The Next Great Media Company Won't Have a Web Site

Lately I have noticed that many of the people, blogs, news services and more that I want to track are right inside Facebook. I have even filed them under a list called "feeds."
This is very convient since their updates are integrated right into my stream right beside the people that I follow - friends, family, coworkers, etc. This has tremendous potential. Conceivably the next great media company will be all spokes and no hub. It will exist as a constellation of connected apps and widgets that live inside other sites and offer a full experience plus access to your social graph and robust community features. Each of these may interconnect too so that a media company's community on Facebook can talk to the same on Twitter. Facebook might be the first venue where this starts. It could become a mini news reader for millions who don't care about RSS or Twitter. Over time this may obviate the need to create large news sites. It's easier to create a rich interactive experience there than start a new news site and hope that people come to you. They won't have time to find or visit. In some ways this is a return to the old days of AOL where media companies rushed to develop a presence. Ultimately the web won out. But I wonder if we might see a return here to the days of old now that eyeballs are aggregating on socal networks and the connective tissue exists for them to talk to each other. I do believe it's possible to be successful here. Witness for example the New England Patriots. That said it will be very difficult for existing media companies to make such a move. What's your view?

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People are sharing and getting their news through Twitter and Facebook more and more. The places are hotbeds for sharing news and viral activity. I don't think that this will happen tomorrow, but I think it is very possible that content could be produced straight onto these applications. And yes, you can sell your own ads too.
Here is my post for a couple months back: http://onlinejournalismblog.com/2009/07/08/end-of-news-website/
Perhaps, when I am not so new, however, I may "come around."
The next question, though, is who will provide the service platform and apps and widgets. One key here is the role of entrepreneurs. There is an incredible amount of creativity and energy in the startup community, and they will continue to find new ways and new places to contribute. I don't see them being content with developing apps and widgets for a single platform like Facebook. Then, many platforms will continue to emerge, and that adds instability to the eyeballs as they start looking everywhere.
Basically, there is so much entrepreneurism that it is difficult to create a stable platform for eyeballs to settle. Does this churn play a role in your premise?
How does one pay for the content you're showing on Facebook? Show ads around it? Like the nasty advertising that surrounds apps? And what happens if people get bored with Facebook? Do you have to spend all that time creating a presence on the latest buzz-site?
Your comparisson to AOL could be apt - what's to say the web won't win again?
I don't think sites like Facebook and Twitter will ever be substitutes for company websites. It would be like saying museums will disappear. There still needs to be place that exists where users acknowledge it as a destination place for authority-based, curated content.
More and more large companies are starting to advertise their fan pages or twitter accounts instead of the corporate URL. Friday's, Best Buy and Vitamin Water are just a few examples. Why force the user to go to your website when they can accomplish the same tasks and have a better experience on a social network.
Even if the majority of your audience relationships happen within the spokes, you still want the option value to connect with your most engaged fans on your own terms, which can only happen on your own branded site where you fully control the experience and the relationship.
Will there be one dominate online destination? I haven't honestly given it much thought and here's why. From my point of view media/entertainment entities - I took the liberty of expanding the pool - need to focus on assembling an underlying dispersion platform that allows the consumers of the content to tap in however they desire. I purposely used assemble to express two beliefs.
1) A media producer's value is derived from good content and the trust earned from consistent performance, not selecting the distribution network.
2) People desire experiences that don't stop or start at the edge of the online world.
Do I have the answer? Obviously not these are just my observations and musings.
First, though, your analogy dies an amusing death: A wheel needs a hub, otherwise it either breaks or becomes worthless (what can you then attach it to?).
Regarding the actual trend you're proposing... in order for it to happen, as has been mentioned here, there needs to be a way to monetize your content, otherwise all the spokes in the world won't make your business profitable.
Unless you're trying to get by on advertising (which seems doomed to failure when all of your content is embedded in someone else's delivery systems), you need to be offering something. If you're going without your own website, this means you either need to be putting your content on sites that provide you with some way to process sales or subscriptions, or redirect users to a third party service that will handle this for you.
Granted, this is not a technical impossibility... but it does get you in trouble, as you're necessarily depending on third parties to handle all of your income, as well as your content distribution.
Is this possible? Yes, perhaps. Is it a good idea? That's subjective, but from a technical standpoint, it leaves your entire business (not least of all your income stream) open to too many uncontrollable issues. It also makes branding more difficult, as you're very limited in what kind of content you can deliver and how it will be presented.
Will companies operating in this way have enough potential and be able to generate enough momentum to become "the next great media company?" I seriously doubt it.
People have been saying that Windows vs. Mac vs. Linux will soon be obsolete as the browser (Firefox, Chrome ?) is the new OS.
What you're saying is that not even the browser is the new OS, but a single (or several related) browser-application "is the new OS" :-) !
Initially I thought this sounded a bit silly, but when you look at Facebook, I think a lot of people spend ALMOST all their time online in one "application"...Maybe you can create a viable business 100% inside Facebook ?
But its the context which is important. To be of relevance to peoples lives. And this is why media needs to disrupt and why brands can play an ever more important role in the lives of their customers.
Hugh potential for the brave... http://aresonance.posterous.com/the-death-of-the-website
Steve: I have several Facebook lists created to separate friends and family members, but I'm curious how you created your "feeds" list. When I attempt to create a new list, I'm directed to my current friends. I would like to have a list showing the groups to which I belong and companies/organizations in which I am a "fan."
It makes sense. Our attention spans aren't big enough to allow us to remember to check 20 or 30 Web sites on a regular basis. I regularly look at 5 or 6. That's why being able to distribute your content into many venues is so important. It decides whether or not people discover and utilize your content.
http://www.mobileforesight.com/2009/09/facebook-the-black-hole-that-will-engulf-the-internet/
Arguments about Facebook v Twitter v RSS v Wave miss this larger point. People will use whatever has attracted enough mass and the right features for their need *in this moment*.
Susie Wee is smart to bring up churn; as she observes, technologists will continue to create new and improved frameworks for building hubs.
For me facebook is a social site, there are many sites from which I get succintly info which is important.
the next step will be an app that effectively replicates rss client functionality in a facebook tab. there are several already that are trying to do this (networkedblogs included), but I have not found one that gets it right yet.
And I believe they can figure out ways to "monetize" http://www.poynter.org/column.asp?id=31&aid=169112
However, Steve, I do wonder about the dangers, both from a business and content perspective, of placing news across other platforms with no hub. Ownership and control -- which do matter in both venues -- are important, and ambiguous to date, in these arenas.
And @jim, I am not just a marketing type.