The Australian Information Industry Association (AIIA) said today that events of the past week have shown the pervasive power of online communication.
“The steady rise of electronic broadcasting has reached a critical mass in 2008,” said AIIA CEO Sheryle Moon. “The demise of the Bulletin this week, Australia’s oldest print news magazine, clearly demonstrates the power of paperless communication in the marketplace.”
“Today’s consumers expect to receive information immediately. Instant news is no longer a novelty, it’s the minimum standard in an information economy,” Ms Moon said.
Already 2008 has provided a number of examples of the consumer demand for news and current affairs to be delivered as it happens.
“This week’s share market crash was the first for Generation Y investors,” Ms Moon said. “And they didn’t wait to read the analysis in the newspapers the next day.”
“Investors watched their plunging investments in real time on the internet, and then turned to blogs, forums and chat rooms for analysis and advice.”
The unfortunate death of Heath Ledger also demonstrated the consumer’s enormous appetite for breaking news, and the impossible task faced by paper media in attempting to keep up.
Crikey.com.au published a timeline of online media reports that shows world-wide media saturation within hours of the announcement.
“A new beast is making its presence felt – ‘the Info-vore’ – and its hunger for information knows no bounds. It is proof we want information saturation, and that information overload will not be a problem in the new world order.”
“Even for the most respected commentators, the opportunity to provide printed analysis on a weekly, or even daily, basis is passing. The closing of the Bulletin reflects the information standards of a new generation,” Ms Moon concluded.

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Sheryle Moon
Chief Executive Officer
Australian Information Industry Association
Mobile: 0419 708 675
s.moon@aiia.com.au