August 28, 2000 New Thinking:
Internet content is invaluable
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August 28, 2000
Internet content is invaluable
By Gerry McGovern
Right now, it’s extremely difficult to make money directly out of content on the Internet. That doesn’t mean that content on the Internet lacks value. In fact, content is the foundation upon which the vast majority of Web activity is built.
In Ireland, nobody wants to pay directly for water. That doesn’t mean that Irish people don’t think water is valuable. People feel that either they pay for water already through their taxes or that water is such an essential resource that it should be free. The way people think about content on the Web is a bit like that. However, turn off the tap, take away content from the Web and the Web would run dry.
A recent study by UCLA indicated the importance of the Internet as an information resource. 47 percent of those surveyed considered radio an “important” or “very important” resource for information. 53 percent considered television to be so. 67 percent thought the same about the Internet.
The Internet as a key information resource for the consumer is becoming evident in a wide range of industries. A recent study showed that while 4 percent of Americans actually buy cars online, over 40 percent use the Internet to gather information on what car to buy. In the Firestone tire recall, the Internet played a central role as an information resource. A report by Investment Company Institute found that investors are using the Internet as their research tool of choice.
So, quality content is invaluable to those of us who use the Internet. The question is, how does the organization drive revenue from that content? Someday, and it’s not all that far away, people will pay for content on the Web. I have absolutely no doubt about it. If you give me the right content that helps me learn, entertain myself or do my job better, I will pay – unless, of course, I can find that content for free somewhere else.
Today, however, people are not in the mood to pay upfront. Therefore, how content achieves value is by becoming a context for commerce. In fact, the fundamental difference between commerce and ecommerce is that in commerce you sell with people, but with ecommerce you sell with content. Basically, on the Web content helps you sell stuff.
This is all well and good, but quality content is very expensive to create and may simply not result in enough purchases to cover its cost. Keeping this in mind, the organization should seek to avoid where possible the creation of too much original content.
There are a number of alternative content strategies available. You can add to your content offering by re-organizing and/or summarizing content that already exists on the Web. In this way, you are creating new value out of already existing content with the minimum of cost.
You can barter your content with other websites, giving them content that useful to their customers, while you get content that useful to yours. Another strategy is to use syndicated content.
Whatever the approach, the difficult reality today is that while the consumer demands quality content on the Web, they are only willing to pay indirectly. This demands an inventive response from all those involved in content.
Gerry McGovern
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