Reader's Digest Bankruptcy Traditional Media Digital Survival
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On August 24th, the popular magazine "Reader's Digest" with the world's largest sales volume officially filed for bankruptcy protection in the United States. This is the latest case in which a media transaction reached at the peak of the financing acquisition went bankrupt.
No one would have thought that the best-selling magazine Reader's Digest, which has grown up with generations in the United States, would be difficult and difficult to survive in the financial crisis. It should be noted that this abstract magazine, which was born in the 1920s, was the most precious spiritual food and soul chicken soup of the Americans during the Great Depression. Currently, she has 48 versions, 19 languages, is popular in more than 60 countries, and has 130 million readers. How can a popular magazine with such a large impact suddenly file for bankruptcy protection?
Someone attributed it to the financial crisis. This seems to make sense. Because of the financial crisis, six major newspaper publishing companies, including the Los Angeles Times, the Chicago Tribune, and the Chicago Sun Times, have filed for bankruptcy protection. Because the US media publishing company is fully market-oriented, every newspaper has a large consortium behind it. Under the sluggish market of the US financial industry, it will inevitably affect the operation of other industries. In addition, the main reason is that the traditional publishing industry has encountered criticism from the era of online reading, which has made traditional reading come to an end.
The traditional publishing industry has encountered multiple rounds of challenges. The first challenge was the impact of the radio era. The sound transmission of radio waves made some readers become "listeners"; the second impact was the television era, and the vivid interaction of sound and image made humans enter the era of mass entertainment. To make more young people alienate paper reading; in the information age, the infinite nature of the network virtual space makes all paper documents lag, people can browse all kinds of information around the world through the mouse, it also makes each Individuals can become "writers" and "publishers." According to a United Nations statistic, the proportion of modern people reading online has exceeded 70%, the proportion of used paper reading is only 20%, and 10% is cross-border between paper and online reading.
In this situation, the publishing industry in the world is not in a good position. In the United States, where the publishing industry is developed, the annual output of the publishing industry accounts for a decline in the proportion of the cultural industry. Because of this, many American authoritative media such as Time magazine and Fortune Today have issued a pessimistic voice of "the newspaper will die" in the prospects of the traditional publishing industry.
Many people worry that the prevalence of digital reading will make humans lose the "classic" culture and way of life in books and traditional reading. This is nothing but a worry. Because of the history of human culture, the renewal of the publishing industry and the evolution of human reading methods have been going on, from oracle bones, bamboo rafts, silk crepe, parchment to paper invention, movable type printing and printing, to laser phototypesetting, the conversion of words and publishing carriers. Did not stop. I can't worry about new ways of reading because of the decline of the old publishing model and reading style.
In this regard, the application for bankruptcy protection by Reader's Digest is not necessarily a bad thing. If you restructure your assets, get rid of the burden of debt, enter the virtual network from the traditional publishing industry, and re-create a new best-selling electronic version in the online world, it will become a traditional media. A paradigm for digital survival.