It seems as if no self-respecting news organization can ignore the Web 2.0 movement these days. Many now have some sort of “wisdom of the crowds” style content, in addition to RSS feeds, blogs, and so on.
Midas Oracle has covered some of the new relationships that are developing. I recently talked about MarketWatch.
Expect more to happen … and perhaps quickly, too.
I was at lunch with some friends yesterday, and it was agreed that this type of content is now going to be part of the cost of doing business for media companies. In other words, as a news organization, you will have to have a “wisdom of the crowds” strategy, and often this will include having a prediction market on your web site.
This is new territory for prediction markets. Before, the reason they existed was to make predictions. Now, it seems, they exist to produce content. The prediction will be secondary.
A good development? I don’t know. Inevitable? Absolutely.
As always, thanks for listening.
~alex
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Midas Oracle .ORG » Blog Archive » The new fad = Media/Publishers + Prediction Exchanges // Apr 4, 2007 at 9:05 am
[...] P.S.: Alex Kirtland is bullish on this kind of partnership. Read the last blog posts by Chris. F. Masse:WARNING TO GOOGLE’S BO COWGILL: THIS BLOG POST HAS NOTHING TO DO WITH PREDICTION MARKETS.WARNING TO GOOGLE’S BO COWGILL: THIS BLOG POST HAS NOTHING TO DO WITH PREDICTION MARKETS.Gambling, Betting, Second Life, the FBI, the DOJChris Masse’s short thoughts on The Financial Times + play-money InTradeIran War prediction marketsWHO IS MANIPULATING THE SARKOZY PREDICTION MARKET AT FT PREDICT??Will the InTrade API work on the play-money prediction markets??How to snatch BetFair’s deep linksMidas Oracle gives a GIANT thumb’s up to the prediction markets.Was REUTERS a decoy for THE FINANCIAL TIMES??Competitive Enterprise Institute’s Center for Entrepreneurship to help for the legalization of real-money prediction markets in the US??Are Nicolas Sarkozy backers right to be so confident?Store the link to this Midas Oracle blog post with: [...]
Midas Oracle .ORG » Blog Archive » MIDAS ORACLE REACHES THE COMMUNITY OF PREDICTION MARKETS WITH THREE GROUP BLOGS. // Apr 4, 2007 at 9:44 am
[...] #6. Deepen the concept of “X Groups”, and discover ways to juice it. [I’m not the only one bullish on that, it seems.] [...]
alex, i think you’re right on target with this one… in fact, i think there’s going to be a bunch of web 2.0 startups & companies coming out with niche prediction markets for their own verticals / communities.
btw, i just wrote a short article on the topic of social networks & prediction markets that’s coming out in O’Reilly’s next Release 2.0 newsletter. would love to hear what you think of it.
regards & keep up the great posts,
- dave mcclure
http://500hats.typepad.com/
Midas Oracle .ORG » Blog Archive » MIDAS ORACLE: THE FUTURE OF PREDICTION MARKETS // Aug 29, 2007 at 12:34 pm
[...] #6. Deepen the concept of “X Groups”, and discover ways to juice it. [I’m not the only one bullish on that, it seems.] [...]
Prediction Markets as Content, Part 2 | Midas Oracle .ORG // Jan 5, 2008 at 4:59 am
[...] Back in April I started talking about how Prediction Markets will be part of many news organizations’ “citizen-generated” content strategy going forward. [...]