How the Internet Affects Traditional Media

Traditional Publishing, REST IN PEACE

This is the headline that greets you when you land on a web page identified as a memorial to commemorate the decline of Traditional Media. A photograph of a man who seems to be in distress and who's possibly just lost his job companies this headline. If this does not paint a bleak picture, go on to read the 548 headlines that all sing to the same tune as the following:

  • Bad Times: NYT Says Revenue Fell 13.9% Last Month – Forbes.com
  • Men's monthly magazine Arena to cease printing after 22 years – Guardian.co.uk
  • Cosmopolitan UK publisher to cut 100 jobs – Guardian.co.uk

There's even a website entitled Newspaper Death Watch that chronicles all the publishing and newspaper houses that close down. All rather morbid would not you say?

The Deadly Spell

Let's take a quick look at Traditional Media and how the Internet cast it's deadly spell.

Back in the old days, we're talking 500 years ago; Gutenberg revolutionized the printing industry by inventing the printing press. This meant bibles could be produced at a fraction the time it used to. This also mean more copies in a shorter time and the Word of God got further reach in a shorter time. Newspaper houses and Magazine publishers still use a printing press today (well thank you captain obvious) .

Much later, shortly after the advent of electricity, the world was blessed with another few media breakthroughs, rarely radio then a few years later, television. Marketers and Advertising agencies had it all figured out as they devised Integrated Marketing Campaigns with astronomical budgets. Ah, the good old days. Well, much to the dismay of many of these agencies, this media landscape started to change.

Behold! Enter The WWW

At first a website was seen as a cute way to put your company brochure online and on top of that the disastrous dot bomb era created skepticism that labeled the Internet as a bad media and business channel.

Fortunately, since then the Internet has matured. Now, in countries where broadband has achieved high levels of household penetration, the web has become the consumer medium of choice.

Why? Because people can do research, shop online, watch videos and connect with friends all in the comfort of their own homes. People can choose what media they want to consume, where and when they choose too, especially with mobile connectivity. Marketers can no longer dictate what advertising messages people get subjected too.

Social Media, The New Black

Then there is the phenomenon of Social Media. It changed the media landscape forever. Social Media websites have allowed consumers to connect with friends, family, colleges and peers in ways that were never imaginable a few decades ago.

Technology has empowered the consumer to become the prosumer. Prosumers are consumers who produce content like videos, photos and blogs that can be instantly distributed and shared among millions of people via social media platforms. This is also known as user-generated content or UCG.

Here is an interesting bit of trivia about the reach of Traditional Media vs. The Internet and Social Media.

Years it took to reach a market audience of 50 Million:

  • Radio – 38 Years
  • TV – 13 Years
  • The Internet – 4 Years
  • The iPod – 3 Years
  • Facebook – 2 Years

So How Does The Internet Affect Traditional Media?

The Internet has reduced the need for traditional media because it enabled consumers to join social communities within their neighbors, across their countries and internationally. It has empowered them to converse at their leisure, 24/7, with friends.

Considering all that's been said, the demise of Traditional Media can seriously be attributed to the following factors:

  1. Decline in readership: The distribution of free news and information on the web has led to the decline in readership for traditional publications.
  2. Decline in revenues: The decline in readership advertisers advertisers will spend their money elsewhere and this leads to a decline in ad revenue.
  3. Real-time updates: Traditional Media can not compete with immediately updated user-generated content that's immediately available for the world to see.
  4. The rise of UGC websites: People have the freedom of unlimited real time commentary on content while Traditional Media is static and is a one-way communication tool.
  5. Online Audio / Video channels: People can choose what they want to watch and listen, when they want to and where without advertising interrupting their experience.

Simply put. The Internet has revolutionized the way things get done today. It has revolutionized the way we do business, the way we communicate and has broken down the walls of Traditional Media.

A recent example is the decision by Unilever UK to fire Lowe , their Ad agency of 15 years, in favor of crowdsourcing – which means it has thrown the brand creative pitch open to agencies and basically any person who can think of an idea, worldwide. This is done on the Internet of course.

Traditional Media will still be around for a while, but the Internet is getting more and more integrated into our daily lives.

