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Friday, July 06, 2012
Video: Foodie Craze: Social Media “Taste Tests”
Angela Wei is a cousin of mine
Video: Foodie Craze: Social Media “Taste Tests” | June 25, 2012
Blogs, websites, & apps dedicated to eating have made the business of food more competitive in an industry known for tight profit margins. We take a closer look at how old & new media is changing the way we eat.
GHARIB: Technology is transforming how we decide what to eat. In an industry already known for tight profit margins, things like blogs, web sites and apps dedicated to eating have made the business of food more competitive. Tonight, Erika Miller kicks off our week long look at the foodie craze reporting on how both new and old media are changing the way we eat.
ANGELA WEI, CHIEF DIGITAL OFFICER, ARNOLD/NYC: Food is something that is to be shared. It is used in celebrations, in life, in love, in death, in rituals, in religious ceremonies.
ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: So, it’s natural that many people are passionate about what they eat and where they eat it. Thanks to technology, there have been big changes in how we share our meals.
WEI: You go on the Internet. You search Yelp or maybe you are walking outside and you are saying hey, what’s good to eat nearby? Then you go to an open table. You make a reservation. You email your friends to tell them, hey, meet me there. Your friends get there. One friend is sort of checking in on foursquare. The other is sort of tweeting about your get-together.
MILLER: Restaurants know this and are doing whatever they can to make social media work to their advantage. There are 580,000 restaurants in the U.S., a number that’s been falling the past few years. The hardest hit have been independent, mom and pop restaurants. For them, especially, customer reviews on sites like Yelp have a direct impact on the bottom line.
TOM FORTE, EQUITY ANALYST, TELSEY ADVISORY: Positive reviews on Yelp are positively correlated to restaurant sales. So I think it’s helpful for restaurants to get user generated content and people to favorably review their restaurant on Yelp and on opentable as well.
MILLER: Of course food magazines haven’t gone away. But advertising revenues for food magazines fell over 16 percent last year on top of a 17 percent drop the prior year. Both represent the biggest declines of any category.
FORTE: If I’m a publication and I’m only going to print once a week or once a month, then the data on the reviews is a lot more stale then last night or today’s review on a user generated content standpoint.
MILLER: One new trend in the foodie craze is ultra-personalization. There are now blogs, websites and apps on everything from bacon to vegan friendly food trucks. Erika Miller, NBR, New York.