Media and Money

Posts Tagged ‘Rupert Murdoch

magazinesIt seems like ever since the New York Times made the announcement that it is considering charging $5.00 for online subscriptions, other media outlets have come forward with their plans to do the same. I, for one, don’t mind paying for an online subscription for my favorite publications and the consensus from my online friends (my Tweople) has been the same. We see the negative effects that free online content has on the media industry and it is devastating. Some of my friends were sad to see Vibe magazine close shop, but I almost snapped when they told me they don’t even subscribe to the magazine.

I am a loyal fan of the brands and media outlets that I subscribed to whether it is the online or print version. If those sources were to start charging for web content, I don’t have a problem with paying. Lesson one in economics, “There is no such thing as a free lunch.” I can, however, predict future problems. With the internet, there is always an issue with network sharing. One can subscribe to the Times, for example, and then copy and paste the article to a blog to provide free content to readers. It’s a vicious cycle and you have to wonder at what point does the media outlets gain better control of their online content. A journalist once told me, if I can figure out a way for media companies to make money online, I would be a millionaire. I think about finding a solution everyday. But, I say, if someone can figure a way to stop users from saving, copying and pasting content from online sources, that person will rule the world. Media outlets charging for online content is a move in the right direction, only if they can figure a way to keep content from flowing freely.

Here is a look at some of the online media sites that will charge or are already charging for online content that was once free:
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Rupert Murdoch, News Corp CEO walks outside the during the Sun Valley media conference in Idaho July 9, 2009.

Rupert Murdoch, News Corp CEO walks outside the during the Sun Valley media conference in Idaho July 9, 2009.

I am starting to wonder what will come from this year’s Allen and Co.’s annual media summit. What progress-if any- has been made that will create opportunities for media professionals across this country? The following statements from the top media CEOs strengthens my call to action that if the top media executives can’t figure how their companies will emerge from this recession, it is time for the next generation of media professionals and companies to step up to the challenge.

Here are some of the responses from the top industry execs on the Sun Valley media summit:
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