Think about this. You could do without the Mail & Guardian or the MensHealth Mag for quite some time, sometimes live quite happily without it? But you just dare cut that ADSL connection …

The Impact of the Internet on Contemporary Literature

Literature basically is everything that has ever been written. Anything from the earliest poems of Homer, to today's web pages, can be considered literature. But for a specific sense, there are various kinds of literature. Literature can be written in a specific language, like English Literature or be written by a specific culture, such as African Literature. But literature really means more than printed words and the internet certainly is a part of literature. I should note that the word literature comes from the French phrase belles-lettres, which means "beautiful writing". When a piece of work is called literature, it is usually considered a great work of art. The internet literature does not need to have this way for the fact that no one controls the internet literature. In the following essay I am going to speak about the impact of the internet on literature of nowdays.

There are two main classes of literature which are also present on the internet: fiction and nonfiction. Fiction is writing that an author creates from the imagination. Authors may include personal experience, or facts about real people or events, but they combine these facts with imagined situations (Moran, 45). In non-internet literature the project undergoes at least some sort of censorship in terms of what words can be used, yet the internet allows the authors to put anything they desire on the web site and enjoy it. Most fiction is narrative writing, such as novels and short stories. Fiction also includes drama and poetry. Nonfiction is factual writing about real-life situations. The principle forms of nonfiction include the essay, biography, autobiography, and diary (Browner, 90). The internet presents a new forms – internet pages, or internet books.

People read literature for a variety of reasons. The most common reason for reading is pleasure. People read to pass the time, or for information and knowledge. Through literature, people meet characters they can identify with, and sometimes find solutions for their own problems. With literature, a person can often understand situations that could not otherwise understand in real life (Koehler, 28). Often, just the arrangement of the words can be enjoyable, just as a child likes the sound of "Ring Around the Rosie", even though they might not understand what the words mean. There are four elements of literature: characters, plot, theme, and style. A good author has the ability to balance these elements, creating a unified work of art. The characters make up the central interest of many dramas and novels, as well as biographies and autobiographies. A writer must know each character thoroughly and have a clear idea about each ones look, speech, and thoughts. The internet literature is not difficult to create for the fact that unlike "traditional" literature the internet literature requires minimal start up costs (Moran, 47). And because reading usually involves convenience, at some point of time one would not be surprised to see convenient electronic devices that could be transported anywhere and would download books from the Internet and present them in digital format.

Motivation is the reason for characters actions. A good writer will be sure that the motives of a character are clear and logical. The internet writers do not have to be this way, they are not controlled and they severely risky anything by publishing online. Setting is where a character's story takes place. The plot is built around a series of events that take place within a finite period. It is what happens to the characters. No rules exist for the order in which the events are presented. A unified plot has a beginning, middle, and an end. In literary terms, a unified plot includes an exposure, a rising action, a climax, and a denouement, or outcome. The exposure gives the background and situation of the story (Browner, 93). The rising action builds upon the exposure. It creates suspense, or a reader's desire to find out what happens next. The climax is the highest point of interest, also a turning point of a story. The denouement is the conclusion. The theme is the basic idea expressed by a work of literature. It develops from the interplay of character and plot. A theme may contain morals, to warn the reader to lead a better life or a different kind of life. The internet literature does not have to be this way at all because no one controls it. The write take minimal risk in terms of investment, yet possibly can find readers from all over the world, which can pay for the e-book and download it to their own computers, is very high (Moran, 49).

A serious writer strives to make his work an honest expression of sentiment, or true emotion. They avoid sentimentality, which means giving too much emphasis to emotion or pretending to feel an emotion. A writer of honest emotion does not have to tell the reader what to think about a story. A good story will direct the reader to the author's conclusion. Style is the way a writer uses words to create literature. It is difficult to enjoy a story's characters or plot without enjoying the author's style (Browner, 98). The style of an author is as important as what he is trying to say. Point of view, or the way a story is presented, is another part of style. A writer may tell a story in the first person, using the pronoun I, as though the narrator were a major or minor character in it. Or, the writer may use the third person method, in which the narrator stands apart from the characters and describes the action using such pronouns as he and she. There are two types of third person views: limited and omniscient. In the third person limited point of view, the narrator describes the events as seen by a single character. In the third person omniscient, or all knows, point of view, the narrator reports on what several characters are thinking and feeling. Reading is an unintentionally personal art. There are no final rules for judging a piece of writing. Often, people's judgment of a work can change as taste and fashion change. Yet the classics continue to challenge readers' imaginations and give ageless advice. Shakespeare will most likely be as popular a hundred years from now as he is today. That is power of literature. Literature is timeless (Moran, 53).

