There’s no question that newspaper and magazine publishers are facing major disruption. That’s largely due to four major trends that are rapidly changing how people consume media:
In parallel to these consumption changes, new modes of advertising have emerged. Many companies have reacted to these trends by cutting costs. Others have begun taking simple steps to adapt their businesses for the digital age. These tactics are understandable and appropriate, but they are not enough.
Transformation means committing to long-term change. For print media companies, that requires a complete overhaul in how they think, plan, operate, and define success in virtually every aspect of their business. Businesses must ask:
There are three steps to success when it comes to transformation: