Peering into the media looking glass

Bob Guccione Jr. says none of us know for sure what’s ahead for the media, but he no longer worries whether the Internet will consume print:

“The future of media will boil down to, and pivot on the axis of, one thing: imagination — how creative we are in exploiting technology and, equally important, with content. The future will not be a war between new media and traditional media, but between obsolescence and vision. In that sense, it will be far more apocalyptic and transformative than just a bunch of old-line companies going away.”

But the Web may not be in the clear either:

“I think the Internet has a looming financial crisis which, when it explodes, will birth a new and invigorating way that media is created and distributed. Funding came too easy to too many digital businesses, and that always leads to an investor panic when one of the giddiest investments goes bad, as invariably happens. The valuations are once again seriously out of whack with earnings, and business models presume too clear a road ahead of them.”

Read it all here. (via SPJ’s PressNotes)

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