Lesson #3: Stay Ahead of the Times
Lesson #3: Stay Ahead of the Times
He began his career as a newspaperman, wholly devoting himself for decades to the print medium and its possibilities. But, Murdoch was not one to lose out on an opportunity or miss a new trend. By keeping an eye to the future, Murdoch has successfully guaranteed himself a place in the ever-changing world of media and technology. When many had written him off, Murdoch forcefully swung back and subsequently landed himself a prominent role in the future.
“Societies or companies that expect a glorious past to shield them from the forces of change driven by advancing technology will fail and fall,” says Murdoch. “That applies as much to my own, the media industry, as to ever other business on the planet.”
With the tremendous and rapid growth of the Internet, Murdoch has had to learn how to adapt his company and seize new opportunities, or flounder among the competitions. He understood that the power of traditional media was diminishing and if he wanted to maintain his dominance, he would have to embrace change instead of try to hinder or ignore it. While he does not believe that the newspaper will die, he says it will be dead if it does not learn how to change.
“Size and synergies between the different segments of the company matter,” says Murdoch. “As far as we are concerned, the Internet is broadening our opportunity, as well as for other big media companies with huge resources in sports, entertainment and news. There’s just more opportunity.” Towards this end, Murdoch has been increasing his presence on the Internet, through such acquisitions as MySpace.com, one of the most popular sites online today with over 60 million users as well as beefing up content on his newspapers’ websites. His television company, Sky has also begun making its programs available online and on cell phones.
“I think we're on the eve, you know, of an era of a golden age for media,” says Murdoch. “All these wonderful inventions are nothing if you can't put something on them - they've got to have content. And that's what our business is, creating or reporting news and creating entertainment. And I think we've got to do more of it and take advantage of these great opportunities ahead of us.”
Murdoch remains devoted as ever to seeking out and taking advantage of these new opportunities. He may be in his 70s, but he continues to demonstrate his ability to look into and anticipate the future.
“We probably haven’t heard the name of what will be the world’s largest company in 2020,” says Murdoch. “Indeed, that company may not even exist yet – although I hope that it does, and that I know its name!”
Lesson 3 Stay Ahead of the Times
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“I think we’ve been an agent for change, everywhere, and I think change frightens people,” says Murdoch. “They’re going nicely in what seems like a settled industry, and someone comes in and says, ‘I can do this better. It doesn’t matter how nice that other one is.’ That’s one of the distinguishing points of our acquisitions.”
He began his career as a newspaperman, wholly devoting himself for decades to the print medium and its possibilities. But, Murdoch was not one to lose out on an opportunity or miss a new trend. By keeping an eye to the future, Murdoch has successfully guaranteed himself a place in the ever-changing world of media and technology. When many had written him off, Murdoch forcefully swung back and subsequently landed himself a prominent role in the future.
“Societies or companies that expect a glorious past to shield them from the forces of change driven by advancing technology will fail and fall,” says Murdoch. “That applies as much to my own, the media industry, as to ever other business on the planet.”
With the tremendous and rapid growth of the Internet, Murdoch has had to learn how to adapt his company and seize new opportunities, or flounder among the competitions. He understood that the power of traditional media was diminishing and if he wanted to maintain his dominance, he would have to embrace change instead of try to hinder or ignore it. While he does not believe that the newspaper will die, he says it will be dead if it does not learn how to change.
“Size and synergies between the different segments of the company matter,” says Murdoch. “As far as we are concerned, the Internet is broadening our opportunity, as well as for other big media companies with huge resources in sports, entertainment and news. There’s just more opportunity.” Towards this end, Murdoch has been increasing his presence on the Internet, through such acquisitions as MySpace.com, one of the most popular sites online today with over 60 million users as well as beefing up content on his newspapers’ websites. His television company, Sky has also begun making its programs available online and on cell phones.
“I think we're on the eve, you know, of an era of a golden age for media,” says Murdoch. “All these wonderful inventions are nothing if you can't put something on them - they've got to have content. And that's what our business is, creating or reporting news and creating entertainment. And I think we've got to do more of it and take advantage of these great opportunities ahead of us.”
Murdoch remains devoted as ever to seeking out and taking advantage of these new opportunities. He may be in his 70s, but he continues to demonstrate his ability to look into and anticipate the future.
“We probably haven’t heard the name of what will be the world’s largest company in 2020,” says Murdoch. “Indeed, that company may not even exist yet – although I hope that it does, and that I know its name!”
Lesson 3 Stay Ahead of the Times
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