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Channels with Peter Kafka

Digital media companies are headed for a crash (David Carey, president, Hearst Magazines)

Channels with Peter Kafka

Vox Media Podcast Network

Business News, News, Tv & Film, Technology

4.4585 Ratings

🗓️ 11 January 2018

⏱️ 45 minutes

🧾️ Download transcript

Summary

Hearst Magazines President David Carey talks with Recode's Peter Kafka about how the 130-year-old media giant is striking a balance between its print legacy and the digital future. Carey says print still accounts for two-thirds of his division's profits, and it will be a "long time" before those lines cross. And he predicts that many digital media companies that are heavily reliant on advertising have a rough year ahead, with too much cash heading out the window and no moat to protect themselves. Carey also talks about the advantages of being a private company, why he readily partners with or invests in tech platforms like Snapchat and why everyone still wants to be on the cover of a magazine. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Today's show is sponsored by Airtable.

0:03.0

Airtable is the all-in-one collaboration tool that powers the teams behind the next generation of addictive multimedia content.

0:10.0

That's reality shows like 60 Days In on A&E, thoughtful technology reviews from the wirecutter, quick-turn video from powerhouses like Group 9 Media and Condaynast Entertainment.

0:24.1

All those companies use Airtable, so you should try it today.

0:30.6

Get $50 and credit free by visiting Airtable.com slash recode media.

0:34.8

This is Recode Media with Peter Kafka.

0:35.9

That's me.

0:54.8

I am part of the Vox Media Podcast Network. I'm here today with David Carey, president of Hearst Magazine. I think of him as the guy who runs Hurst, but that's not officially true. In my spare time. There is the someone else who really runs Hurst, but I run the magazine division. Tell us some of the fine titles that you're in charge of at Hurst. We are proud to be the world's largest publisher of monthly magazines,

0:59.3

and so our biggest businesses are Cosmopolitan and Ellen Harper's Bazaar in Esquire and Town and Country.

1:02.1

We are about to, in January, close on the acquisition of Rodale,

1:06.7

bringing men's health and women's health and prevention and bicycling runners' world

1:09.9

into our portfolio,

1:11.2

which will put us over 300 media brands around the world.

1:15.1

So there are a handful of giant magazine publishers left.

1:18.5

You are one of them.

1:19.3

You said you're the biggest by revenue, by title?

1:21.8

Biggest monthly publisher.

1:23.4

So I think timing historically was larger in terms of revenue, but mostly from the weeklies

1:27.9

were the biggest monthly publisher in the world.

1:29.8

I think this will air in January, at which point Time Inc will still be a separate magazine,

1:34.2

but at some point that's supposed to get subsumed by Meredith.

1:37.6

Let's start there.

...

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