Should Media Companies Create Their Own Social Networks?
Cisco’s announcement of Eos, the company’s foray into social networking platforms, is flying a bit under the radar at the Consumer Electronics Show. The service is an interesting, if somewhat ham-fisted attempt at trying to drag big media into the online social networking space.
CNet reports that the platform allows large media companies to build social networks around its artists. These platforms will let users repurpose content, do some mixing and create user-generated content. Essentially, Cisco is helping companies like Warner Music Group create walled gardens in the hopes that their intellectual property will stop showing up on YouTube and Facebook where it can’t be as easily monetized.
So, will it work? Frankly, I’m pretty skeptical. First, I’m not sure how compelling it is for users to go to one artist’s site and interact with content and other fans. (I mean, I love Wilco, I really do, but I don’t love them that much.) Second, I think these companies are way too far behind the curve to become adequate competitors to big social media players. Third, and I think most problematic, I don’t think social media users trust big media companies anymore.
After all, these are the guys who have been hassling social network users, threatening to sue college kids and generally acting like big ol’ party poopers since the inception of the Internet. Why would we want to join any party they’re throwing?
The move to Eos shows that the big music groups are starting to get it, but they aren’t quite there yet. CNet quotes Michael Nash, executive vice president of digital strategy and business development for Warner Music Group, as saying that the company has been trying “for years” to get into the social media space but just haven’t been able to crack the nut.
His contention makes me wonder if they’ve ever tried reaching out to some of the established social media players themselves. Instead of shutting down YouTube pages that use copyrighted material, why not come up with a creative way to monetize that content in a way that they and the user are able to make some money? Instead of suing the college kids, partner with them and leverage that existing army of fans to help you distribute your content?
By signing on with Eos, Warner Music Group is recognizing that they have to embrace social media, but they’re going about it bassackwards. Instead of going where the audience is and partnering with established brands, they’re trying to bring the audience to them and starting from scratch. They’re buying a software platform (and presumably a very expensive one) when dozens already exist.
Instead of callling Cisco and starting a costly Eos installation, why not call Facebook and figure out a way to establish your artists on their site in a way that drives concert and download sales to you; users to Facebook and click-throughs to its advertisers. Then, you’ll truly be leveraging social media.
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