The decline of Forbes magazine

The tale of Forbes Magazine’s downfall is a lesson to all publishers, both in the new and old media

A great piece by Michael Wolff in Town and Country describes how the Forbes family struggled with making their magazine work in the digital economy.

For the Forbes family, it was always going to be hard stepping into the shoes of the late Malcolm after he unexpectedly passed away in 1990 and unfortunately for them that happened to coincide with the end of the great era of publishing wealth.

Twenty five years later the family are largely removed from the publication which is a shadow of its former self with its best hope for survival lying with Asian investors who still see some value in the brand.

What’s particularly poignant about Wolff’s story is the Forbes family did nothing wrong — they embraced the new platforms, experimented with digital and tried to find a way to make their business work in the online marketplace.

As it turned out, the old advertising and publishing model was horribly and irredeemably broken.

Forbes Magazine’s decline is an important tale for the whole publishing industry, for both the brash new entrants and for the struggling established players.

 

 

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What Rupert did wrong

Listening is the most important thing a new Twitter user can do.

A small step in the evolution of social media happened over the new year when Rupert Murdoch joined Twitter and almost immediately, and predictably, his tweets attracted criticism.

While there’s still a nagging doubt as to whether the @rupertmurdoch account is real, despite the assurances of Twitter founder Jack Dorsey, there’s a few lessons other new users can draw from Rupert’s experience.

Shut up and listen

One of the unfortunate things about social media is how everybody assumes their voice has to be heard. It’s a mistake we all make when we first join theses services.

Like social contexts, it’s best to be quiet when you first join until you’ve figured out the protocols, manners and dynamics of the group.

Just stumbling in and blasting your opinions out doesn’t usually work well whether we’re at the pub, mothers’ group, updating Facebook or posting on Twitter. The key is to understand why you are there.

It’s about community

The first word in social media is “social”, these online services are a society and just restricting your circle to a select few isn’t go to give you a great deal of benefit.

Rupert Murdoch’s account is a good example of how many people restrict themselves; at the time of writing he’s following five users. If it really is Rupert Murdoch behind the account, he’s missing some good and relevant stuff.

If the person behind the account is really a new user, then they are probably wondering what all the fuss is about as two of the five accounts they are following haven’t been updated in months.

What’s your objective?

Why are you here is a good question. Have you come to listen to customers, learn from industry leaders, spruik a product, find a job, catch up with the folks or be one of the online hipsters?

All of these and any other zillion objectives are perfectly valid reasons for joining a social media service. So listening and posting in ways that help your objectives makes sense, as does following the right people.

The whole point of using social media services – be it Twitter, Facebook, LinkedIn or any of the other hundreds of online networking platforms – is to listen, learn and talk with your peers and the leaders of the areas you’re interested in. Perhaps you’ll even be considered a leader, as Rupert Murdoch certainly is.

Starting by listening and understanding how a social media service works and where it adds value for you will make using the site a far better investment of your time.

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