Tuesday, March 14, 2006

Rupert Murdoch: The End of Media Barons

In speaking to a club recently Mr. Murdoch declares that the Internet has brought an end to media barons.

From the article:

"Power is moving away from the old elite in our industry - the editors, the chief executives and, let's face it, the proprietors," said Mr Murdoch, having flown into London from New York after celebrating his 75th birthday on Saturday.

"A new generation of media consumers has risen demanding content delivered when they want it, how they want it, and very much as they want it," he said. Indicating he had little desire to slow down despite his advancing years, he told the 603-year-old guild that he was looking forward, not back.

"It is difficult, indeed dangerous, to underestimate the huge changes this revolution will bring or the power of developing technologies to build and destroy - not just companies but whole countries."

"Never has the flow of information and ideas, of hard news and reasoned comment, been more important. The force of our democratic beliefs is a key weapon in the war against religious fanaticism and the terrorism it breeds."

"I believe we are at the dawn of a golden age of information - an empire of new knowledge."

"I believe traditional newspapers have many years of life but, equally, I think in the future that newsprint and ink will be just one of many channels to our readers," he said, predicting a future in which "media becomes like fast food" with consumers watching news, sport and film clips as they travel, on mobile phones or handheld wireless devices.



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