Seemingly, Coinbase is interested in watching its own media arm, unlike a typical newsroom. However, the person that would report would be reporting to the Coinbase marketing team. They are looking to hire about thirty personnel from top crypto websites along with other traditional media sources.
It kind of falls in line with many other Silicon Valley firms. These firms such as a16z have hired out their own media arms to conduct their own brand of marketing. Therefore, it is falling along with that typical narrative. However, there is much of the media out there and there is many typical mainstream media that is moving into crypto as well. It is interesting to see that there is a lot more interest in crypto media right now. There is also a lot of interest in getting people who know crypto and write about it well into jobs. This is a bit different from a typical media narrative where many people are laid off during rough times like covid-19.
There is a change in how media works nowadays and maybe it will go back to its old form or something else. Nonetheless, there is a traditional way of doing things where there is are independent media organizations. Then there are these new up-and-comers where many times companies hire their own media wings. They want objectivity and any sort of reporting that is always key to the information that is being put out. Then you have questions about the objectivity when you have a newsroom that is owned by a parent organization.
We have been hearing in crypto for a while with crypto founders who have been advising to go direct and take crypto start-ups. They have been saying that a media outlet is not required to intermediate a firm’s relationship with its clients, fans, and community.
It was seen a16z, which is a very prominent Coinbase packer that they want to stand up their own direct-to-consumer media operation. They are seeking to hire to do that as well. The fact that Coinbase is being seen follow that playbook is a little bit to be expected. It is in keeping with crypto ethos, it is in keeping with Silicon Valley that is presently fascinated with what they see as an anti-tech press. So the fact that they are committing resources to stand up for something that gets their side of the story out there is logical. More companies are expected to follow suit and it is only reasonable.
The downstream repercussion is interesting and it leaves us with many questions. The game theory of how the traditional media will respond if this thing gets legs and more companies go direct? What is the role of independent media? Maybe it will become more adversarial or maybe it will become more selective in what it picks to cover. Things will take an interesting turn five years down the lane when more companies join Coinbase and try to take this approach.