If it wasn’t enough that they are about to sack what can only be described as a shit-tonne of workers (in a desperate attempt to cut costs faster than revenue falls), Fairfax also got hit by the double whammy of Australia’s richest lady buying up a big stake in the the company.
18.7% or so.
Or as GetUp likes to call it, 49 million shares.
Fairfax as we know it is gone. It can’t possibly survive in any recognisable form, and that may be a good thing, and it scares the pants off me.
I work for Australia’s largest trade publisher, and the idea of a double pronged attack whilst I bleed money is something I do not envy.
But it could so easily happen to us. Whether it’s changes by Facebook, Google, Twitter or anyone who feeds us monetizable traffic or the bottom falling out of the display advertising market.
Or perhaps most alarmingly, a lightweight competitor kicking our butts to the curb with a laptop, smartphone and a $30 wordpress theme.
It can, and will, so easily happen unless we can provide something more.
We have to change. ALL publishers have to change to survive, and change radically in the next five years.
And the worst, but also the most exciting, thing is that nobody knows exactly what we really need to do.. not yet anyway.
Lets find out what that something more is.