Speaking at the Association of Online Publishers summit today (October 7), he said the downturn is a fertile time for innovation.
“The traditional media industry has to go through a painful, dramatic time of renewal. This requires bravery and some companies to fail, some to merge and some to rise,” he warned. “There are no easy answers. They will have to experiment and innovate.”
Johnson said media owners had previously enjoyed decades of almost unparalled growth but warned they faced harder times ahead.
“It’ll be about lower but harder returns, lower margins, more ongoing investment and more opportunity,” he said. “It’s a very crowded market so a lot of big organisations will reposition themselves.”
This story first appeared on newmediaage.co.uk