New Delhi: Norman Pearlstine, vice chairman, TIME Inc, said on Thursday that the ability to remonetize the media industry in going forward lies in how the management in some of the top companies can provide good quality content by effectively using technology to deliver it to the users.
Speaking at the EmTech India 2017, the Mint-MIT Technology Review Conference on technology innovations, in New Delhi on Thursday, Pearlstine emphasized that the management of these companies needs to work with many young people, who are the ultimate users of technology to foster innovation in this sector.
“Back in 1989, we at TIME believed the future of media lies where successful companies would be the ones which not only produce good content but have the means of efficiently delivering it to the users too," Pearlstine said.
Even today, TIME has always continued to believe in the combination of both good content and distribution in providing entertainment to its users.
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A lot of findings were made back then and there were many things that TIME disapproved of. One of the aspects being on how technology is driving the content to the users.
Pearlstine claimed that desktop was the main focus back then but the evolution of mobiles has been the biggest game changer in terms of technology as far as the impact on the media sector is concerned.
“By the end of 2013, seven out of the 23 content management divisions of TIME failed to move and deliver content from one database to another," added Pearlstine.
Also for a company like TIME whose major source of revenue still comes from print rather than the digital platform , it was a difficult time about a decade ago as the future of print was not a promising one.
“About a decade back, we invested a lot of cash into our parent company, mainly into our print division with no money coming back to us. We made some difficult and costly decisions," he added.
Pearlstineclaimed that TIME learnt a lot of lessons from its journey .There are several critical pointers in which some of new digitally advanced media companies differ from the traditional ones.
“Traditional media companies must think beyond their core business—being print and there has to be a willingness in them to take the risk of failure or to commit mistakes. The management in these companies must be effectively utilized and youths, who are the main users of technology must be incorporated actively into the content distribution framework," he added.