The World: Insider's view - US.(Column)

It's not time to read the last rites to the media industry. It isn't dying, it just needs to be innovative to find a new direction and ways to make money, Antony Young maintains.

If recent reports are anything to go by, it would seem that the media industry is ready to be read its last rites. I thought I'd contrast this with some enthusiasm for what I'm seeing as innovation in the face of adversity. It was during the Great Depression that Fortune launched Think of launching a publication titled Fortune at a time of 25 per cent unemployment and an 89 per cent stock market decline - only in America.

I'm seeing some real innovations backed by credible ad models taking place. When News Corp and NBC Universal backed the ad-funded TV content site Hulu.com, the media community waited for its demise. However, they brought an expansive TV library coupled with a great user experience - large viewer screen, high-resolution studio quality video. US residents are able to watch catch-up episodes of 24, Discovery Channel documentaries and repeats of The Office. A total of 7.2 million monthly users watched more than 232 million videos in January 2009 with TV ads that can't be fast-forwarded.

Beginning this summer, the cable operator Cablevision will offer addressable advertising on 500,000 cable set-top box households in the New York metro area. This is potentially technology that will allow advertisers to send targeted TV spots, internet style, based on cable subscriber data. Initial trials show 'double-digit' lift in sales in areas that received the addressable ads compared with homes that did not.

A ...