FT Boss Claims Convergence Is The Key To Success
Media owners need to master effective convergence of their online and offline properties if they are to survive in the future, according to the Financial Times, which this month launched its first electronic version specifically for handheld devices.
Speaking at the Ad:Tech London conference this week, the FT’s director of online publishing Nigel Pocklington explained that the need to integrate traditional and interactive media was more urgent than ever.
“We have to recognise that consumer habits have changed,” he said. “It took the FT over 100 years to reach a million people in print. It has taken us less than ten years to reach four million online.”
The new media boss explained that the FT had faced a steep learning curve with the launch of FT.com, investing in new premises to house its “extremely important” new division and at one point diversifying its online and offline brands so much that its online entity featured a white and grey logo, not at all in keeping with the “pink paper.”
However, Pocklington stated that the company had learned from its mistakes, and that the two halves of the FT’s business worked better as a whole. “We need to make sure that online is directly comparable with other media,” he explained. “Integration is important. Not just in editorial, but in sales. We now have a sales team made up of specialists and we are able to answer questions in marketers’ language.”
The media boss also explained that priorities for the printed FT had been eroded by the evolution of its online services. “We used to hold back exclusives from the website for use in the paper. We would never do that now,” he said.
“Business people want news, comment and analysis where they are and whenever they need it. We don’t care whether they get it through the paper, via online or on their PDA – as long as they get it from the FT.”
July saw the FT’s publisher Pearson unveil upbeat predictions for its performance throughout 2005, stating that the newspaper had seen an increase of 5% year on year in advertising revenues, with the publisher expecting the loss-making paper to break even for the year as a whole (see Pearson Delivers Confident Predictions For 2005).
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