This is an address paper by Donald D. Kummerfeld, who was spoken this gathering
of Asian Magazine Publishers. As the title of this conference suggests, the maga
zine industry, like all the media, is in transition as we approach the next cent
ury. New communications technology is creating an increasing array of new choice
for media consumers and for advertisers as well. And all of us in traditional m
edia ¡V newspapers, TV, radio and magazines ¡V are concerned about how we will b
e able to compete successfully in the fast changing media marketplace of the 21s
t century.
So we must recognize that the media world is changing for magazines; but change
presents enormous new opportunities for publishers who recognize and take advant
age of these opportunities. We can grow our businesses in many new ways through
franchise extensions of our established magazine brands such as new spin-off tit
les, selling merchandise carrying the magazine brand or logo, creating TV shows
and videos branded by the magazine or web sites etc.
As we all know, adverting is the ¡§mother¡¦s milk¡¨ of magazines in the free mar
ket societies. Advertising growth in magazines is related to economic growth. Th
e more consumers spend the more marketers spend on advertising. But we able to t
arget prospective purchasers of consumer products better than most other media a
nd because we have focused on demonstrating to advertisers the cost-effectivenes
s of magazine advertising compared to television and other electronic media in a
relatively cheap, portable and use-friendly format. And it offers advertisers a
highly efficient way to build brand awareness and create sales.
Speaker believe that the media, including magazines, which grow and prosper in t
he next century will be those that best take advantage of six broad media trends
1. Media convergence
2. Connectivity
3. Chose appears to be a luxury all media consumers crave, even if they don¡¦t e
xercise it to a large degree.
4. Convenience
5. Cost
6. Credibility with consumers is important for all media, including magazines.
One of our great strengths has always been our ability to change our products an
d the way we market them to meet the needs of consumers and the demands of the m