Not only does Steve Forbes know our business, he lives it. Forbes Inc. is an 88-year-old publishing company riding the cusp of the Internet and new media challenges. Having invested tens of millions into the Internet, the president and CEO of Forbes Inc. and editor-in-chief of Forbes magazine continues to be very optimistic about the power of print. In addition to his intimate dealings with the printing industry as a magazine publisher, Forbes will offer viewpoints on many national topics near and dear to those attending the WOA conference.
Forbes and I recently talked about his favorite topics. First and foremost was the magazine and publishing business. He relayed that readership for Forbes magazine has remained about the same over the recent past; they have not seen a loss of readers in the broad sense. Even so, he admits marketers have really become enamored with new media.
Forbes believes that newspapers are in a more challenging position (in comparison to magazines). The reason: people’s habits are migrating to an early morning review of Websites for the latest headlines that did not make the overnight editions. Newspapers will adjust to this by publishing more feature stories. Forbes used the example of The Wall Street Journal carrying a feature on Larry Summers’ departure from Harvard in addition to the headlines of his leaving. “News is more of a commodity and the role of print is going to be in value-added and not tied to fast-breaking news items.
“The cult of personality is also doing just fine,” according to Forbes. We talked about Martha Stewart Living as an example. Forbes compared the similarities of online retail and brick-and-mortar stores to print and the Internet co-existing. Publishers realize that they must do cross-marketing.