The publishing magnate offers a refreshing look at the true purpose of being in business.
The Internet, far from being the nemesis of the print industry, is going to help print publishing in the coming years, says Forbes Media chairman Stephen Forbes.
“There is no right or wrong formula to take for [media organizations], but you have to be inventive as you go along. You have to embrace both traditional and new media,” Forbes told Rappler’s Maria Ressa at the recent Forbes Global CEO Conference.
“[Forbes] admitted that print revenues are under pressure, but the desire for people to read in print will remain,” notes Ressa.
“You don’t have to be a great prophet to foresee the future, but you have to meet the changing needs of your customers. And you should do it better than anyone else,” Forbes told Rappler. Part of this is recognizing that people do want to read evergreen magazine content in print, even while they engage via digital and consume shorter, more immediate news online.
“The purpose of business is to produce happiness, not to pile up money,” Forbes said. “Happy customers create happy shareholders when you have a product that people like. At Forbes, we continue to look at how to meet that – like how we tied print content with the Web,” Forbes told Rappler.
It’s so simple – happy customers create happy shareholders. And print will continue to make them happy.