To the consumer, digital advertising is cheaper, faster and more informative (you can replay that YouTube video anytime you want!). In addition, users do not feel violated by digital advertising because they can choose what to view and what to skip. This is unlike traditional advertising where they are force-fed advertising content. To the marketer, the audience is actually the product because the data they collect is invaluable, as they use it to analyze trends and to follow sales leads. Thus, we can confidently say that companies that set a bigger budget for traditional advertising and a smaller one for digital advertising are in for a rude shock. Traditional is no longer king. Digital is king! Many trendsetting companies have made it big from digital advertising. And so could you. Digital advertising does not care how big or small your business is. If you have a good strategy and a budget, implement it affordably and grow. Many large brands have already made the shift including American Express, Mint, General Electric and many others. I worked for a small Ad Agency in Florida they have been around for over 20 years and they were very slow to adapt to digital, the people in sales were almost afraid to introduce it to clients ( the clients had to insist on it), they just didn’t know how to sell it and the owner for far too long was comfortable with numbers they brought in. Therefore, many smaller companies upstarted and began to surpass this seasoned agency, some wait too late which is almost as bad as not all. For those who do begin t start your digital department I have a few suggestions to get and keep good talent but the main one for starters: create an environment that may be unlike any other room of your offices and let that be a creative space with medium lighting and art (that’s void of subtexts like its from wal-mart) and let there be sound (most want to listen to their headphones and zone out), make sure they see and or know these things. But know without a doubt if you do not have a digital department you must have at least a digital budget!
It is all things digital now, and the internet is an idea whose time has come. As they say, you cannot stop a man who is in the right. The internet is that man. Congress did say business is a person so we can say the same here ((why not)). However, are we all benefiting as we should? Let us find out in the scenarios below:
- Digital Media (Music Royalties): Need for Structural Change
There is need for new media deals in the music industry in the way that music royalties are paid. The internet is here, and music downloads are here to stay. However, for all music sold online; do the artists benefit as they should? Apparently not, and that is why we need some structural change in the way that royalties are shared out. The question is … just how much money do musicians make from their streamed music? Well, not much. Things need to change as soon as possible. From more than 200,000 (I am lucky to get 20k nowadays) streams on Spotify, Keating earned a paltry $800, well slightly more than that but still a paltry figure ( you can only imagine what mine are looking like now days), which shows that indeed, there is a dire need to change the structures in the way that musicians make money from their streamed music. The question is; how can a publisher offer a recording artist just 5% of music streamed on the internet, while there are no packaging costs involved? Shouldn’t the publisher and the artist take 50% each? Just as the internet record labels split the internet music sales dollar for dollar, lately, artists have been insisting to have this clause included in their contracts with publishers. What is your take on this from your perspective, and how have you been affected or benefited?
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