Published Apr 6, 2017, by L2inc.com: NYU Stern marketing professor Scott Galloway on this week's digital winners and losers:
Loser: All of us. We spend more time using social media than eating or socializing - and millennials aren't the biggest addicts.
Winner: Quartz, the rare digital news site to achieve profitability.
Winner: Art dealers discovering a new audience on Instagram.
Loser: Movie theaters. As Netflix disrupts the film industry, they're still stuck in the '80s.
Sources:
(0:09) “How Much Time Do We Spend On Social Media?” Mediakix, December 2016. http://bit.ly/2oFfwWJ
(0:13) Nielsen, 2017.
(0:26) “Older Users Are Most Influenced by Ads on Instagram (Report),” Adweek, March 2017. http://bit.ly/2nXjB4g
(0:54) “Mobile-Focused Quartz Manages to Turn a Profit on Digital Journalism,” Crain’s, March 2017. http://bit.ly/2o6TUPE
(1:12) “Advertising: Facebook and Google Build a Duopoly,” Financial Times, June 2016. http://on.ft.com/2fPlRGK
(1:18) “Mobile-Focused Quartz Manages to Turn a Profit on Digital Journalism,” Crain’s, March 2017. http://bit.ly/2o6TUPE
(1:32) “Want to Sell a $24 Million Painting Fast? Instagram for the Win,” Bloomberg, December 2016. https://bloom.bg/2hdfxhD
(1:44) “The Art Market | 2017,” UBS, 2017. http://bit.ly/2nhpLjM
(2:13) Kagan, 2017.
Transcript via YouTube.com in English (Automatic Captions):
0:00 a loser all of us the average person
0:03 will spend five years of their life on
0:05 social media more time than eating or
0:08 socializing it's not just the
0:09 Millennials middle-aged people are the
0:11 heaviest users of social media spending
0:14 seven hours a week on social networks
0:16 who doesn't need Twitter Chuck Norris
0:19 that's right and the old folks are the
0:21 most influenced by instagram ads users
0:24 age 45 through 74 are most likely to
0:27 search for products after seeing
0:29 promoted posts it's crazy that people
0:33 are being paid to be influencers on
0:35 Instagram almost as crazy as the sale at
0:38 Buster's adult emporium and video outlet
0:42 a winner Quartz a media site that's
0:47 actually profitable in 2016 courts
0:50 earned 1 million dollars on 30 million
0:53 in revenue that represents a sixty
0:55 percent year-on-year growth rate a
0:57 digital-first attitude owned by the
0:59 Atlantic who decided not to repurpose
1:01 print articles for a digital age quartz
1:04 is financed entirely by digital
1:05 advertising which sounds like a losing
1:07 proposition as Facebook and Google
1:09 attract eighty percent of ad spend
1:11 however the publication's elite audience
1:13 let's Quartz charge up to three times
1:15 the rate of other news sites the lesson
1:18 here quality content and original
1:20 reporting still matter a winner the art
1:23 world that is learning how to leverage
1:25 new mediums specifically Instagram this
1:28 bosque we offer which one home schoolers
1:31 Les Bois sold for 24 million after a
1:35 Christie's dealer shared it on Instagram
1:37 more than three times what it fetched at
1:39 an auction in 2007 online art sales was
1:43 four percent of 2016 even in the face of
1:46 declining art sales more than half of
1:48 the online sales generated by dealers in
1:50 2016 were made to new clients that had
1:53 never been to their gallery or met them
1:55 in person this portrait going for 23
1:58 million a loser movie theaters which are
2:01 still stuck in the 80s 18 bucks for a
2:04 movie with sticky floors and milk duds
2:06 and yet another blow for theaters
2:08 Hollywood studios are reacting to
2:10 Netflix's success by changing the time
2:13 movie distribution we can see where this
2:15 is headed you're going to be able to see
2:17 any movie the day it comes out you're
2:19 just going to have to pay for it ie
2:20 you're going to need to be rich which
2:22 industry is next up for disruption who
2:24 doesn't pass the 1985 test take me to
2:27 the center of the store spin me around
2:29 and then tell me what decade i'm in
2:31 grocery same bad lighting same unhappy
2:35 workers Whole Foods saw an opportunity
2:37 came in and charged way too much by the
2:40 way that soy milk you've been buying is
2:43 this regular milk introducing itself in
2:45 Spanish--we'll see you next week
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