Charlie Rose recently conducted a conversation with Peter Chernin, Chief Operating Officer of News Corp. Investors looking to get some insight on the future of the media industry will find this very helpful.
Highlights:
- In today's media, you need to do something great. Why would you go to mediocre content in a world with infinite choices?
-Why is media undervalued by Wall Street? Wall Street likes predictability, and right now they are uncertain about the future of old media.
Myspace and the Internet
- Revenue sources on the internet are being found. MySpace reached 1 billion of sales in 5 years, faster than Google. It represents 10 - 12% of all page views on the internet.
- They are excited about hyper-target technology they are developing for the internet, and believe advertisers will begin to embrace the internet more.
- Over 2.5 billion mobile phones worldwide, representing a huge potential. News Corp is trying to be ahead of the curve on future mobile distribution market.
How has this change affected the creation of content?
- There have been resilient forms of content, such as movies, hour dramas, half hour comedies. People will begin to create very short forms of entertainment.
- You don't know what the world will want in a few years- but you do know what you like. You have to trust your own opinions.
What do you like most about Rupert Murdoch?
1, his curiosity and love of the world around him. Second his will, his phenomenal determination and dedication.
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