The key to media investing is driving towards what consumers are crazy about, according to MTV founder and Clear Channel CEO, Bob Pittman.
“If consumers love something, we’ll figure out a way to scale and monetize it. If not, it’s a house of cards,” said Pittman, who has invested in successful companies like Thrillist and Zynga.
Pittman says he’s fine with the chaos that seems to be always enveloping media, preferring to regard it as a “byproduct of doing something a different way.” He also offered historic perspective on social media mania, noting that people have always consumed multiple media at once — for instance, by talking on the phone or looking at a magazine while watching MTV.
As for the failure of TV ad dollars to follow consumers online, Pittman said the “media mix is wrong” but that TV isn’t going anywhere soon.
Pittman also used the Ad Week chat, hosted by Medialink CEO Michael Kassan, to plug Clear Channel’s online radio service, iHeartRadio, which he says has reached 50 percent brand awareness.