Is Condé Nast the Most Important Media Company of the 21st Century?

In 1993 I wrote in my book Adbashing Surviving the Attacks on Advertising quotMedia companies in the future will be more valued when they are marketing partners involved with the advertiser39s objectives and goalsquot I also asked if quotmedia companies are prepared to innovate amp8211to react to the explosion of technological advances the expanding universe of media opportunities and the impact of interactivityquot 1993 And here we are nearly two decades later with Condamp233 Nast the most prestigious high quality and brandcentric magazine publishing company finally taking action to reinvent their business and quotmove beyond the magazinequot by reengineering Condamp233 Nast Media Group into a quotseamless multimedia multiplatform sales and marketing services facilityquotFor the longterm health of the total media and advertising business we hope that Condamp233 Nast succeeds in implementing the new organizational and business models it introduced last week Condamp233 Nast will need to impose significant organizational restructuring in a company that has been defined by organizational hierarchy and silos The Newhouse family will need to make a major investment with limited shortterm returns operating in an industry that remains locked into traditional business models relationships and compensationpricing structuresAlong with the general media and advertising economy magazine advertising is on the upswing with Jack Myers Media Business Report forecasting low single digit growth for both 2010 and 2011 It39s clear however that printbased media companies need to implement radical changes if they are to capitalize on the transcendent implications of digital media By focusing its efforts on redefining itself as a marketing services and resources company that has strong and powerful media brands and loyal audiences at its core Condamp233 Nast is positioning itself at the forefront of a shift that is essential for the longterm health and vitality of the total media industryCondamp233 Nast39s moves will be closely watched in the next several months and years The company39s and the industry39s expectations should be reasonable and conservative Others have introduced similar initiatives without sufficient return to justify continued investment It may take five ten or even twenty years for Condamp233 Nast39s initiatives to bear the fruit they should Assuming the initiatives are wellexecuted and sustained Condamp233 Nast has potentially positioned itself as the most advanced innovative and important media company of the 21st CenturyJack Myers39 extended commentary on Condamp233 Nast and the magazine industry is available to corporate subscribers of Jack Myers Media Business Report at wwwjackmyerscom Subscription information is available at wwwmyersreportcom

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Is Condé Nast the Most Important Media Company of the 21st Century?

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Jack Myers

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