Rupert Murdoch is a born-and-bred newspaper guy, but he’s happy to cast himself as a bits-and-bytes friendly dude. Here he is today in Cannes, telling the Cannes Lions ad festival that his newly acquired Dow Jones will generate 75% of its revenue from digital “in a very few years.”
Of course, this doesn’t mean the Wall Street Journal’s paper edition is disapearing anytime soon; it means that much of Dow Jones’ business — products like its newswire and its Factiva database — is already considered digital, so the company’s revenues are “nearly 50 per cent digital already.”
Meanwhile, Murdoch lieutenant Peter Chernin officially confirmed that we’re in a recession by trotting out the media industry’s time-honored “bad times are a great time to advertise” argument:
“Spending marketing money in tough times, in my opinion, it’s the greatest investment you can make. You have so much more impact increasing your marketing spending in tough times,” Chernin said.