PR/Media Week in Review 9-21-2008

Mark Rose, Editor, PRBlogNews, PR/Media Week in ReviewWhat a week it was, starting with Lehman’s bankruptcy, through AIG’s bailout, wild gyrations in the market, capped with a supposed $700 billion plan for the government to enter the toxic mortgage business. What will next week bring? According to Joe Nocera of the NYTimes, the big government bailout is a Hail Mary pass that can be intercepted in the end zone. Several others agree. Stay tuned for the second half.

The worse the financial markets become, the more financial issues are pushed to the fore, especially in the heat of a Presidential race, the more more we rely on financial media to report and analyse critical issues. This week the Wall Street Journal online rolled out a radically new look with several intriguing social media tools – just in time for our greatest financial crisis since the Great Depression. Nobody has ever accused Rupert Murdoch of not being canny, propitious or just plain lucky.

Mark Rose Wall Street Journal ommunitiesThe Wall Street Journal Community is Murdoch’s attempt to offer the Journal audience a taste of MySpace, with message boards and interest-related groups, profiles, etc. This might work for business people who don’t find value in Facebook-like social communities and professional-level job hunters who want to participate in social media media without tarnishing their cred – or it might be one ‘online community’ too many.  Also, see All Things D. - meaning All Things Digital, from the Journal,playing to the natural geek tendencies of Wall Streeters and the high demographic Journal audience.

Murdoch moved rapidly to remake the moribund Journal print edition and online offering. Both desperately needed it. I suspect that the following weeks will be just as dramatic as the last – hundreds of billions of taxpayers dollars are at stake, the final days of the Presidential campaign are approaching, the stock market will likely react with wild swings, and we’ll rely on the financial media to explain it all. Rupert to the rescue!

I am now following NYTimes, L.A. Times Travel section and CBS Early Show on Twitter.  Mainstream media is beginning to catch on – and I may be seeing some value in Twitter beyond knowing that blah blah had a double macchiato in Seattle at 10:32 this morn. You can follow me at http://twitter.com/markrose

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