BoSacks: No B.S.: The Benefit of Tracking Trends
What about digital magazines? Yes, there, too, we see higher highs in revenue and published copies that are available.
The big publishers are chart followers, too. David Carey, president of Hearst Magazines, is fully invested in the digital phenomenon. He has been a driving force of innovative thinking that places Hearst with a long-term and positive view of our industry. Last month he stated, "Hearst should reach the $10-million mark in e-subscriptions by summer 2012." Carey said that Hearst had 300,000 paid digital downloads a month and "that number is going to double for us in short order."
John Loughlin, executive vice president and general manager of Hearst Magazines, said recently, "For those who can crack the code, digital will mean the reinvention of the magazine business." I believe that he, too, is a trend watcher.
And the last quote I will send your way is from Condé Nast President Bob Sauerberg, who said, "We have a $15- million business that came out of nothing, that didn't exist a year ago."
Over the next 10 years or so, we, as publishers, will be living through one of the most volatile realignments the publishing industry has ever seen. It will change the very nature of what we do, transforming our industry from primarily a print-oriented business to one where digital products will represent the largest share of a smaller periodical industry. You can see this on a trend chart, and you can also just look around you and see the communications technology that surrounds us and that we use every day.
The tip I would like you to strongly consider is where your career is trending in relation to the industry. Is it on a higher-lows and higher-highs trend, or something else? Keep your eye on all the trends in your life and act accordingly. PE