Old Media Finally Wakes Up from a Coma - by Ted Gioia
Elon Musk, for better or worse, drives the news cycle as Twitter CEO in ways Walter Cronkite never dreamed of. (And I’m not even including the news Musk causes, just what he amplifies.)
Cable news can’t match the impact of the biggest YouTube channels and social media accounts. Many influencers have audiences ten or twenty times larger than Fox or CNN hosts.
Substack has moved out of the fringes of the media world, and is just as influential as the New York Times or the Wall Street Journal—and breaks just as many big stories.
In fact, they got such a jolt recently that they are finally waking up from their dogmatic slumbers. And they will change more in the next year than they have in the last quarter of a century.
The CEO of CNN admitted yesterday ( in the New York Times) that the company won’t exist unless it embraces radical change.
“If we do not follow the audiences to the new platforms with real conviction and scale, our future prospects will not be good.”
