Posted by Cognito on Thu, Oct 06 2011

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Changing Media Landscape - Accuracy vs. Immediacy?

Over the last year we’ve seen many stories broken on Twitter, but also just as many incorrect rumours promulgated on the medium, some of which have ended up on traditional channels, much to the embarrassment of the organisations.  However, there are still news organisations that focus on accuracy, analysis and insight and do not claim to compete on speed.

This was one of the key themes discussed at Cognito’s latest Breakfast Byte the ‘Changing Media Landscape’ in London recently.  Bob Giffords, Banking and Technology Analyst and Consultant moderated a lively debate with a panel consisting of: Lianna Brinded, on-line editor of Euromoney, Virginie O’Shea, Managing Editor of The A-Team Group, Steve Clark, Executive Producer of Reuters Insider and Tom Coombes, CEO of Cognito.

Changing Media Landscape

Much of the discussion centred around Twitter, the power of its reach, the potential viral element of its distribution and the opportunity it affords both the media and the financial services sector.

However, this was tempered with the need for accuracy, context and analysis.  All of which often lacks on Twitter. 

Additionally, within this increasingly data driven world of news, consumers need an accurate and analytical picture of events and many people do not find this on social media channels.  Many of the print and online breakfast panel members declared that whilst they were not the fastest, their content was accurate, well researched and in some cases of a high enough quality to gain a competitive advantage.

Over the weekend John Gapper, of the Financial Times, wrote an article entitled 'Instant Messengers' where he questioned that as histories of momentous events are written more rapidly, is this increase in immediacy leading to a loss of perspective?

Gapper cited Andrew Sorkin, the New York Times journalist and author of Too Big to Fail book, who said that capturing accounts immediately is vital because witnesses tend to reshape events over time.  A clear mandate for social media channels.

However, Sorkin also says “none of us has the right perspective, given how quickly events unfolded..”  Though he was referring to the 2008 financial crash, the point is clear. There is still a very real need for the considered, well thought-out articles.  Something that still remains the key discipline of the traditional media.  However, since the majority of media outlets are now distributing their articles on social channels, as well as directly engaging with their audience, it would be remise if Financial Services companies didn’t have some form of Social Media communications. Though as Tom Coombes said in a recent interview with Financial News, it seems the Financial Services industry are not the early adopters.

Topics
Breakfast Byte, Changing Media Landscape, Financial Times, Tom Coombes, Twitter,
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