I had been chewing this thought for a few weeks now in my head, there is so much discussion about the rise of the new media all over the developed parts of the world but is this new baby been given birth to in India.
A question that is been nagging me since long is that are these talked abou changes relevant to India. I have been trying to find data or pointers which could be supporting evidence to this. By the way what do people mean when they say 2.0 ? How much of any of web 2.0 , media 2.0, publishing 2.0 etc is applicable to India.? Before I delve into India and Media 2.0 let me explain a little about what is meant by media 2.0.
Loosely this term refers to an economic change (I like the word inflection :)) affecting how media is being produced & consumed. These is brought out by changes in technology of how people produce and consume media and also how preferences of consumers are changed.
Let me explain a little bit further there was not a time too far ago when our only way of consuming media was through channels which were TV/Radio/Theatres etc. In this world the most powerful person in the media value chain was the one who controlled the distribution as that was the most expensive (exhorbitant license fees, huge setup costs etc) asset. It turned out that in such a dynamics that those who market the best could get the best returns. So in this world there was clamour for amassing the best marketing armor. Also in this dynamic it became evident that irrespective of how good media content is produced, if you had big marketing muscle power you could get away with highest returns. Also producing good media was naturally expensive and risky ( there are so many big production budgets which have bombed). This more or less explains why some of the current big media players are so big what triggers the reasons for the M&A happening in this space.
What is happening now is due to change in technologies distribution & production dynamics are changing in a big way. Players in the market who find that they are better off doing more marketing than making better films they do not have incentive to do good production. This leaves a bad taste with the consumers on this and drives them away from the mass media (shift in consumer preferences)
What this causes is a drop in the equilibirium price of media industry because of the change in supply & demand. ( To be a little bit more technical , supply & demand curve are both pushed outwards leading to drop in equilibirium price). Now this is happening in the developed world and there is a lot of data supporting the above arguments. What I am trying to do is to gather data for India on which I could do this analysis. (Does anyone have any pointer, it would greatly appreciatd). I saw this but it was of not much help
On the contrary what I find is that there is data supporting that the Indian media industry is still deep rooted in Media 1.0 world. Not single media company has got even a whiff of media 2.0. Still the most of these companies are buying TV , Billboard media space, rights from Barbie/Chitrakatha/Dhoni blah blah and are happily singing the ‘content is the king’ tune.
Thus while Murdoch buys Myspace and BBC opens up its content for people to do anything that they want mauj buys righs from sachin ( & interestingly sequoia funds it too ). This is what has been puzzling me for a while now, are these changes(economic) to happen slowly to India or is it that it is already hit us with its force and it is that we (industry) are not reacting/adapting to the changes.
In all this what I find very hard to believe is that no one seems to be even remotely talking about it (even in the blogosphere -? ). Even desipundit.com does not impress me here, which I think is a fairly good Indian media 2.0 example.
In the rest of the world there is fair share of visionaries, smart bunch of people who recognize this changes and pushing the boundary of think in the 2.0 space notably Stowe boyd, John Hagel, Clay Shirky, Scott Karp, Umair Haque, Jeff Jarvis. Where are the Indian counterparts ?