2017-04-07

As Netflix Disrupts Movie Industry, Movie Theaters Are The BIG Losers

Scott Galloway's Influencer Debut

Published Apr 6, 2017, by L2inc.com: NYU Stern marketing professor Scott Galloway on this week's digital winners and losers:

Loser: All of us. We spend more time using social media than eating or socializing - and millennials aren't the biggest addicts.

Winner: Quartz, the rare digital news site to achieve profitability.

Winner: Art dealers discovering a new audience on Instagram.

Loser: Movie theaters. As Netflix disrupts the film industry, they're still stuck in the '80s.

Sources:
(0:09) “How Much Time Do We Spend On Social Media?” Mediakix, December 2016. http://bit.ly/2oFfwWJ
(0:13) Nielsen, 2017.
(0:26) “Older Users Are Most Influenced by Ads on Instagram (Report),” Adweek, March 2017. http://bit.ly/2nXjB4g
(0:54) “Mobile-Focused Quartz Manages to Turn a Profit on Digital Journalism,” Crain’s, March 2017. http://bit.ly/2o6TUPE
(1:12) “Advertising: Facebook and Google Build a Duopoly,” Financial Times, June 2016. http://on.ft.com/2fPlRGK
(1:18) “Mobile-Focused Quartz Manages to Turn a Profit on Digital Journalism,” Crain’s, March 2017. http://bit.ly/2o6TUPE
(1:32) “Want to Sell a $24 Million Painting Fast? Instagram for the Win,” Bloomberg, December 2016. https://bloom.bg/2hdfxhD
(1:44) “The Art Market | 2017,” UBS, 2017. http://bit.ly/2nhpLjM
(2:13) Kagan, 2017.

Transcript via YouTube.com in English (Automatic Captions):
0:00  a loser all of us the average person
0:03  will spend five years of their life on
0:05  social media more time than eating or
0:08  socializing it's not just the
0:09  Millennials middle-aged people are the
0:11  heaviest users of social media spending
0:14  seven hours a week on social networks
0:16  who doesn't need Twitter Chuck Norris
0:19  that's right and the old folks are the
0:21  most influenced by instagram ads users
0:24  age 45 through 74 are most likely to
0:27  search for products after seeing
0:29  promoted posts it's crazy that people
0:33  are being paid to be influencers on
0:35  Instagram almost as crazy as the sale at
0:38  Buster's adult emporium and video outlet
0:42  a winner Quartz a media site that's
0:47  actually profitable in 2016 courts
0:50  earned 1 million dollars on 30 million
0:53  in revenue that represents a sixty
0:55  percent year-on-year growth rate a
0:57  digital-first attitude owned by the
0:59  Atlantic who decided not to repurpose
1:01  print articles for a digital age quartz
1:04  is financed entirely by digital
1:05  advertising which sounds like a losing
1:07  proposition as Facebook and Google
1:09  attract eighty percent of ad spend
1:11  however the publication's elite audience
1:13  let's Quartz charge up to three times
1:15  the rate of other news sites the lesson
1:18  here quality content and original
1:20  reporting still matter a winner the art
1:23  world that is learning how to leverage
1:25  new mediums specifically Instagram this
1:28  bosque we offer which one home schoolers
1:31  Les Bois sold for 24 million after a
1:35  Christie's dealer shared it on Instagram
1:37  more than three times what it fetched at
1:39  an auction in 2007 online art sales was
1:43  four percent of 2016 even in the face of
1:46  declining art sales more than half of
1:48  the online sales generated by dealers in
1:50  2016 were made to new clients that had
1:53  never been to their gallery or met them
1:55  in person this portrait going for 23
1:58  million a loser movie theaters which are
2:01  still stuck in the 80s 18 bucks for a
2:04  movie with sticky floors and milk duds
2:06  and yet another blow for theaters
2:08  Hollywood studios are reacting to
2:10  Netflix's success by changing the time
2:13  movie distribution we can see where this
2:15  is headed you're going to be able to see
2:17  any movie the day it comes out you're
2:19  just going to have to pay for it ie
2:20  you're going to need to be rich which
2:22  industry is next up for disruption who
2:24  doesn't pass the 1985 test take me to
2:27  the center of the store spin me around
2:29  and then tell me what decade i'm in
2:31  grocery same bad lighting same unhappy
2:35  workers Whole Foods saw an opportunity
2:37  came in and charged way too much by the
2:40  way that soy milk you've been buying is
2:43  this regular milk introducing itself in
2:45  Spanish--we'll see you next week

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