You heard me right: I’m psyched that we may be heading into a recession.
Now before people start keying my car and throwing tomatoes my way, let me qualify my statement.
I am excited for a recession for only one reason: ‘New Media’ will gain a bigger foothold, ‘Old Media’ will inch closer to the grave, and we (the public) will be better off for it. (Especially us MCDM students who may or may not become New Media consultants.)
As this article from CNET.com explains:
“The thing we could well see is, a recession could expedite the shift from traditional spending to digital spending. Once those cuts are made in traditional media, we won’t see those budgets go back,” Wright said
Companies who were hesitant to embrace new media advertising strategy may be willing to experiment with internet and social media based advertising as they realize that the ROI cost per impression of these new strategies are so cheap to implement that they are worth trying.
When recession strikes smart companies will take that time to increase brand awareness, preparing for the eventual end of the recession. This time however, if we are truly heading into a recession, the advertising landscape may be vastly transformed.
New Media is in it’s infancy in 2008. Perhaps after a recession, the major advertisers and media giants will put their weight and momentum behind New Media and we will see the benefits of New Media come to fruition. In particular, I think we will see precisely targeted advertising that will be somewhat more enjoyable to experience than current advertising, as well as a more level playing field concerning who will make content.
Just like pruning the dead branches from a rose to encourage it to bloom, the dead branches of media, once pruned, will make way for varied and abundant fruits of New Media.