It should be noted that literature can have many and different values ​​on a person and it is the internet that allows literary values ​​to be delivered to the audience without any barriers. It is all depending on the story and the value or moral issue the author wants, you, the reader to get out of it. The value literature had on me was actually hard to put into words. But to understand the value of literature you must know the definition of value and literature. Value has many meanings but there is two that relate (Browner, 102). Worth in usefulness or importance to the possessor and a principle, standard, or quality considered worthy or desirable. Literature is a body of writings in prose or verse. Literature produces value because it is basically an analysis of an experience or situation (Koehler, 30). I got a different value out of each story. With Mark Twain's The Adventure of Huckleberry Finn it showed me that one does not have to be civilized or conform to the ideas of society to become cultured or mature. With Huck Finn he ran away from everything that was considered civilized (Moran, 58). He had nothing and really did not want anything. But at the same time he experienced and matured living dangerously. This made me value Huck's adventure and take it as my own. Huck proves his marriage when he comments on how the king and duke dupe the villagers into believing that they are the dead man's brothers, and Huck says, "I never see anything so disgusting." (Twain 163) Even though the king and duke commit An awful act on the villagers he still feels sorry for them when they get tarred. Huck comments, "Human beings can be awful cruel to one another." (Twain 225) In William Faulkner's Barn Burning it told a man named Abner Snopes who burned barns when upset or mad. This was his way of getting back at them. "Barn Burning" has two very evident struggles (Browner, 105). Abner oppresses his family just as the upper class has oppressed him. "Barn Burning" to me is based on misdirected anger. Which is basically happening in these days. For example, a teenager and his parents have it out, he leaves, and now his anger is directed toward anything in his pathway. "Barn Burning" has a value in that it shows in life that people actually misdirect their anger. Such as in the school shootings and bomb threats that have occurred in the past couple of years (Koehler, 33). Just like Abner Snopes felt like an outsider to the upper class, so did the students who committed these violent acts. In "The Swimmer", it made me value life and what it brings. Because if your not careful or you do not watch out it will past you up without notice (Browner, 109). As with "Everyday Use", one of the daughters did not value who she was or who she was because she was going out looking for her history. Which she already had at her fingertips.

Conclusion:

In conclusion I would like to note that reading all of the literature which colleges and universities assign to their students involves very high costs to the society in terms of paper consumption and time wasting (that involves going to the library, or to the book shop, Etc). The internet and the ability to download the books from online to one portable device would reduce the costs, save the trees, and will make people more efficient. I realize that there are a lot of things that we as people in this society take for granted. Literature has made me value a lot of experiences and situations so far and I enjoy holding the paper book in the evening preparing for the next day, yet I do not protest against the use of the digital technology to create digital books that would contribute not only To the efficiency but also to the reduced costs to the whole society.

Financial Strategies For Troubled Firms

There are strategies that troubled companies can use to save themselves from dire straits and regain their former financial success. These same sort of strategies are valuable for business owners and financial executives to understand how their firms can avoid financial turbulence and failure.

We must first realize that business failure or bankruptcy never happens overnight. Normally there is a gradual trend of financial deterioration that is sometimes exacerbated by industry troubles. No doubt in the current 2009-2010 environment the auto industry is a poster child for a troubled industry, as an example.

Naturally firms that are on the very precipice of failure or bankruptcy do not have many options or time left. It has to fix itself, or sink. No business owners or entrepreneurs want to face bankruptcy, liquidation, and other creditor issues.

Do financially failing firms survive because of a revival in products or their services, or have they in fact executed on improved financial management. This is a challenging questions, because the very financial problems that beset a firm hinder it in getting new sales, acquiring inventory, and regaining supplier credibility.

