Consultant: For Local Media to Succeed, It Must Embrace Local Economy

february 23, 2009  02:23 pm
"In the new economic paradigm local economies will thrive and prosper based upon the vitality and engagement of local citizens, local businesses and local media," writes Terry Garrett in response to a Business Week story that claims "'local' doesn't mean much online." While Garrett concedes that local ad buying is down (along with just about all ad buying), he argues that in the future, media companies will do more than just sell ads. "If local media are to advance the prospects of a local economy, the definition of service has to include being the instigator, coordinator and (one of the) resource providers for local first initiatives," he writes. "It's a collaborative model that extends beyond ownership and control, and that I believe, is the biggest challenge for local media companies who are accustomed to owning media to extract ad value."