The ways in which media giants like Netflix, Amazon, and Disney are shaping content creation and consumption behaviors, and replacing traditional theatrical experiences, was discussed in a session with Barry Diller, chairman and senior executive of IAC/InterActiveCorp and Expedia Group, who also founded the Fox Broadcasting Company and USA Broadcasting.
Diller noted that “technologies and streaming services are the first real radical transformation of media, probably since radio was invented – it is that profound,” said Diller. He explained, “[online streaming services] have taken away the hegemony from the six companies that for the last 100 years have dominated and completely controlled the media worldwide.”
This change, Diller explained, was possible because the internet grew in a way that “did not put barriers between the person who was creating content and the one who was receiving them,” and this changed the game for content producers who now have a direct relationship with consumers, “whether it was for direct billing or pure engagement.
On the future of advertising, Diller noted that typical television ads will be “taking a back seat,” until new and innovative ways to promote sponsored content are established, pointing out that most consumers are now streaming content online where there are no advertisements.
Towards the end of the session, Diller told the NU-Q community that the future leaders of tomorrow will be two things, “tech-savvy and have an artistic vision.”
The session was moderated by Gregory Bergida, director of planning, assessment, and strategy at NU-Q.
