Adapt or die. It is a simple
business phrase, yet so effective in encapsulating the shift of ownership of The
Washington Post to Amazon.com founder Jeffrey P. Bezos. After a lucrative
career starting and expanding the well-known online shopping community, Bezos
has decided to take on the challenge of jump-starting the renowned, but
struggling newspaper.
Critics of the ownership change are wary of Bezos’ lack of experience in the news industry, and worry he will change the political watchdog direction of the Post simply by moving to a more online format.
It is difficult to believe Bezos would have such interest in a $250 million purchase if he had no preplanned vision or fresh ideas for a currently stale news format. While it has been noted this purchase is not a great financial risk for the billionaire, is it foolhardy to believe this is a uncommitted decision, especially considering the faith in the sale by the Graham family, previous owners of the Post and noted for their belief of the importance of a newspaper with a strong backbone.
Meanwhile, the concern over moving the Post more wholeheartedly online and losing political clout is a popular one, but this should be addressed regardless of new ownership. The future of news is online, and this is no longer a topic of debate. In a survey conducted by Pew Research, 39 percent of responders stated they got their news online in2012, a
significant increase from 24 percent in 2004. The issues with news agencies,
and specifically newspapers, today are how to distribute content online, and
how to profit from it. Print advertising revenue decreased from $44.9 billion
in 2003 to $18.9 billion in 2012, but online advertising revenue in 2012 was
only $3.4 billion, according to Pew. With such a need for increased revenue, it
is difficult to come up with a stronger candidate to lead this charge than a
businessman with such an impressive track record in barrier-breaking online
vending and formatting.
Where Bezos needs to be cautious is from a logistical standpoint. He has never run something with the specific complexities of a newspaper, with its own rules and regulations that the savviest entrepreneur might struggle to follow. For this reason, however, Bezos says he has no plans for a wholesale change in operations, and it is to his benefit to keep a majority of upper level staff to help him with this transition.
Bezos needs to be even more careful in how he structures his day-to-day involvement with the paper. He has stated that he plans on living inSeattle ,
and will not directly oversee daily news output. In a recent meeting Bezos held
with staff from the Post, he said, “Don’t be boring.” Bezos needs to
balance a very delicate line of involvement when dealing with an established
paper and award-winning journalists. The Post will not undergo rapid
change in the next few months, and as such, Bezos needs to make sure to not
come off as a rich mogul from the West Coast buying a broken toy he’d have fun
fixing. Phrases like “Don’t be boring,” aren’t exactly new to a news agency,
and reading into such a statement as condescending wouldn’t be the biggest
stretch of opinion.
Taking a step back, this is not Bezos’ first go round leading a large company. He will implement his own methods that were so successful with Amazon, while doing his best to adapt to the challenges he will face in the news industry. Adapt or die.
Critics of the ownership change are wary of Bezos’ lack of experience in the news industry, and worry he will change the political watchdog direction of the Post simply by moving to a more online format.
It is difficult to believe Bezos would have such interest in a $250 million purchase if he had no preplanned vision or fresh ideas for a currently stale news format. While it has been noted this purchase is not a great financial risk for the billionaire, is it foolhardy to believe this is a uncommitted decision, especially considering the faith in the sale by the Graham family, previous owners of the Post and noted for their belief of the importance of a newspaper with a strong backbone.
Meanwhile, the concern over moving the Post more wholeheartedly online and losing political clout is a popular one, but this should be addressed regardless of new ownership. The future of news is online, and this is no longer a topic of debate. In a survey conducted by Pew Research, 39 percent of responders stated they got their news online in
Where Bezos needs to be cautious is from a logistical standpoint. He has never run something with the specific complexities of a newspaper, with its own rules and regulations that the savviest entrepreneur might struggle to follow. For this reason, however, Bezos says he has no plans for a wholesale change in operations, and it is to his benefit to keep a majority of upper level staff to help him with this transition.
Bezos needs to be even more careful in how he structures his day-to-day involvement with the paper. He has stated that he plans on living in
Taking a step back, this is not Bezos’ first go round leading a large company. He will implement his own methods that were so successful with Amazon, while doing his best to adapt to the challenges he will face in the news industry. Adapt or die.
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