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By Lucia Moses
Traditional media are still valued for their quality content and ability to amass big audiences, but they're increasingly undermined by their limited ability to target their audience, negative perceptions among advertisers and uncertainty about technology's impact on their future.
Those points got wide agreement at Advertising Week's three-part panel "Are Legacy Media Going the Way of the 8-Track?" The panel brought together advertising and media execs from magazines (above), newspapers and radio.
For magazines, technology has been a foe as well as friend, panelists said.
Advancements in printing have helped magazines get to newsstands faster, while e-reader devices stand to transform how publications reach audiences, said Mark Ford, president and group publisher at Time Inc., predicting that an e-reader that would be a "game-changer for the magazine industry" was only 18 months away.
Yet in addition to expanding their workload, the Web also has forced magazine employees to adapt their culture and content to a new platform, others said.
"It's a cultural change, and I'm not sure publishers have their hands around what that means," said David Steinhardt, president and CEO of Idealliance, a nonprofit alliance designed to promote best practices in media.
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