Future of Media Summit Blog

Photon Group, in their annual results presentation today (Revenue up 94% to A$376m, Net Profit up 33% to A$21.7m - go to ASX to download FY2008 Annual Results) used three quotes to support their “media neutral, consumer driven “ strategy:

“The current agency model, producing marketing programs built around 30 second television ads, is no longer relevant for today’s business environment” Tony Palmer, Chief Marketing Officer for Kimberly Clark

“Today almost every business and social activity is a form of media. An increasing proportion of our social interactions happen across media channels”
Ross Dawson, Chairman of Future Exploration Network

“We will spend our marketing funds where the consumer will be and that is changing rapidly”
Craig Herbison, General Manager, Brand and Communication for Vodafone Australia

The quote from me is taken from the introduction to our Future of Media Report 2008, which has been getting a fantastic amount of attention globally since its launch in July.

I have spoken and written before about how media is beginning to encompass almost everything in the economy (for example in my speech on Enterprise 2.0 at KMWorld in Silicon Valley last year). I think it’s worth reviewing the first paragraph of the Future of Media Report 2008 below. I believe this view is central to how media, business, and society will unfold over coming years.

We are entering the media economy. The traditional boundaries of the media and entertainment industry have become meaningless. Today almost every business and social activity is a form of media. An increasing proportion of our social interactions happen across media channels. Every organization is now a media entity, engaged in creating and disseminating messages among its staff, customers, and partners to achieve business objectives. As the physical economy becomes marginalized and economic value becomes centered on the virtual, media encompasses almost everything.