Posts Tagged ‘Allen & Co.’
According to reports from the Allen & Co. media summit in Sun Valley Idaho, companies and investors are scrambling to stake out territory in the new world of mobile content.
Media conglomerates, hardware makers and telecommunications carriers are all eyeing the nascent wireless media market, spurred by smartphones like Apple Inc’s iPhone and Research In Motion Co Ltd’s BlackBerry.
Highflying start-ups with strong mobile credentials, such as microblogging site Twitter, have increasingly become the subject of acquisition rumors even as their unproven business models mean a deal is unlikely at this week’s Sun Valley media and technology conference organized by Allen & Co.
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It turns out the media elite aren’t so different from a lot of less affluent people: They think Twitter is a great communications tool, but can’t figure out how the online messaging service is going to make money according to AP reports just in from the Allen & Co. media summit in Valley, Idaho. I say until the so-called media elite figure it out, why don’t you take a crack at it. In this economy, we need innovation and new ideas. It will be worth it.
One of the first sessions focused on how to capitalize on digital media. Twitter quickly became a focal point of the discussion because it has emerged as one of the Internet’s fastest growing services this year.
But Twitter hasn’t attempted to profit from its popularity yet, leaving everyone guessing about how the 3-year-old startup intends to pay its bills after it exhausts its $55 million venture capital.
The participants on the panel moderated by media writer Ken Auletta of The New Yorker magazine predicted Twitter Inc. will face major challenges when the San Francisco-based company finally tries to generate revenue. Reporters were barred from the session — like all other meetings at the media summit — but Auletta confirmed the tenor of the Twitter talk afterward.
Two of the panel participants, veteran media executive Barry Diller and cable television magnate John Malone, reiterated their skepticism about Twitter’s moneymaking potential in separate interviews.