October 13, 2023
Members Only

Competition Is Irrelevant in Media

There is an inherent fear of competition in business. So many people hide information about their companies in fear of competitors learning secrets. And in some industries, that makes a lot of sense. When you are developing a brand new technology, protecting it from competitors is unbelievably important. In 2001, the U.S. Department of Justice published a report that said “economic espionage costs the United States $100 billion each year in lost market share.” So, I completely get why businesses are afraid of competition.

But media businesses are unique in that their fear of competition is almost entirely a waste of energy. On the contrary, I would argue that competition is exactly what you want to see in media for two reasons. First, it acts as a massive validator. And second, it keeps you paranoid enough to not get complacent.

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