As we all know, millennials like social media. There is no question about it. We also have a significantly shorter attention span when compared to the generations that come before us. Both of these factors influence where we get our news. We want to see what is going on right now and we want to get the basic overview. If it’s interesting we might look into it some more. If it has to do with a cause we are passionate about we will keep tabs on it. But where do we get the information. Business Insider looked into it last summer and they compiled what they found into a chart:
It is very obvious that as millennials, we stick with what know. I do my best to keep up with what’s going on in the world and how do I do it? There’s an app for that. Actually, a couple. Have you ever gone to the app store or the play store or whatever other store you have and looked at the apps available to consume news? There are quite a few. But there is a new platform being introduced: ZIG.
ZIG is a news platform that uses their social media accounts and interactions (specifically Twitter and Facebook) to create a personalized news feed where they can also react to what is happening. This company is very new (launched on January 14, 2018) and has several big-wig investors like Graydon Carter (former Vanity Fair editor) and Live Nation (internationally-known live event producer). The one investor I want to focus on is Live Nation and what they might hope to benefit from this relationship.
Joshua James is the CEO of ZIG but has previous involvement in the music industry, founding Basecamp Productions (which focused on releasing footage of live shows). So when Live Nation stayed silent about why they were investing, James mentioned that musicians were a huge influence when it came to ZIG. The most engaged fans on ZIG are for Taylor Swift, Selena Gomez, Beyoncé, Justin Bieber and Jennifer Lopez.
So why did Live Nation invest? What can they get out of the relationship? The most significant possibility is information that can be mined from the data ZIG now has access to. Since ZIG does focus on what celebrities you are following and interacting with on social media, they know who you’re a fan of and how involved you are with all the information about that person. So in the future, if ZIG can attract more users, as the data increases, Live Nation could potentially use that information to target a more specific segment that might be interested in concerts or festivals.
ZIG has introduced a different way for news to be viewed that focuses on young people and gives them a familiar means of interacting (by liking, commenting and by using photos and videos as content). In the future, it will be very interesting to see just how well they do in the world dominated by Twitter and Facebook but also see how Live Nation takes advantage of this relationship.