Wetpaint CEO Ben Elowitz on the Future of Digital Media
Paid vs. Earned Media is the third and final video of our Rebooting Media think-tank series. This time we asked:
What are the implications (and opportunities) of social web distribution eclipsing paid impressions?
See our thought leaders tackle this question and read conversation highlights below.
You pay for earned media, too.
There is no earned media without paid media. Social network distribution hinges on quality content at the outset, which means that investing in your content before you publish it in the social feed is crucial.
“People loved the Old Spice ads. They were great and funny and they blew up on YouTube, and there was a lot of earned media behind that. And none of it would have existed if there wasn’t a TV spot that was made and bought and placed and that was very, very good.” —Greg Clayman, The Daily
“A lot of the ‘earned’ arguments came from viral sensations wearing as a badge of honor: ‘we spent no money on traditional marketing.’ People forget the impact that print, radio, and television have on online traffic. When I was at MTV Networks, I used to joke that the channels were only there to promote the websites.” —Jason Hirschhorn, Media ReDEFined
Social is better than search for brand building.
Search advertising lacks the brand-building potential of TV and print. Social, on the other hand, is ideal for brand-building. Advertisers have been slow to embrace this, and we need to provide them with a compelling return story before they’ll be willing to make the leap.
“On the advertising side, there’s an argument that social has the potential to be a vehicle for brand advertising in a way that search can’t be. But what should be the metric for brand? Brand impressions are so much further up the funnel before you have an action. I think people are trying to find some metric between CPM and CPA.” —Erick Schonfeld, TechCrunch
It’s time to find the magic metric.
Even though social has been around for a while, most people don’t know how to measure success. At Wetpaint we’ve made huge strides in this area, and other people in the room were clearly ready to make this a priority.
“There’s a tremendous amount of money being spent by the film studios specifically on television advertising, and it’s a very inefficient spend; it’s carpet bombing. Virality and targeted advertising are a much more efficient spend, but so far digital media hasn’t been able to show the lift those properties need; they don’t see the payback. They know it’s happening, but they don’t know how to quantify it.” —Jason Hirschhorn, Media ReDEFined
“We don’t have a choice. We’re either going to figure this out, or we’re going to live another ridiculous couple of decades without understanding why money is spent. Have I seen a magic metric? Not yet.” —Wenda Harris Millard, Media Link
THAT’S ALL, FOLKS
I hope you enjoyed our Rebooting Media think-tank series, and most importantly I hope it pushes you to join the conversation.
What does the next decade look like? One thing is for sure: it will look nothing like the last one.
Search vs. social, curated vs. created, owned vs. earned – these are not binary outcomes. How do we combine them in a way that meets the needs of the audience?
These are early days still, and there’s a huge opportunity for media players with the imagination, the brains and the courage to get there first.
Want more? Download a PDF of the full published collection of perspectives prepared by these participants and others at Rebooting Media: The Digital Publishing Revolution for a Fully Social Web.
And if you missed part 1 or part 2, you can find them here:
In the last several years, “social” has gone from a college fad to become the fabric that connects the internet. And yet, even as it has taken over the wiring of the web, there is no established blueprint for what media companies should do with it. When my company Wetpaint began reinventing media for the social web last year, I went looking for the people who had all the answers. And I found out there aren’t any.
But there are a lot of bright, inquisitive people who have been running their own experiments and trying to find the way forward. Wouldn’t it be great to get them all together to make a new think tank for the social web?
In conjunction with the release of our new series Rebooting Media: The Digital Publishing Revolution for a Fully Social Web, Wetpaint and Digitas convened a group of leaders and journalists with a live audience to attack the question: “How do you retool media for a social world?”
The conversation featured five leading executives:
And who better to prompt the tough questions than three leading digital media journalists? Our conversation included Jeff Bercovici (Mixed Media writer for Forbes); Jessi Hempel (Senior Writer covering tech at Fortune); and Erick Schonfeld (Editor of TechCrunch).
The conversation, hosted by Digitas SVP Entertainment and Content John McCarus and me, covered three themes. We will be releasing the videos in three parts, listed below. I also encourage everyone to download the full published collection of perspectives prepared by these participants and others, available via PDF at wetpaint.com/page/thought-leadership.
Event videos are available at: