as publishers, we must pay attention to the amount of influence, respect, and social value that audiences are able to earn from their friends after consuming content.
Let’s look at a few examples.
For World of Warcraft geeks, a news article on a long-tail site that covers the latest artifacts is true gold – because it will help them be the most informed in the eyes of their guild.
For fans of Bachelorette, watching the latest episode is very much about having a water cooler conversation about it next day – and the potential social connection that brings.
For Politico readers, it’s about exerting influence on their Facebook friends after they share a controversial editorial.
And, for Lolcats readers, it’s about making their friends laugh for the umpteenth time with a new, undiscovered photo.
Each of these examples is about social influence and social esteem.
Here’s the take-away for publishers in all of this: a key component of the value of the 21st century media company is about helping audiences gain the attention of their social circles.
This represents a radical shift from what we’ve seen over the past decades.
Instead of trying to capture and direct the reader’s attention (“Look at my 100-year-old brand! I curate the world and know best what you should look at!”), the publisher becomes a back-stage prompter, helping readers utter the words that will make them the center of attention among those they care about. The reader can then become an even stronger influencer, or taste-maker.
Every time a friend consumes something that you’ve read, you’ve successfully directed their attention. Your social bank account just became more valuable. And every time publishers help make this transaction seamless and smooth, they are helping you earn some social gold.
This is why Washington Post Social Reader and Yahoo Social are such smashing hits.
Readers want to consume content within these apps, because of the feedback loop from their friends. (“Hey, I saw you read this article, and I read it, too.”) This is a self-reinforcing pattern that creates social value for all the participants. These publishers, and Facebook’s timeline apps, put audiences first; and, in the process, they generate an ever-increasing amount of social value for readers.
Note that curation and brand very much play into this the social value generation; nobody wants their friends to be misinformed or displeased by media that they endorsed. Content is still king.
If, say, the Washington Post wanted to take this experience to the next level, it could make curation even more personalized. Instead of telling readers that they must care about the Russian presidential election via a big front-page photo – completely ignoring the fact that sharing this knowledge will drive zero social value to its readers – the Post could cater to the unique values of each reader. To do so, it could measure the social response from the reader’s audience – and then personalize the content based upon this response. It’s essential to point out, however, that the reader’s interest – and the response of his or her audience – are not mutually exclusive; a smart personalization algorithm will take both of these factors into account.
That said, in the end, publishers must awaken to the fact that social influence and social esteem are key matters for their audiences today.