Media gurus: User-generated content a big threat

User-generated content is one of the media and entertainment industries' biggest threats, according to a survey that also indicates established businesses are struggling to cope with some Web 2.0 trends.

In a survey sponsored by technology consulting firm Accenture, 110 senior executives across the U.S. and Europe expressed their views on how the growth of user-generated content, such as amateur digital videos, podcasts, wikis and blogs, will impact the film, advertising, music, publishing, radio and TV industries.

Only 3 percent of the executives surveyed think the use of social media is a fad that will pass in time, while more than two-thirds think current usage is likely to grow.

And while two-thirds are positive their organizations will find ways of making money out of user-generated content within three years, just under a quarter said they have no idea how this will be accomplished.

The study included interviews with industry giants such as Roger Faxon, CEO of EMI Music Publishing, and Sir Martin Sorrell, CEO of WPP Group.

"The winners will be those who can probe and analyze the changes, and manage and merge online and offline most successfully," Sorrell said in a statement.

Faxon predicted the music industry will be forced to alter its business model in significant ways to cope with the rise in user-generated content.

"In essence the commercial roles of music companies will be more as facilitators for bringing music and the rights that support them into the marketplace, as opposed to being originators of the content itself," he said in a statement.

Julian Goldsmith of Silicon.com reported from London.

[Renegade Knight]

Media Companies have always used OPC.

OPC is Other Peoples Content.
The talent is in the writers, actors and performers. Media companies main skill has been promotion and aggregating a lot of OPC so they have the control and bringing these folks together for larger things.

As people get better at finding each other so they can pool their talents there will be less need for much of the services that media companies offered. The opportunity becomes offering resources that the talent doesn?t have access too but needs. Plus if they adapt they can still promote.

There are other opportunities ,but they have to find them on their own. A place to throw ideas out so that if they stick will make the idea people some money for example. A TRUSTED place.

[mnemonician]

User-generated as opposed to...?

Who do these yo-yos think they are? "User content" is the only type of content there is! Media companies do not pruduce anything themselves out of thin air! Frankly, it is time the large media conglomerates were broken up and completely done away with... who really (except for the politicans) needs them anyway?

[chrismolla]

Power to the users!

User-generated content is a threat to big media? Hooray!

Just get the music industry out of the musician's way.

[Rickb1]

At Last....

It's about time that the BIG Boys have the control taken from them.... It's time to give the power to the people when it comes to what they want to listen to and how they want to listen to it. The powers that be , have had too much say in controlling us through their eyes, now its up to the people... we will decide what we want from now on...

[GGGlen]

I want

I want my MTV