Liveblogging Talk About the Media Business att Web 2.0 summit

The Media Business--liveblogging–

Packed ballroom for Ev, Joel Hyatt and the most wise Ken Auletta, expert media critic and observer. Discussion of CurrentTV working with twitter and Digg around election night data and user participation that, says Hyatt “Enabled people to participate in the experience and interpret it for their peers.”

(Shows reel..uh, not working…they need to keep taking..)

Auletta: So how you gonna make money?

Ev: UH….it’s not as big a dilemma as people think it will be for us. We haven’t focused on it yet. Twitter is valuable for people and for companies and organizations (Susan sez: This means he doesn’t have a clue–yet–but we’re all going to pay, he hopes, when it gets to be a metered service down the road…)

Ev: The experiments around the election can be done for anything that comes up, like a new camera launch…

Auletta: You mean you have faith?

Ev(laughs): Uh, yes, but twitter has both commercial and personal value; we can deliver on commercial value and we can monetize that.

Hyatt(CurrentTV): We are doing really well. We are sitting on top of cable set top model carried to 58MM international subscribers for licensing, AND we get revenue from our sponsors…we got profitable by 07 and we use the $$ to do new media development.

(Video of 25 year old flacking the great backchannel around the debates via twitter, and the digs on the stories….ad the virtual party watching the exit polls etc turned into…(Susan sez…great video!!)

Auletta to Ev: So what excites you about this election stuff?
Ev: Democratization of media is a passion..worked on blogging ten years ago…one of the most profound promises of the Internet is giving everyone on the Internet the ability to have a voice..What current is doing that is new is democratizing TV.

Auletta: How about some new ad models?

Ev: We plan to…(he looks nervous)…twitter’s model is commercial activity on an opt in basis. If they don’t want it, they don’t get it. (Susan sez..Metered service!!!)

Hyatt: Subscription and license fees and ecommerce will add revenue (Susan sez: I have heard this before, but it needs to be done…)

Auletta: What is your impact on traditional media?
Haytt: We have provided thought leadership to the industry…we predate YouTube…TV was a closed system.
Ev: We have gotten uptake from many media outlets recently…CNN, Newsweek, TV shows…reporters are using twitter to surf trends, it’s very immediate.

Hyat: We are doing viewer-created ads; user generated advertising…and we now do that for our advertisers (Susan sez..this is neat!)

(Shows video of young guy who is in love with and dating his Prius…)

Hyatt says the media industry is now owned by comglomerates and that it’s not positive for a vibrant, strong democracy…we’re opening up for people’s voices.. citzen journalism has already proven to be enormously useful and valuable.

(Commercial ends)
Auletta: So how do you monetize that?

Hyatt explains that the guy’s commercial was free to the advertiser to use on current as part of a sponsorship package, they can pay the creator to use the ads elsewhere–think about how much cheaper this is than agency commercials!)

Auletta: Ev, what wakes you up in the middle of the night?

Ev: It’s still early for twitter…we have yet to realize our is all about execution now No one big worry.

Hyatt: Our competitivr advantage is to stay at the leading edge of innovation. How do we attract the best talent to do that?.We need to give users continued control of the power. In 09 we will have new channels(sponsored) with partners, and we will drive lots of promotion, engagement and participation.

 (Susan says I just heard MTV meet Digg!)