There was a time when the news came once a day. It landed on your doorstep, in your driveway, or through the mailbox. After the morning paper arrived, you'd have to wait until the next morning for the next round of news.
Radio meant no waiting for news. TV meant seeing the news. And getting it more often: Mornings, noon, at dinner and late night. Miss a newscast? No problem. There will be another in 3-5 hours.
The internet changed all that. Anyone at a computer with an internet connection could get the news in real time.
Mobile technology is poised to complete this transformation by enabling access to and consumption of news anywhere, anytime - for everyone.
A recent study of (web-enabled) "smart phone" users found they would rather lose their car keys, wallet or purse...than lose their smart phone. For most owners, the smart phone has quickly become the single most indispensable piece of technology in their lives. What's shocking is the speed of penetration of this latest disruptive innovation.
The implications of ubiquitous "smart phones" for legacy media are profound. The web-enabled mobile device is both the greatest threat, and the greatest opportunity, for legacy media companies.
The threat is already visible. Newspaper and TV companies who've already seen their core news product cannibalized by migration to the web now must face the fact that even their own web sites will be diluted by migration to mobile. Each time the screen shrinks - for example from TV to TV station web site to TV station mobile site - so do the ad dollars. That is the threat.
Mobility is also opportunity. Someone must create the content that will populate these mobile devices. Today, legacy media outlets have an advantage: They are already creating vast quantities of daily, fresh news content that is trusted in their markets. Any new entrants must compete with their strong existing brand, established processes for finding and reporting news, and the volume of content they generate. In many ways, legacy media outlets are in the lead position to own the news space on mobile. As news consumers migrate from more traditional platforms to their new smart phones, they are likely to take with them the trusted brands from those bigger "screens".
The only question is: Will legacy media companies have the courage to take the plunge and invest in their mobile news platform before they lose their head start?
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