What do they have in common? More than you realize actually. While I have no idea what Duke likes to do in his spare time :), I do know that he is trailblazer in the media space. And clearly Michael Bloomberg is, in my opinion, the most successful B2B media baron of our time. The high heels part? We’ll get to that later.
I have been writing, and saying, and preaching for years to anyone who would listen (and, often, no one is) that traditional media in big verticals like real estate and others are in trouble, unless they see the storm clouds brewing and reinvent themselves like mad.
Unfortunately, most don't see it and refuse to accept that they are on the titanic.
It's actually really simple and clear to see why. Obviously, I am not the first one to discover this, but I do think my perspective might be a bit unique because I come from the PR side of the business. I left my own firm that I built from scratch over 25 years because I saw it in the PR industry, and wanted to go where the puck was headed.
What Facebook, Instagram, Twitter and LinkedIn proved was that platforms for self-publishing would forever change the way consumers digested their news and content… so, it was only a matter of time until this trend hit the business sector.
If you are in the real estate space and are not familiar with Duke Long, you need to be. Duke writes the most influential blog in the industry. He, along with Coy Davidson, Allen Buchanan, Barbie Reuter, Chris Clark and Joe Stampone are creating such amazing content, they have led the power shift from traditional media to self-publishers of amazingly insightful content. And more and more industry pros are following suit, like Jeremy Neuer, Michael Griffin, Ben Moss, Linda Day Harrison and Ben and Dan Miller from Fundrise.
So, what's left of the media in a big vertical? How are they going to compete in an era of platforms, free content and powerful bloggers like Duke? If it's just breaking deals they are going to rely on…well, uh, isn't that what the CoStar, LoopNet, Xceligent and other startups like CompStak do better than anyone?
Great journalism does still of course exist in the vertical, but it's being covered more these days by the monster news organizations like Bloomberg Businessweek. No one, in my humble opinion, gets media in the B2B space like Michael Bloomberg and his various properties.
Now, let’s bring it back to the high heels comment. Read this story and you will see where the future of content is heading. It's what Duke and a small band of others have understood for years.
So, what's the solution for business media? Open up, share and join the platform parade, or it will be too late. It’s why I left the PR industry to build a platform where everyone else’s content would live. It's only a matter of time until the real estate industry at large wakes up and discovers all of this amazing, original content and then we are at that tipping point where it's too late for those that didn't get on board early enough.