Andrew Rashbass, Chief Executive for The Economist Group, has shared a fabulous presentation called ‘Lean Back 2.0‘ to SlideShare. In it, he presents a case for what he calls ‘Lean Back Media’, a new age of media consumption typified by the way people use tablet devices for reading and browsing. His presentation makes a case for changes to the way The Economist Group approaches its business model, and it is required viewing and reading for any publishing company in the throes of rethinking their operation.
I’ve been using an iPad for 15 months, and it’s definitely changed my reading habits. I haven’t read a paper (dead tree) book for quite some time, and prefer instead to download titles to iBooks, or the Kindle app on my iPad. I haven’t moved to subscribing to journals through apps on my iPad as yet, because I find that quite a lot of longform journalism that interests me is shared through links on Twitter or through Zite, the personalised iPad magazine. Readership of publications from The Economist Group would be in the higher demographics of our population I’m figuring, and their close analysis of the reading habits of their target group seems a very sensible approach to ensure they stay solvent in what are challenging times for newspaper and magazine publishers.
The real dilemma for newspaper and magazine publishers, is how they sustain profit given that the advertising model that was successful in print media does not translate in digital media. As Andrew notes in the slide below regarding advertising, “The Lean Back digital model is unproven and the transition will be treacherous.” The coming year or two will see who can come out still solvent, and quite possibly even thriving.
Andrew concludes his presentation with the big questions they ask themselves at The Economist Group. If you’re part of a media organisation today, hopefully you’re asking yourself similar questions and are planning for inevitable change. Interestingly, I think you can apply these questions to education. Look closely at them and see if you have any answers.
Thanks Andrew for a thought provoking presentation that goes a way towards envisaging what the future will look like for the publishing industry. Special thanks for opting to share through SlideShare, and making your company’s thinking processes available to people outside your organisation.