Listen Now: Tech and the Media
Barry Diller is the billionaire media mogul behind companies that include Expedia, Match.com and Home Advisor. And despite his work in the field he says that one day soon all established media firms will be answering to the tech giants. In fact, he went so far as to say media companies will essentially be serfs living on the land of Facebook and Google. Diller says while the media used to dominate the free flow of information that power is quickly shifting to social media sites that have a much larger user base.
It’s no secret that people are getting more of their information, real or not from Facebook friends than the news. And in addition to more viewers Google and Facebook also dominate the advertising field because more eyes mean more money. But according to Diller the amount of power is going to mean government regulation because at some point big is just to big for individual companies to handle; and the government will want a piece of the pie.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.