Interviews with Digital Media Thought Leaders
The Future of Newspaper Classified Ads
Podcast Video | Posted by Phil Leigh on March 25, 2008
If you would like to learn what online newspaper classified ads might look like in the future, this interview is for you.
Subject: Our guest today is Michael Gerrity who is the CEO of The Real Estate Channel. It’s a website that has video-centric classified ads for properties that are for sale.
Summary: Historically newspapers relied upon their classified ads as a major source of revenue. Unfortunately, readership is declining as the audience moves to the Internet. While nearly all newspapers have constructed websites, they generally have not been very creative about using the capabilities of the medium for classified ads. Competition from start-ups like The Real Estate Channel is going to force them to change.
At The Real Estate Channel consumers may create 30 second videos advertising their properties. The cost is $150 per month. Creating the ads is similar in process to the way users put video clips on YouTube. Real Estate Channel home sellers can upload 5 – 6 JPEG still photos of their property along with a transcript for a voice-over narration. The website maintains a staff of photo editors and narrators who then convert the material into a professionally produced 30 second video ad. For example, they use pan & zoom techniques to give a motion effect to the still photos.
Newspapers simply will not be able to ignore this sort of competition and will be forced to offer similar capabilities at their own websites. It may well be a net positive for them since it could re-invigorate the classified ad business and increase the profitability of the websites.
Categories: Podcast Video
Tags: Classified Ads, digital media, Digital Video, Internet Advertising, Internet Media, Internet video, newspapers, Phil Leigh, Real Estate Channel, Video Advertising
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