“Media Companies on the Verge of Panic”

Posted: October 28, 2005 in Uncategorized
Don’t think traditional media companies are feeling the heat from online folks?
 
That tabloid-like quote came from Martin Sorrell, CEO of WPP, the world’s second-largest advertising company.  Mr. Sorrell spoke at a recent Internet Advertising Bureau (IAB) conference.
 
Surprisingly candid, here are some choice tidbits:
 
     "Media companies like News Corp. are on the verge of panic amid seismic shifts brought on by the Internet."
 
     "Declining circulation, viewership and revenue figures had big media companies running scared."
 
     "Most of these companies, ours included I suppose, are run by 50- or 60-year-olds who have trouble getting it, and who really don’t want to see change on their watch."
 
 
Wow. 
 
My second instinct — as a business person — is to revel in yet another piece of validation that online advertising will continue to explode through the end of the decade.
 
My first instinct, though — as a human being — is a momentary sense of sadness… same twinge felt whenever something’s time has come.
 
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