John Ridding and David Pemsel on Reinventing Old Media for a New Media World | BoF VOICES

The Business of Fashion Podcast

The Business of Fashion

Fashion & Beauty, Business, Arts

4.6 • 770 Ratings

🗓️ 18 March 2019

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

The news media business is in crisis, but the chief executives of the Financial Times and Guardian say their models prove people value quality journalism in a world of fake news and political polarisation.

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Transcript

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0:00.0	Hi, this is Imran Ahmed, founder and CEO of the Business of Fashion, and I'm pleased to welcome
0:08.7	you back to the BOF podcast, where we have another special conversation to share from Voices 2018.
0:14.6	As an entrepreneur building my own media company, I always like to meet other people who are
0:20.2	building and running their own media businesses. And this past year, I always like to meet other people who are building and running their own media
0:21.6	businesses. And this past year, I was lucky to meet two such people who are both navigating
0:27.3	the massive digital disruption in the media landscape and also trying to figure out how to engage
0:32.6	with younger readers. David Pemzel is the chief executive of the Guardian Media Group. The Guardian is one of the
0:38.4	most visited news websites in the world, with over 155 million unique visitors. Over the past few
0:44.9	years, David has been overseeing a radical business turnaround at The Guardian, focused on earning
0:50.4	revenue from readers. GMG now has more than 1 million subscribers and contributors
0:55.3	around the world, which means the business is on track to break even on an operating business
0:59.9	in 2019. And John Ritting is the chief executive of the Financial Times Group, one of the
1:05.7	world's leading business news organizations, recognized internationally for its authority, integrity, and accuracy.
1:13.5	Interestingly, John started his career at the F.T. as a journalist more than 20 years ago,
1:18.8	and then transitioned to the business side. In 2006, he became the CEO. The FT was a pioneer
1:25.2	in building a paid content model that is now sweeping across the media world.
1:30.2	And under John stewardship, the F.T. has expanded its global operations and successfully scaled and transformed its core business.
1:37.8	So here's David Pemzel and John Ritting in conversation with our chief correspondent in New York, Lauren Sherman, to talk about reinventing old media for a new media world at Voices 2018.
1:51.6	I would say that this is to me as interesting or I think about this topic as much as I think about fashion as being a journalist and kind of seeing all these
2:02.7	different models come up. And this week alone, there's been so much news in the space. I'm sure
2:09.0	you all read about the Condi Nast International merging with Condi Nast US. Then yesterday, Bustle,
2:15.9	which is a digital media group in New York, bought Mike.com, a news publication for millennials in a fire sale.
	...

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