This week we posted on Weber Shandwick‘s decision to publicize its new content-creation wing, Mediaco, and what that means for the future of PR. This morning we had the opportunity to speak with Steve Rubel, chief content strategist at Edelman PR, to go over how his firm is addressing this newest chapter in the ongoing “PR vs. marketing vs. advertising” debate.
How does the Weber Shandwick announcement relate to recent “creative” moves by Edelman?
There’s a lot of hype in the never-ending hunt for shiny objects in marketing, but the bigger picture here is that the economics of the industry have changed – demand side platforms (ad exchanges) have made advertising more efficient, which caused the price of CPM (cost per impression) and ads themselves to plummet. This is good for the industry but bad for publishers, because media outlets squeezed by tech developments can’t make the leap to other revenue streams like subscription, video, etc.
This has led to a greater willingness to open their platforms to branded/sponsored content, thereby empowering marketers to make good on their longtime desire tell their stories their own way on some of world’s largest websites (Ed. note: see The Washington Post). That is the big change here.
Some people say this is all old news. How do you respond to that point?