Information Technology Reference
In-Depth Information
approved or thrashed on the Internet months before they appear in the media.
There are no surprises anymore.
There are however signs that the traditional media sector is beginning to
understand the requirements of online communications, particularly for lux-
ury products and services. Magazines like Style.com, Elle.com and GQ.com
are now using interactive tools like videos, animations and congregation
platforms like blogs, instant messaging on the likes of Twitter and communi-
ties to do better journalism. There are also signs that they are beginning to
engage their audiences in their content by providing opportunities to com-
ment, share, tag, forward and save articles. This move has been initiated by
entrepreneurial journalists or those that may be considered as citizen jour-
nalists who are finding profitable niches online. Websites like the
New York
Times
and the
International Herald Tribune
have launched video sections
with short features and interviews as well as an online magazine, while the
Wall Street Journal
has created an online version of its
WSJ
lifestyle maga-
zine and the
FT
's
How to Spend It
now exists in a fully interactive online
version that can also be downloaded. The competition is becoming rife and
the crossover between magazines, newspapers and videos is becoming more
common. Video interviews are no longer only for the likes of TV channels
like The Luxury Channel and Luxe.TV but may now be found on any web-
site that has an element of news including blogs and also e-retail websites.
At the same time, luxury brands are also starting to grasp the value of the
conversations, interactivity, dialogue, sharing and trust that is built on media
websites and their role in the choice of product placements. The main issue
for the two parties remains, however, the best approach to milk the opportu-
nity of the Internet and to optimize the brand's presence online while saving
costs and generating higher revenues. And, of course, also enable the media
companies to remain profitable.
Will print magazines disappear? Not likely, but their role will change
as the Internet continues to provide direct access to news and information
through several sources, including citizen journalists. Another factor that will
affect print media is the evolution of the usage and assimilation of informa-
tion in different luxury markets. In regions like the Middle East and South
America where wealthy women spend entire days poring over
Vogue
and
Elle
, magazines will remain strong because these women need the maga-
zine references to be informed for their shopping trips to London and Paris
in the summer. However, does a NYC girl or a Parisian wait for
Vogue
to be released on the news stand before being informed of the latest trends?
I don't think so. They may also skip
Vogue
's website and go directly to
their beloved blogs and social networks to dialogue with real people whose
input and opinions they trust to be honest and independent of corporate
influences.
One of the crucial issues in online communications remains that of
trust. As online consumers evolve, they are learning to decipher and detect
