“Next, Tate says that News Corp. “sucks at the internet”. One thing I hear a lot is “the internet is different, you must get it to succeed, you old media folk don’t get it, ha ha, you’re doomed!”. Which is enormously comforting when you’re pointing and laughing at those silly old media people who persist in acquiring piles of money via all that attention people still give their products.”
What net people rarely understand about Murdoch is just how successful he’s been at the news, publishing and media businesses. To understand the scale of his success, consider this: The 2009 profits of Facebook, the poster-child of the web, were in the same ball park as the total profits of just two of Murdoch’s newspapers. I tried counting how many papers, magazines, and companies that Murdoch owns. I gave up. I doubt that even he could name them all.
Remember, Murdoch has been an outsider who was sneered at by the incumbents before. When he moved from Australia to the US, he was nothing in American publishing, and nothing in television. Now he owns the Wall Street Journal, Fox TV and 20th Century Fox studios.
There is nothing Murdoch likes better than being told that he’ll never “get” an industry. Study your business history, and you’ll usually find that people saying Murdoch doesn’t “get” something are proven wrong – usually when he eats them alive.
I don’t like the guy. But I would never, ever be foolish enough to write him off.