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Come for the storytelling, stay for the community

Attended by more than 400 delegates from 43 countries, the FIPP World Media Congress in the Portuguese town of Cascais kicked off with a look at the innovation thats happening in the face of severe disruption.

Congress 2023 brought together people from a cross-section of media and technology sectors, who explored key industry topics with the foremost global experts.

A quarter of the way into the 21st century and I think we can agree that so far its a time of great crisis, but also a great opportunity, said FIPP President and CEO James Hewes in his opening address. The speed at which our industry and the world is changing has never been so rapid.

One of the things that humans are very bad at is estimating both the impact of change and the rate of change. Change will continue to get quicker and quicker and quicker, and thats something we need to respond to.

Juan Seor, the President of Innovation Media Consulting Group in Londonone of the worlds leading news media consultanciestalked about how we can respond to these new challenges.

Here are a few insights from the session Thrive or Dive? Discover the Latest Innovation Trends in Media:

A new business model emerging of selling bundles and what that means, getting people to come for the storytelling, for the journalism, but they stay for the community. We give them education, entertainment, and so on.

Bundles breaking through great cases from the States, from Europe, in terms of how to sell a bundle at a time where we had to dismantle the bundle in the past. We also have very interesting insights into micropayments.

These are things that were lost, we gave up on them. Theyre coming back and is a very interesting new way to engage with readers in terms of establishing a commercial relationship.

New formats is a fascinating chapter this year because the storytelling that weve done in the past has changed dramatically, and this is creating a lot of loyalty.

Were talking about the dismantling of the traditional article, the bullet points storytelling, new formats, finite content, incredible brevity approaches to telling stories.

For many of you may be the last train in digital. We missed the social train, we missed the mobile train. Some people missed the search train. Lets not miss this train.

So what Im going to do is Im gonna try to give you some framework of top-mind thinking with canvas, the top publishers. Weve also canvased the platforms, creating AI to really try to give you a strategic framework of how to go about this, because this is the subject and this is the innovation to get your head around. We need to understand AI right now. Understand it, dont fight it. Its a great dilemma, its a great paradox, and we need to get this one right.

Its the single greatest threat and the single greatest opportunity. And weve been here before with existential threats to our business. But this one is the deepest. Its a threat because it is gonna kill our business model. It kills search revenue, it kills the CPM model. The CPM model was languishing, it was dying, but its gonna kill it off. Its a threat because why should I subscribe to anything when a deep mind, an oracle, a God on Earth, can gimme all the answers? Think about it. Why subscribe?

The threat to search is a threat to us soon. Now, people have a place where you can get all the answers to your hobby, to your passions, to your whatever is your immediate need for information. Thats what we do. We are there to provide that information, that newsworthiness. Now theres an oracle out there, a deep mind thats being created that could supplant us.

However, its a great opportunity because it can generate vast amount of revenues in terms of syndicated content. If we get this right, its a great opportunity as it will decentralize the web. And obviously it is opening space beyond the dominance of big tech, right? Its shaking the foundations of the duopoly. Google is scared witless with spending billions into this, and theyre playing catch up. And this duopoly could be replaced with a new duopoly, with a trifecta, but the threat is there.

And that is an opportunity for us. Its also gonna usher a torrent of crap. So its a great opportunity for us to once again, provide verification of all the, the crap out there. Uh, contrast it, expose it, and create objectivity. And this is not just political, fake news, but its consumer fake news, people being told that, uh, if you whatever, use the scream or this, you know, this thing, youll become ageless or become younger.

People will search, will ask the deep mind, the oracle, and then hopefully would come to us to verify that thats true. When its really important, when its a live critical decision. What are the latest trends? Whats the color this year? Whats the best recipe for this? Well, do I really trust?

So its a great opportunity for us to play that role of arbiter, of verifier of what is coming, whats already out there.

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The single greatest threat and the single greatest opportunity ... - What's New in Publishing