Summary:

Remember when social media was going to reinvent the entertainment business? Though past efforts made little headway in the social-entertainment space, announcements from Warner Home Entertainment and News Corp. suggest the space is far from dead. Here’s what companies looking to capitalize on it can learn.

movietheater

Remember when social media was going to reinvent the entertainment business? Back in 2007 and 2008, Viacom’s MTV Networks tried to tie its shows together into the since-abandoned Flux social network. About the same time, NBC Universal’s Bravo network bought snarky fan site Television Without Pity, but it has done nothing with it since. But that was then.

Just last week, two big old-media companies made acquisitions that seem to signal new life: Warner Home Entertainment, home of the movie studio’s DVD efforts, acquired Flixster/Rotten Tomatoes, and News Corp.’s IGN bought Hearst’s UGO. Warner’s move hints at Netflix envy: The company said it wanted to use Flixster’s Facebook-driven user reviews and Rotten Tomatoes’ aggregation of professional ones to “grow digital content ownership.” Meanwhile, by doubling down on video game info sites, News Corp. is constructing a traditional aficionado-magazine model — but one with lots of social media elements (user blogs, friend-following, points for participation). A number of observers believe News Corp. will spin off the combination.

These opportunities — and others like them — seem to be spurred on by the excitement over tablets and apps, startup activity in the space and Facebook’s potential role in distribution and audience acquisition. Here are some ways in which other big players in TV and entertainment can capitalize on social media:

What’s still missing? Integrating these six objectives with one another could be an important step. To read more about that, as well as further analysis of the social-entertainment space, see my Weekly Update at GigaOM Pro (subscription required).

Image courtesy of flickr user hello alisa

You’re subscribed! If you like, you can update your settings

Comments have been disabled for this post