Broadcasting: The Talent Has Left The Building

Over the last few months, I wrote a series of articles about how the world of media is changing. This is due to a variety of factors.

One of the keys to the future is decentralization. To me, this means Web3 but it doesn't to the rest of the world. That does not mean, however, that we are not seeing the same type of activity taking place.

Media use to be the realm of major platforms. The biggest of companies were the ones who were able to broadcast. The expense associated was simply enormous.

Technology is changing that. While we are still in the early stages, relatively speaking, things are shaping up which will create a much different future.

For that reason, we will delve into the next step with media.

Source

Talent Is Leaving

Let us look at this list of names:

• Glenn Beck
• Bill O'Reilly
• David Letterman
• Tucker Carlson
• Pat McAfee

These are all people who were on broadcast television and yet ended up in a different position with regards to ownership. Letterman is a bit difference since he had a business while on air but the rest went from talent to owners.

What this means is they all have their own production companies. With the access to platforms, the ability to get content out to the masses is easier than ever. No longer are people dependent upon the broadcast networks for that.

In fact, McAfee is also a bit different since he built his own brand first and ESPN contracted with him for the rights.

No matter what path is taken, these people own their stuff.

Stephen A. Smith

Here is a very interesting video of Stephen A. Smith on with Clay Travis (another individual who set up his own broadcast network).

Whether you like Smith or not really is not relevant to the discussion here. In fact, watching this video might give you some insight into how the guy truly thinks. Either way, what is most interesting his how he discussed his situation with ESPN.

Due to the aforementioned McAfee, Smith is no longer the highest paid talent on that network. He is still one of the biggest draws. His contract is up in about 18 months. How will this unfold?

None of us have any idea. What we do know is Smith is taking steps to protect himself. He mentions how he set up his own studio. The idea that he is a brand himself and turning that into a company is not lost on him.

This is another example of how mainstream, on-air talent is leaving the building. When you look at the biggest names in media, do not be surprised if, over the next 5 years, they are not on the mainstream channels. In fact, I have a feeling a lot of those entities will not be around.

Rupert Murdoch ran FoxNews with the idea that nobody is bigger than the brand. In other words, all on-air personalities are smaller than the network. It is an approach that worked for a number of years.

This might not be the case for much longer. Obviously, Murdoch doesn't care since he sold out to Disney. That said, these networks could be facing a time where the competition comes from their own employees.

As the likes of Smith decide to build their own companies, the allure for the viewer might diminish. It appears, based upon the ratings for the cable news outlets that people are going elsewhere.

Web3

I am still a believer that Web3 is going to be a major player in this realm in the future. We already see how Carlson leveraged a platform like X. This shows that digital platforms can certainly be a player in this game.

As technology progresses, it will be far easier (and less costly) for newer people to enter. Also, we are moving further into the attention economy. That means incentives are going to be a big piece of the equation.

Here is where I think Web3 enters. We have the opportunity to create a situation where the viewers (users) can also benefit from what is taking place. They are enriched by placing their attention on those platforms they have stake in. This is a radical concept compared to what we have today.

The big names are already moving in this direction. I would not be surprised if the mainstream media, in 5 years, is the ground where people get their experience and start out building their brand. It will be a stepping stone to something bigger as opposed to the destination.

Web3 alters the entire situation because we have the concept of communities and ecosystems. We are not just discussing media. Whatever is on the platform also serves to enhance ones value. It could be social media, games, finance, and commerce. All of this feeds into the value of the entire system.

This will be reflected in the value of the stake one has.

Things are changing and rather quickly. I fully expect the media industry to look completely different in 5 years.

It is time for many in Web3 to start considering the ramifications of this and how they can take advantage.

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