August 2008 – Volume 93 No.8, Page 5
www.wnpa.com
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Kamen talks about media challenges
Firm’s report calls for more flexibility, diversity on Web, listening to readers
Baldwin, New York – Kamen & Co. Group Services, a leading provider of print and digital media financial valuations to the publishing, listing, direct and interactive industry released a report today on major challenges and opportunities facing the media industry and is recommending that in order to beat competition and to grow revenues to new heights media executives will need to be innovative, diversified and willing to adapt more effectively to the changing dynamics of online publishing. “To meet the new and challenging economic needs of today and tomorrow media organizations must push e-business, maximize production from both sales and editorial, do a better job negotiating more equitable salary agreements with staff, cross-channel vertical marketing efforts, listen more carefully to readers and get deeply involved in reader generated blogs and universal input,” said Kevin B. Kamen, president and chief executive officer of the New York based media valuation and brokerage firm.
Kamen continued, “Many publishing organizations are indeed pro-active and innovative but often they are isolated and unwilling to share their success stories and this must change. Being prudent and sensible is smart business but we all must share our experiences and learn from one another. The media industry is changing daily and it is a defining moment for the trade. Publishers need to discover new alternatives, better concepts and become stronger business agents or the end result will naturally become weaker profit margins for all.”
Besides highlighting these approaches, the report aims to provide a broad range of media leaders and stakeholders with a better understanding of operational strategies that can help to address the effects of both technological streamlining and better developing meaningful ways of generating an exchange of ideas that would extend across institutions and borders as research continues to flow across executive chambers.
The report focuses on fundamental challenges faced by the media trade on a worldwide basis and provides critical responses to those challenges. The report also outlines steps that some media institutions are taking to respond to new demands:
The strategic use of technology and the basic components of achieving success at various types of media institutions.
The use of communication and community building tools to improve industry engagement
The development and advancement of e-systems to better monitor and improve financial institutional assessment and accountability for all media operators and their agents.