Groupon should have been the brainchild of the media industry, not Andrew Mason.
But it wasn’t.
Media economist and Jack Myers suggests in the Huffington Post that legacy media companies (TV, magazines, newspapers, etc such as Viacom, Disney, CBS, Hearst, Gannett, Comcast, NBCU, Clear Channel etc) could benefit from social commerce, but are failing to do so.
Myers also forecasts that over the next decade, 50% of digital marketing growth (rising from $46.6 billion to $300 billion in 2020) will come from social commerce which he defines as social media combined with digital coupons and online/mobile promotions.
Without a future-proof business model, legacy media will whither. But instead of embracing social commerce, legacy media – like animals caught in oncoming headlights – are frozen, leaving the spoils to Facebook, Twitter, Groupon, Living Social and other social commerce leaders. Opportunity for a social commerce consultancy specialising in legacy media? People only buy in a state of discomfort – and there’s a lot of hurt in legacy media.