In the early 1990s I recall sitting in a small gathering of editors and news directors at the Poynter Institute discussing citizen journalism. Jay Rosen and Buzz Merritt were taking us through the ins and outs.
It seemed like the most logical thing in the world to me. We were already experimenting with it at the Weekly Planet (now Creative Loafing) in Tampa-St. Pete. And yet as I listened to the veterans of the media industry resist the notion that their readers and viewers had something to contribute, it was too hard to coordinate, etc., it reconfirmed that traditional media companies were stuck in a top down paradigm. They were stuck regarding their own management structures and in relating to customers. It's the equivalent of "if we want your opinion, we'll give it to you".
Too bad for them, because that condition has marked their current degradation in standing as leaders in innovation embracing new media and new business practices. Witness their plummeting valuations.
If a company or an industry can't engage customers and employees in harnessing the power to create new opportunities amidst major market disruptions, then it seems they are doomed to fall—hard.
One very useful web application that can serve as a catalyst on both fronts is prediction markets. I've been following this topic for the past few years and I'm fascinated by the prospects. I have to say that when I mention it to media folks I usually get a blank stare or silence.
For background on prediction markets check out Wikipedia's article (it's a mediocre article, but good starting point). For more info and a good platform to learn more check out Inkling Markets. They're a small development team and have created an excellent UI for consumers and businesses. I use their platform for my Oasis Prediction Marketplace.
The greatest advantage for news media organizations making prediction markets available to readers/viewers/listeners is that it engages them in discovering context of news items. I haven't seen a news media company using it perfectly that way, but the potential is evident.
The same advantage exists for internal uses. Prediction markets can engage employees in the idea generation and execution phase of strategic planning and implementation.
Again, prediction markets serve as catalyst for engagement. There has to be follow through in order to realize the advantages. More later on this...
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