Good info in this August 2013 article:
Justin Smith, the new CEO of Bloomberg Media Group, is emerging as one of the trailblazers. His track record at The Economist, The Week and, most recently, The Atlantic suggests a willingness to embrace new media models in the service of supporting quality content.
Summary: embrace change, accept uncertainty, act like entrepreneurs, quality always wins, and fight complacency.
Smith’s vision for media, as laid out to his new charges, is to embrace change, lean on quality in a noisy media environment, and adopt some of the principles of Silicon Valley when it comes to talent and taking risks. Here are excerpts from Smith’s email.
“The media industry is bifurcated into two distinct worlds: the struggling traditional segment that longs for a simpler, more profitable past that will never return; and the vibrant, entrepreneurial segment that is reinventing the industry before our eyes. The simple act of choosing to live on the new, wide-open frontier is a powerful step toward success.”
“Anyone who tells you they can predict the future state of media and its consumption patterns or business models isn’t being honest. No one knows where things are going and how they’ll play out. To succeed, we must accept this state of confusion and embrace the chaos. When there’s no obvious right answer, we’re forced to experiment, and examine new, sometimes uncomfortable, ideas. In media in 2013, invention, creativity and ingenuity are the currencies of success.”
Act like entrepreneurs.
“One definition of entrepreneurship is the ability to evolve your product, business model, technology, or talent base to capture a changing market opportunity. Moving quickly is paramount: the faster you move, the more you learn, and the sooner you can optimize for success.
Quality always wins.
There will always be a robust market for quality content. No technology will ever erode this demand. It’s our job to keep our standards high as we experiment.
This is not to say that intermittent failure is not an important part of the innovation process and something that should be embraced at times. This description refers to a mental rash —an early warning system—that signals the need for immediate business intervention and
The Flip Side
Contrast that with this August 2013 post Facebook mobile lessons that may apply to media
News executives have expressed an ongoing doubt that mobile will make money, taking a “wait and see” approach in making significant investments.
More people reading news on tablets - Oct 08, 2013
LA Times new website design - May 2014 - May 27, 2014
Plain Dealer newspaper downsizes due to changes from print to digital - Oct 08, 2013
Digital media and web services unbundling their products - Jun 04, 2014
Consumer trends for accessing newspaper info - July 2013 - Mar 03, 2014