“This is one of the successful magazines companies on the planet,” says Hearst Magazines president David Carey. “The magazine company of the future will be different than the magazine company of the past. If we think that we can freeze all of our practices and not change, we will not be successful in the future.” He also tells Jeremy Greenfield:
The decision to close Portfolio was the right one. You drag your feet when you have to make those tough decisions, but time doesn’t help you. I was reluctant to recommend that we close Portfolio. But over time it was the right decision.
Regarding the future of journalism:
The plus side is, because of the huge expansion of content overall, there’s more and more people producing it. The challenge is that often the jobs that are being created are where it’s not easy for someone to make any living. Whether it’s the content farms, the blogs — they pay very little. It’s a situation where I’m not sure how it gets solved. The number of media entities has grown exponentially but the business model hasn’t grown to support these people.
How to make it in the business
If you want to be successful, you’re at your desk before 8:00 A.M. in the morning. There’s something to be said about being early, scanning the news, staying on top of what’s going on with your clients and the world and being ready to make it happen. It makes such an impression. For people who are geared up and get to work early, there’s a high correlation with success.