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A short publishing state of the union address, by Bo Sacks
I am now back on the keynote lecture circuit after a three-year COVID hiatus and looking forward to some great conferences. This week I am headed to the 2023 Alberta Publishing Conference in Calgary, Canada. Next month I will be delivering a keynote at the Niche Publishing Conference in New Orleans.
Perhaps it is time for a short publishing state of the union address.
I suggest that 2023 will belong to the optimist who sees opportunity everywhere.
While the media industry is still facing a range of unique challenges in the years ahead, including shifts in advertising markets, pressure on consumer spending due to inflation and financial struggles, and continued changes in media consumption habits, there is also opportunity among these challenges.
In order to address these challenges, publishers will need to be flexible and find ways to achieve their goals with fewer resources. In addition, print publishers will also have to grapple with rising paper, distribution and printing costs, and all media players will face a year full of multiple uncertainties. At the same time, the industry may be more resilient than you might think.
Despite the challenges the media industry remains full of potential for those who are able to adapt and find new ways to connect with their audiences. Whether through subscriptions, advertising, or other forms of revenue, there are opportunities for publishers to thrive in the face of these challenges.
So, while there are clearly going to be bumps along the road, by staying nimble and being open to new ideas, publishers can weather the storms of 2023 and emerge stronger than ever.
Editor, Robert Greene once said “your past successes are your biggest obstacle: every battle, every war, is different, and you cannot assume that what worked before will work today.”
I couldn’t agree more.
A man of character finds a special attractiveness in difficulty, since it is only by coming to grips with difficulty that he can realize his potentialities.
Charles de Gaulle
Bo Sacks
President, Precision Media Group
This commentary originally appeared on Bo Sacks daily newsletter and is re-published with kind permission. You can subscribe to Bo’s e-newsletter here.
