The media industry must apply an agile strategy to compete fairly with technology companies

The tech industry eats the media industry for lunch. I have heard this statement before. And it couldn’t be more true. The media industry is currently fighting for its soul. The dawn of digital media and the exponential growth of technology companies are making the media industry a nightmare.

The media has always tried to support the advertising industry through advertising expenditure. And that’s what keeps the media going. However, right now, technology and innovation are more important than ever.

Technology has given media more opportunities to distribute content on a larger scale than in the past. But it – the technology – has also become a fierce competitor more than a supporter or partner.

Many tech companies are more than distributors of media content. They have also become advertising platforms which in the past belonged to the media industry.

How can the media reclaim its position as the best place for brands to advertise?

Innovation is something the media industry fails to do. The media needs to stop talking about the problems tech companies are giving them and start coming up with innovative ways to also be great competitors.

As for the technology industry, as much as they claim to be supporters or partners of the media industry. They must admit that they are competitors within the advertising space. Some even call themselves digital media technology companies.

It is apparent from their actions that they are somehow fighting with the media. Companies like Amazon, Facebook and Google are becoming the go-to advertising platforms for many multinational brands. These are the revenues the media industry desperately needs in these difficult economic times.

For the media industry, it’s now or never to start strategizing and innovating to stay relevant and viable.

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