I’ve been holding off writing a post (this is the closest thing to it) on why we’re not laying off anyone… but Barry Diller nails it:
The idea of a company that’s earning money, not losing money, that’s not, let’s say, ‘industrially endangered,’ to have just cutbacks so they can earn another $12 million or $20 million or $40 million in a year where no one’s counting is really a horrible act when you think about it on every level. First of all, it’s certainly not necessary. It’s doing it at the worst time. It’s throwing people out to a larger, what is inevitably a larger, unemployment heap for frankly no good reason.
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WatchMojo NewsletterMedia sexy, but it does it pay the bills? I wasn’t even talking of only digital media, but all of media. Check out what NBC CEO Jeff Zucker has to say about digital media:
Faber: WHAT ACCOUNTS FOR THAT? RELUCTANCE ON THE PART OF ADVERTISERS?
Zucker: I THINK IT WAS THE LAST THING WE WENT INTO. THE FIRST THING WE’LL COME OUT OF TYPE OF MENTALITY. WHETHER THAT’S RIGHT OR WRONG, I THINK THAT IS WHAT HAPPENS. THE DIGITAL MARKETPLACE IS MUCH MUCH SLOWER THAN ANYBODY HAD ANTICIPATED. SO WHERE IS DIGITAL? I THINK IT’S STILL AN OPPORTUNITY . I THINK IT’S GOING TO CONTINUE TO GROW. IT’S NOT GOING TO BE WHAT PEOPLE THOUGHT IT WAS. CERTAINLY IN THE SHORT-TERM.
Faber: THAT’S NOT GOOD NEWS.
Zucker: PEOPLE HAD BEEN COUNTING ON THE DIGITAL EXPOSURE. I HAD BEEN TRYING TO TALK ABOUT THE FACT THAT EVEN AS IT GREW, IT WAS NOT NECESSARILY THE BIG GROWTH ENGINE FOR THESE LEGACY MEDIA COMPANIES THAT WERE TRADING THOSE ANALOG DOLLARS FOR DIGITAL DIMES. WE’RE NOW UP TO DIMES. THAT’S AN IMPROVEMENT.IT’S STILL NOT A DOLLAR FOR A DIME KIND OF BUSINESS THAT I WOULD LIKE TO BE IN.
Faber: BUT IT IS THE LONG-TERM FUTURE OF THIS INDUSTRY
Zucker: IT’S LONG-TERM BUT NOT — WE’RE GOING TO HAVE TO CONTINUE TO REDEFINE THE ECONOMIC MARKETPLACE WITH REGARD TO DIGITAL BECAUSE WE CAN’T JUST EXCHANGE THOSE ANALOG DOLLARS FOR WHATEVER THE DIGITAL DIMES ARE.
Funny, look at what was said of Hearst:
The Hearst news empire reached a circulation and revenue peak about 1928, but the economic collapse of the Great Depression and the vast over-extension of his empire cost him control of his holdings. It is unlikely that the newspapers ever paid their own way; mining, ranching and forestry provided whatever dividends the Hearst Corporation paid out.
Interesting, no?
