Appearing on Shoot Out with Variety Editor-in-Chief Peter Bart and film producer Peter Gruber, former Warner Bros. CEO Terry Semel of Yahoo! describe why the Internet has so radically changed the way people consume media and entertainment.
Here’s a transcript:
“We all grew up when somebody else programmed us. They told us that the news goes on at ten o’clock at night, they told us our favorite comedy goes on at eight o’clock at night. They gave us basically cable channels or broadcast channels like MTV. You’d sit there all day waiting for your the music video that you were hoping to see and maybe 24 hours later you did or you didn’t see it.
Okay. Yahoo! video streams between 5 and 6 billion music video a year. 5 or 6 billion. Okay. We don’t chose for you, you chose. You watch the ones you want to see. We recommend others. Okay. You’re in charge. So the total change that has already happened in a massive way throughout the world is the new mentality that I want what I want we I want it. And I want it one any device any place in the world,” said Semel.
“So you’ve gone from a push to a pull?” asks Gruber.
“A push to a pull almost overnight. It’s not happening in the next five to ten years. It is so dramatic, and it is so changing. So when we look at content, we’ve said there’s going to be, we’ve always licensed content and we will still continue to license content from folks who make stuff. We have always aggregated content. We will continue to aggregate content,” says Semel
“There’s this whole new world called user-generated content. Our kids, my 18 year old daughter has no interest in finding out what I thought about a movie. And she certainly doesn’t want to read some famous critic, who’s my age, or your age. What that critic thinks of a movie, a song, a Broadway show or anything for that matter.
She wants to know what her friends think about it. She wants to know what her peer set thinks about it, she wants to know what her buddy list thinks about it. So what brings about enormous communities, so just to think about how scalable this is, it means that the kids will get on, the adults will get on. I want to know what you guys think of something,” says Semel.
He also had this epiphany on the same episode.