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Hearst Corporation
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HEA
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1/4/12
Hearst Corporation
able to realize significant cost synergies through the extraordinary work of our service departments, particularly our production, IT and consumer marketing teams. Our U.S. digital media businesses were solidly profitable for the first time, and we are excited by the performance and growth potential of Jumpstart, our online auto network. We established an enviable position in the fast-growing e-reading space and are now selling more than 400,000 digital editions every month. More than 40 of our book titles are in e-format, with dozens more coming soon. And you continue to work with partners to find opportunities not apparent to othersthe promising early test results from HGTV Magazine, produced in partnership with Scripps Networks, is just the latest example. Collectively, we are leading the way forward for all of the magazine industry, and I am so proud of the approach you are taking in response to the enormous shifts underway in technology, distribution and consumer preferences. Now it is time to focus on our objectives for 2012. Our challenge this year will be to maximize the value of the tremendous investment, creativity and dedication that has been marshaled so quickly and broadly throughout our company. This will be the first full year of operations with the recently acquired Hachette titles in 14 countries, and we re fortunate to have added such impressive talent to our company. Our greater global reach can only benefit us as we navigate a world that will likely see strong economic growth in some regions, and less in others. We will see significant digital growth in both the Web and e-reading areas. Though overall U.S. industry print revenue is expected to show modest gains, we ll invest in product innovations to satisfy our readers, thanks to new efficiencies in our overall structure. And, like 2011, we will fund new editorial projects, both print and digital. A number of our titles will introduce fresh designs and reimagined editorial formats starting with a new look and increased trim size for Harper s Bazaar next month. Brand extensions like Marie Claire @Work and Cosmopolitan Latina are a major push to attract new readers and advertisers. Our close relationship with Mark Burnett is already providing dividends for our magazine brands, less than a year after Hearst acquired a 50 percent stake in his company. We will invest in emerging e-commerce initiatives, and look forward to the upcoming launch of our two branded YouTube channels. We will continue to create pathways to bring the very best ideas from our nearly 300 international editions to the U.S.and vice versa. Our target is to reach more than one million paid digital subscribers per month via iTunes, Zinio, Nook, Amazon and Next Issue Media. We will fast-track the transition to HTML5 for all our sites, which allows for a far better user experience on mobile devices. iCrossing s connected brands strategy, now bolstered with a more robust data platform, positions Hearst to grow its leadership position in digital marketing services. And CDS Global, our second largest business in the U.S., will continue to add more technology solutions to serve its increasingly diversified client base. These are very ambitious objectives. With your help, we will meet them. As with every advance at Hearst, our people are the key to our success. We will continue to stretch ourselves in our roles, examiningand, perhaps, reinterpreting what each of us does and how we do it. We will push the boundaries of our brands and products...and hopefully break a few rules along the way.
.hearst.com/press-room/pr-20120103b.php
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1/4/12
Hearst Corporation
There s an old African saying that perfectly describes how to navigate the media industry today: If you want to go fast, go alone. If you want to go far, go together. What an apt description of the approach for growing our companyreach across units in the Magazines Group, across divisions in Hearst Corporation and partner with other media companies around the globe. Our goals for 2012 are clear: create new opportunities independent of the macroeconomic trends, further diversify our established businesses, streamline our processes and operations, and empower our people. I m grateful for your contributionspast, present and future. And, by extension, grateful for the team that surrounds every Hearst colleague: your family, friends and loved ones. Being part of transformational change in the media business is incredibly exciting and satisfying, but I know the days can be long and often stretch late into the nights and weekends, and I m appreciative of the support they give you. I look forward to another year of seeing our amazing talent, our unique culture and our world-class assets rise to meet the future head on. If we work together with the energy and vision we showed in 2011, I have no doubt that we can continue to engineer the historic shifts that will drive Hearst Magazines growth in the coming years. My best wishes to all of you for 2012. Sincerely,
.hearst.com/press-room/pr-20120103b.php
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