SEC To Recognize Corporate Blogs as Public Disclosure. Can We Now Kill the Press Release?

Giving everyone what they need and how they need it, requires a different approach. Almost every press release issued today is done so without video or audio, and many still do not include links to additional information or supporting content.

While these multimedia pieces are underlying components of SMRs, there's more to the presentation than multimedia content. The value of aggregating Social Media in one digital release connects information and content across social networks with the people looking for it, as well as the conversations that bind them together.

Picture a blog post that announced corporate data (not unlike a standard financial press release) but now, along with a custom video hosted from YouTube, supporting graphs and exec images funneled from flickr, pre-recorded audio podcasts/conferences piped in from iTunes, packaged market data sourced from Docstoc, related company and landscape stories and public commentary linked from Delicious. Content can also push to micromedia services such as Twitter, Identi.ca and FriendFeed to contribute to the company's brandstream. In a sense, the Social Media Release, hosted as an elegant and media rich blog post, acts as an aggregated hub for these disparate brand beacons, and at the same time, each piece is findable and sharable within each social network and they all point back to the Social Media Release.

Also, the SMR can feature tags and outbound links to increase exposure in social networks and blog-specific search engines.

Disclosure is an Expensive Business

Naturally, this at the very least, represents a potential harbinger of doom for each of the popular wire services.

A significant percentage of their lifeblood is tied to market-relevant or earnings content that, until now, required wire services, and hundreds of dollars (in some cases over $1,000) per announcement in order to satisfy SEC disclosure. For many companies, a fixed budget for disclosure absorbed the critical resources necessary to support the activity of sharing news and therefore relied upon wires to do their public and investor relations on their behalf.

But as many PR and IR professionals will concede, issuing releases on the wire is merely an expensive step in a process of creating and distributing news using traditional tools. If you represent a publicly traded company that is actively monitored by market influencers, it's very likely that your press release will reach their systems via the wire.

These days, it's almost certain that a reporter or analyst will, in the best case, see and file the release but most often, the very people we hope will find and in turn, report on the information discovered, will honestly never know that you released news at all unless they're proactively contacted. Any good public relations or investor relations professional will ensure that their top financial and business contacts are alerted to upcoming news, without giving away the news, in advance.

There is no substitute for the real world relationships we forge in order to bridge the right content specifically for the right people.

Do these new guidelines offer companies the ability to shift some or all of its wire budget back into the critical role of outbound support for corporate news?