Old newspaper era is over, Obama says via Kindle

August 1, 2013 Leave a comment

Old newspaper era is over, Obama says via Kindle
He says the old way of doing business is gone forever.

AFP | 01-08-13

WASHINGTON – President Barack Obama acknowledged the problems facing the US newspaper industry on Wednesday, ironically in an interview that was distributed via online retail giant Amazon’s Kindle e-reader. With the Internet dominant and print sales in decline, Obama said traditional media was grappling with a new reality and, much like the manufacturing and retail sectors, the old way of doing business was gone forever. “People trying to get into the middle class are having a tougher and tougher time,” Obama said. “You see that in every profession. You see that in journalism. It used to be there were local newspapers everywhere. “If you wanted to be a journalist, you could really make a good living working for your hometown paper. “Now you have a few newspapers that make a profit because they’re national brands, and journalists having to scramble to piece together a living, in some cases as freelancers and without the same benefits that they had in a regular job for a paper.” The US newspaper industry has suffered the same problems which have hit papers worldwide, notably falling sales and a collapse in advertising revenues due to the growth of online classified ads. Several major metropolitan newspapers have closed their doors in recent years or ceased publishing print editions. Others have slashed editorial staff. “What’s true in journalism is true in manufacturing and is true in retail,” Obama said. “What we have to recognise is that those old times aren’t coming back.”

Filed under TMT Trends

Unknown's avatarAbout bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a comment