Page 13 - Latino Boom II

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I n t r o d u c t i o n
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after opportunity this country has, and yet we are still viewed myopi-
cally by many, if not most, Americans. My hope is that this book will
help change that…at least a little.
A lot has changed since I wrote my first book in 2005. In July of that
year, News Corp. acquired MySpace for $580 million, signaling for the
first time the importance of social networking in the media ecosystem,
even though Twitter didn’t yet exist.
Six years later, News Corp. sold MySpace for $35 Million, Twitter
became the media darling
du jour
, and Facebook became the billion-
dollar baby that it is today.
Many of these changes are fueled by advances in technology in
smartphones and tablet computers. Google, with its Android platform
(Google acquired Android Inc. in August 2007), and Apple make prod-
ucts that are not only beautiful (the iPhone came out in July 2007 and
the iPad was launched in September 2010) but user-friendly, and con-
sumers have adopted them very, very quickly.
The media industry, rightfully, first viewed these advances with trep-
idation but has learned to embrace them so they are not left behind as
the music industry was with the rise of Napster a decade earlier. In May
2007, ABC started offering online streams of some of its most popular
television shows, including
Desperate Housewives
and
Lost
, for free the
day after they first air on broadcast TV. At the time, analysts said it was
a very bold move that had the potential of shaking up the TV industry
because it gave consumers control of when and how they wanted to
watch TV. Today consumer control is a given and it has become the big-
gest challenge
and
opportunity facing media companies.
The American consumer has also changed fundamentally, thanks to
the extreme highs and lows we have experienced in both our economy
and politics. Led by Wall Street greed, the housing bubble burst, send-
ing this country—and the whole world—into the deepest recession
it has seen since the market crash of 1929. As a result, the unbridled
American consumer spirit is now cautious about spending and rethink-
ing why and how they buy products and services at every level. But
as the Baby Boomers start retiring at the rate of 10–15,000 a day, the