Gregg Robins, Managing Director of Netburn McGill noted in his panel moderation role that although online ads have garnered much of the buzz in today's online media market, premium content sales are the quiet untold story. But together they're really complementary phenomena along a continuum as Steve Sieck, Managing Partner of EPS-USA noted in his presentation on the nature of rich data. Steve sees that providing rich data enhancement is a phenomenon that draws together content technology users, publication readers and advertisers in different ways in different market sectors: In legal rich data centers around e-discovery, electronic filings, online directories and workflow integration; in scientific and technical companies rich media enhances patent analytics and workbench data publications, and so on. So what IS "rich data?" Like the proverbial "I know it when I see it" statement about art, rich data seems to be more in the experiencing than the being: Steve sees it as content that's discoverable, browseable, cross-referenceable, repurposeable, reconfigurable, workflow-insertable and manageable. It's content that's Google-proof - by learning how to use search engines to enhance and not degrade content value. In other words, it's vContent - highly valued content that finds its greatest use in the most valuable human and technology venues available.

Developing this high-valued type of content is not without complication. As David Nichols, Partner at Morgan, Lewis and Bockius LLP pointed out, it's more important than ever in this enhanced content environment to be aware of and define carefully the patents, trademarks and secrets that can keep rich data advantages safe. But as Jim King, SVP of Business Operations at McGraw-Hill Construction notes, there are huge opportunities for rich data that far outweigh the risks - especially in lost productivity due to content failing to be interoperable with client systems is measured easily in the billions. "Google is always there, waiting to be searched," Jim notes, but an effective integration of well-designed content such as their construction project database with client data and client systems via efficient metatagging, XML formatting can greatly improve the odds that content will be usable - and reusable - in the right context, preferably on the local networks of major clients where it becomes a part of the company's work environment. Sometimes channel conflicts may arise, such as when integrated content is also available on the open Web, but in general Jim sees that these are relatively good problems to have - "There's enough to go around for everyone," he notes, as rich data assets will grow in value as they add more capabilities for integration.

From the perspective of a company investing in content companies rich data is important because it's where the growth is. Tolman Geffs, a Managing Director of The Jordan Edmiston Group, Inc. sees rich data creating high barriers to competitive entry due to high up-front investments as well a high margins once the investments are in place. Tolman notes that while "not frothy," M&A activity is up for database-centric publishers with healthy earnings multiples (10-13x), but not for the publishing sector as a whole. Most importantly, Tolman sees the security in business-oriented rich data lying in its inherent integration into client workflows: the value is not so much in the database itself or its editorial content but in its ability to provide a captive audience - an audience that is more likely to be receptive to value-add plays.

The most interesting point that came out in the Q&A session for this panel was the need for more focus on what was termed "superdistribution" - enabling individuals and institutions to be cooperative redistributors of premium content via their own systems and client relationships. As content becomes ever more imbedded in client workflows, emails and portals this is going to become the next "elephant in the living room" needing to be addressed. Be it via rights management software or other enabling technologies, database publishers need to consider how the enhancement of rich data by their clients via redistribution and recombination with other content sources can enable these clients as active business partners for furthering content value. Rich data is enriching its creators, but the true riches of commerce-enabled content objects are just beginning to be tapped in this unfolding environment.