What teenagers know that corporations do not

Well, hasn’t it been fascinating just how widely distributed the views of 15 yo Morgan Stanley intern, Matthew Robson have been. Looking at what Matthew had to say, I am not at all surprised. The messages were clearly stated and I found them hard to disagree with. What’s more, the concise nature of the report is in line with what Matthew said about newspapers in that no teenager he knew regularly reads a newspaper [print] since most “cannot be bothered to read pages and pages of text”. I would add: no video, no audio, no interaction, no links, no free content = no teenage readers. It makes you wonder about the form and format of other research reports. Oh, and in another report on Matthew’s comment I learned that no teenager looks at telephone directories.

Clearly, with so much to attract their attention, many people (not just teenagers) really do value a good summary of something or have a really good search engine on hand rather than pages of text. I just wonder how influential Matthew’s comments have been relative to say other analyst and research institute reports.

As to the sceptical view of 20th Century media moguls, I do wonder whether they have much insight about the way things are going. To my mind, Howard Stringer (CEO of Sony) gives the game away by describing social media as a “club”. It’s not actually a club – particularly not in the walled-garden, proprietary systems view of the world. Social media is an ecosystem in  constant emergence. No one is in control and things change fast. That is not what the moguls and big corporate institutions are used to.

Fred Wilson (a venture capitalist with Union Square Ventures) had this to say about what teenagers are up to. While Fred sounded a note of caution in reading too much into what Matthew Robson had to say, based on his own kids behaviour, he went on to say that “My kids have moved from the set top box to iTunes to Netflix in less than a couple of years and are now watching much of their TV streamed over the Internet.” It is obviously a big challenge for media moguls and their international corporations to be agile and responsive to that  kind of change, especially when that don’t get the fundamentals of what is driving change.

Fred had a few things to say about profitability in internet ventures too. There are a few internet companies doing nicely thank you (including Facebook now it seems). Yeah, I know. You would expect him to have that view. But one of the things Fred Wilson gets is that the internet is transformative. He said that the internet …”is a huge game changer. The internet has been a commercial technology for about fifteen years now. And we are beginning to see the impact of it on everything around us. The industrial revolution and the Renaissance before it lasted a century or more. It takes a long time for such fundamental changes to work their way through the system and produce a new ‘normal’”. That is not a case for deferring strategies to adapt to change I should hasten to add! It is a case for building in agility and flexibility.