How Media Companies Are Staying Relevant + What Makes a Great CEO – With Alan Murray

Diversification

Media companies are increasingly focusing on diversifying their revenue streams to stay afloat in a rapidly changing landscape. Alan Murray emphasizes the importance of knowing what a company stands for and finding supporters who align with those values. He notes, "You better diversify revenue sources because the traditional ones are just getting weaker every day" 1. At Fortune Media, where he is CEO, digital advertising has become the fastest-growing revenue segment, driven by deep partnerships with companies like Salesforce and Accenture 2.

   

Adaptation

Adapting to new consumer behaviors is crucial for media companies aiming to remain relevant. Alan Murray discusses how Fortune Media has evolved by creating platforms like Fortune Connect, which focuses on training future business leaders in purpose-driven leadership 2. He highlights the shift from print to digital, noting, "Print magazines have been declining on a revenue basis, 10% a year for 20 years" 2. This adaptation includes embracing digital advertising and forming strategic partnerships to align with changing media consumption trends 1.