Barry Diller on Surviving the Tech Tsunami: Why Human Connection Still Matters in Media
In a world increasingly dominated by technology, media mogul Barry Diller offers a refreshing perspective. The chairman and senior executive of IAC and Expedia, and author of the insightful memoir 'Who Knew,' sat down with 'Squawk Box' to share his thoughts on the evolving media landscape, the Skydance-Paramount deal, the rise of streaming, and most importantly, why human connection remains the bedrock of successful media.
Diller, a veteran of the media industry, isn't anti-technology. Instead, he advocates for a balanced approach, cautioning against allowing technology to become the sole driver of content and strategy. He believes that the most enduring and successful media companies will be those that prioritize audience engagement and genuine storytelling, rather than simply chasing algorithms and data points.
The Human Element in a Digital Age
“The biggest mistake people make is thinking technology is the answer,” Diller stated. “It’s a tool. It’s a powerful tool, but it’s not the answer itself. The answer is understanding people, understanding what they want, and delivering it in a compelling and engaging way.” This sentiment underscores a crucial point often overlooked in the rush to embrace the latest digital trends. While data and analytics are valuable, they shouldn't eclipse the importance of creativity, intuition, and a deep understanding of human behaviour.
Navigating the Streaming Wars
The discussion also touched upon the ongoing streaming wars and the recent Skydance-Paramount deal. Diller sees the consolidation of media companies as a natural response to the increasingly competitive landscape. However, he remains skeptical about the long-term viability of a fragmented streaming ecosystem, where consumers are forced to subscribe to multiple services to access the content they desire. “There’s going to be some rationalisation,” he predicted. “People aren’t going to keep paying for 20 different streaming services.”
The Enduring Power of Storytelling
Throughout the interview, Diller consistently emphasized the importance of high-quality content. He argued that while technology can enhance the distribution of media, it cannot replace the need for compelling stories and talented creators. “Ultimately, people want to be entertained, informed, and moved,” he said. “That’s what good media does. And that’s what will always matter.”
Looking Ahead: A Future of Balance
Diller’s insights offer a valuable roadmap for media companies navigating the complexities of the digital age. His message is clear: embrace technology, but don't let it dictate your strategy. Prioritize human connection, invest in quality content, and remember that the most successful media companies will be those that understand and cater to the enduring needs and desires of their audience. His new memoir, 'Who Knew,' provides further insights into his remarkable career and his perspective on the future of media – a must-read for anyone interested in the industry's evolution.