Also, lets be realistic, banks and other finance companies do not throw themselves at failing firms with financial offers of loans, lines of credit, etc. In fact what usually happens is that the company is forced to pledge some or all assets at much higher rates, sometimes simply accentuating the financial problems that were already there.

So what are the financial strategies that a firm can undertake to avoid financial failure when it has been losing sales, not generating profits, and generally traveling down a potential death spiral?

There are three or four solid strategies that can save the firm. The first is ‘ assets ‘. The second is liabilities and debt, and the third we will simply call ‘ maneuverering ‘.

Strategy 1:

Assets have value. They can be sold, re financed,, or pledged to secure new financing. This type of strategy works best when it works for all parties, the company and the lender, or the company and another firm. However lets be clear that this is somewhat of a one shot strategy. It either must work or it doesn’t. Asset maneuvers have 3 stages of success: assets can be used to get a new loan, assets can be sold, or they can, in somewhat of a worst case scenario, be liquidated.

Strategy 2:

On the other side of assets on the balance sheet is debt and equity. Debt can be structured properly to ensure the lender gets a reasonable reward, and the company is able to both repay and survive. There are too many types of debt to consider for the purposes of this article – suffice to say that creativity in debt is somewhat unlimited. A firm could issue debt, as an example, and repay only when the company is earning profits again.This would normally entail higher rates, but again, as we have stated, the transaction has to make sense both for customer and lender. A solid alternative solution is to simply re – structure existing debt at new rates and amortizations.

Alternatively to debt a company with promise can bring in new equity or ownership. This is somewhat more risk for all as dilution of ownership is usually significant when a company is failing and bring in new equity capital.

Strategy 3: A firm sometimes has to look to the outside for help. Since the owners and managers are often too close to the problem it is somewhat of a classic case of not seeing the forest for the trees. Outside consultants and industry experts can often bring a solution to the table. They have insights that management simply did not possess. These strategies include developing new sales and product strategies, bring in new management, or considering a strategic merger.

In summary, anyone who has worked through several business cycles over a number of years knows that companies can in fact be saved. Some go on to be the new super stars of their respective industry. The company must clearly uncover what the problem is, and then adapt strategies, financial or otherwise, to fix those problems

Demonetisation: Impact on E-Commerce Platforms

India is still recovering from the unexpected demonetization of rs 500 and rs 1000 notes. A huge change is encountered in the routine of every business and the e-commerce industry has not been spared even. One of the most significant economic change in the lifetime of Indians experiencing vast spread tremors. While some people were hailing it as a masterstroke move against against black money, terrorism, and currency counterfeiting. Whereas, certain section of people were creating hue and cry against it. This change is placing a tremendous impact on trade and consumer demand. A lot of discussions and discussions are already going on these topics, so I will spare you on that!

The e-commerce platforms are reeling under pressure due to undelivered orders because a lot of customers have opted for COD, but are still offering the old currency notes only. Such drastic economic change has led to an increase in the use of cashless services but the e-commerce platforms are finding it very difficult to complete orders that have been marked for cash on delivery.

On one hand, there have been a huge increase in digital payments but on the other hand the percentage of undelivered online purchases too have gone up. All of this has claimed in huge returns as the customers who place online orders and choose for COD mode for payments, urge the delivery person to accept the old currency notes or take back the order.

Due to demonitisation, the e-commerce platforms have stopped COD mode of payment which is credited for close to 60% of online shopping in the country. COD is one of the popular payment options for a large section of India consumers who shops online. This is due to the sheer convenience it offers to its customers who wish to receive their orders first and pay later.

In order to compensate, these platforms have added credit card on delivery as one of the payment options to put customers at some ease who are running out of cash. More discounts are offered by restructured websites on online payments as well as zero cost EMI schemes.

The spokesperson of amazon has said that the company has incurred ten times growth due to credit card on delivery mode. However, this is not helping the sellers much who have complained that these efforts are not compensating for the loss incurred over COD mode.

No doubt, there will be a lot of inconvenience in the initial period but in the long run, everyone is hopeful of a better growth, reduction in cash on delivery services, along with a quick return investment.