"The reason we have not gone to newspapers is because its a slow growth industry and I think they are dying. I'm not sure there will be newspapers in 10 years. I read newspapers every day. I even read Murdoch's Wall Street Journal"
- Sumner Redstone
About this Quote
Sumner Redstone's statement provides a revealing insight into his viewpoint on the newspaper industry and more broadly, the future of media consumption. He begins by acknowledging a mindful choice to avoid investing in newspapers, highlighting it as a "slow development market." This shows a tactical organization viewpoint focused on vibrant sectors defined by quick expansion and profitable returns, which the newspaper industry, pestered by a decline in print media intake and advertising revenue, does not represent.
Redstone's usage of the expression "I think they are passing away" embodies a plain prediction about the trajectory of the newspaper sector. His assertion aligns with the more comprehensive trend of declining paper flow and the growing supremacy of digital media platforms. Over the past couple of years, the newspaper industry has actually faced substantial difficulties, including the shrinking of print ad revenues and the migration of audiences to online news sources, which use faster and often free access to details.
Interestingly, in spite of his cynical outlook on the future of newspapers, Redstone admits to reading them daily, even discussing "Murdoch's Wall Street Journal." This admission underscores a nuanced relationship between personal routines and business strategy. Redstone acknowledges the ongoing relevance and influence of newspapers, particularly for people who value thorough journalism and analysis. His specific recommendation to Rupert Murdoch's Wall Street Journal, a publication known for its extensive financial reporting and analysis, suggests a layered gratitude for newspapers' special offerings, regardless of their uncertain future.
By juxtaposing his financial investment method with personal media intake routines, Redstone highlights the complexity of adjusting to a moving media landscape. It shows a larger conversation about the development of information dissemination and usage, and the difficulties standard media face in adjusting to technological advancements and moving consumer choices. Redstone's commentary captures a defining moment of transition in the media market, forecasting a future potentially devoid of conventional papers, yet acknowledging their current cultural and educational significance.
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