Is Facebook The Central Bank for Social Media?
Or Could a Cash Rich Apple give Google + and Facebook a Run for its money?
By Jay O’Conner Chairman & CEO
Today I made a comment that stuck with me a great deal. Coming from Wall Street in my early 20’s I learned a thing or two about Money. Not the kind of money that we all figure we can live on. But, remember the saying “If I could only reach 3 times my age in salary, I would have it made!”
Well, we were sold a bill of goods; and I think with the lack of financial education taught in High School which is life’s training ground, is missing the mark. But, how can someone teach you to be financially free without having achieved it? The reality is that most teachers we hold the dearest, are sorely under paid.
In a matter of just a few short years the convergence and build out of Transmedia Brandcasting allowing Advertisers and Viewers to meet together and determine that, if the end game is selling more product and product loyalty, it will become clearer and clearer that a share of the Advertising Revenue can be shared from the savings that a small IPTV Television network can produce, deliver and air globally. Facebook has 750 Million on its way to a Billion Users worldwide and recently we posted Roger McNamee’s article that Social Media is Over.
One of the Top Posts in the WCN Transmedia Blog and upon examination of his video and explanation, I have found a new hero. Of course, Roger is a Musician, (which is brilliant in itself). But if his perspective is correct, then it seems to me that Facebook is in the position to be The Central Bank of All Social Media. At the moment….. I am sure that the folks around the world are not sitting around seceding this point, however, I feel confident in my research and personal experience to go out on a limb here! Few would disagree that Facebook is a website that has the Eyeball Capital for the Distribution of Advertising that while not the original focus of Mark Zuckerberg certainly must be, as Facebook itself considers going public. So Google + has the cool factor for the moment and the cache to get a several million people to click the plus button but who really knows what that even means yet really or cares!
What is the Master Plan for Online Media to sustain its present business model when more people are getting their entertainment via mobile devices around the world as well as Second, Third, and even Four Screens on your person. My Mother is 74yrs old and she is walking with 3 Screens everyday. Let me just call her out. A IPad, A Sprint Smart Phone and a IPod/Touch for Music. At home she has a personal Apple Laptop. Two Wide Screen TV’s including TV’s in the Kitchen, Dining Room and Living Room. Okay so she is well connected! And was very upset about P&G Pulling out of the Soaps at least initially. But glad to hear that they are coming to the WEB and All My Children and One Life to Live will live on. Losing those shows is like losing Lehman Brothers.
Which brings me to understanding how Facebook The Central Bank or Youtube/Google could provide the Stimulus for a fundamental change in the financial future of the Middle Class of the United States of America as well as Transmedia Revenue Share Communities that Facebook Deals and Google Offers. It’s time to connect the dots. And Transmedia Brandcasting accomplishes that in a Free Enterprise System where we can use Facebook Connect and Youtube/Google. But will they allow innovation to rule the day, or have they become already too big to create Transmedia Revenue Share with the people who make their companies great.
Let me try to be crystal clear. Now is the time to monetize streaming video with Product Placement so viewers (should they be so inclined) can interact with your product, with the click of the mouse and the touch of the finger or soon even voice recognition. The day is upon us and the technology has been available for years, to allow viewers to instantly click and buy anything seen. As a journalist and technologist of sorts, I have personally programmed video with this interactivity – so guys you don’t have to be a rocket scientist.
As a matter of fact we will be recruiting High School and College Students as our first line of programmers to monetize user generated content. First, however, the business model must be proven. Imagine with me if you would, a company like Penske Motors. We could fashion a deal to create a relationship with “oh let’s say”, a company like mine (WCN) where every car seen could be clicked on and a lead was generated and sent to the local Penske Dealership with a matter of a click or impression. Well it’s more than possible as it relates to anything seen on a Screen.
We see the future of Social Media merchandising via streaming video creating a new revenue stream which can create jobs for the individuals who would sign up companies using startup Groupon Companies like Social Dish, The Customer Advantage and others. Especially if allowed to interface with THE CENTRAL BANK OF SOCIAL MEDIA.
Now will Google, Apple, Microsoft, Yahoo, Myspace & Twitter allow Facebook to be the only Central Bank and become as it were Local Federal Reserve Banks remains to be seen. What is clear is that for the community of Content Owners, Producers, Artists, Actors, Athletes are beginning to understand that the current climate of Piracy and loss of revenue must cease. And, an even larger question is will Traditional Media understand Transmedia Brandcasting early enough to position themselves to bridge their strategies beyond NetFlix, Crackle, Hulu and other Direct to Consumer Movie Distribution Channels leave them behind?
Remember The Music Industry and Napster. Let’s not make the same mistakes the USA can level the playing field by adopting technologies which will present a new opportunity to create new revenue that currently does not exist while providing a superior service not so laden with 30 second commercials that we find ourselves as audiences subsidizing re-runs and commercials 24/7. And if you have ever gotten your cable bill and with remote control in hand, can find nothing to watch when you have 300 or more channels of content, we know we have to do better as an industry! And like it or not Facebook for the time being is The Central Bank of Social Media? What’s your opinion?