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The sleeping giant (iii)

Here is the full text of Rupert Murdoch’s speech to the American Society of News Editors. Below are some further quotes from the speech:

At the same time, we may want to experiment with the concept of using bloggers to supplement our daily coverage of news on the net.

And with the growing proliferation of broadband, the emphasis online is shifting from text only to text with video.

While the technology still develops in this area, we today face the more immediate challenge of transforming our offline classified businesses into online marketplaces. And not just for the traditional cars, jobs and real estate categories. What we’re learning is digital natives increasingly are finding their dates, their plumbers and their restaurants online.

Read the whole speech – it’s fascinating.

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The sleeping giant (ii)

“The threat of losing print advertising dollars to online media is very real,”

That’s Rupert Murdoch speaking in another quote from his speech to the American Society of Newspaper Editors.

“They don’t want to rely on a God-like figure from above to tell them what’s important,” he said. Not making these changes would mean the newspaper industry would “be relegated to the status of also-rans.”

This more fulsome reporting of the public reality check for News Corp. can be found in this report from MSNBC.

Then there is this amazing quote in this story on the Editor and Publisher website:

“I fear technology, and our response to it, is by no means our only challenge. What I worry about much more is our ability to make the cultural changes. We are too out of touch with our readers. We worry too much about whether we have the story than whether anyone wants the story.”

The commentary on this story will be worth reading in the coming days. Again, newsagents need to develop their own commentary.

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The sleeping giant stirs – News Corp to embrace the Internet

Rupert Murdoch, Chief Executive of News Corp., speaking at the annual meeting of the American Society of Newspaper Editors, urged newspaper editors to embrace the Internet.

“The trends are against us. Unless we awaken to these changes which are quite different than those five or six years ago, we will, as an industry, be relegated to the status of also-rans.” Rupert Murdoch.

Murdoch cited this report from the respected Carnegie foundation which we discussed in a blog entry on April 4.

Newspapers across the globe are reporting the stirring of News Corp. with most taking the Associated Press feed as this report in the LA Times shows.

The core of the News Corp. strategy must be the elimination of barriers between their business and consumers, the elimination (or dramatic reorganisation) of the supply chain, the growth of the online model while protecting revenues as much as possible from physical product as much as possible.

Newsagents need to read the Carnegie report and plan for the future just as News Corp. is doing today.

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