| In 2014, Forbes, the famous magazine with nearly a hundred year history in media, experienced the most important revolution since its establishment in 1917. A Hong Kong-based consortium purchased a majority stake in Forbes with $475 million. As one of the top three American business magazines, the sale of Forbes has caused various discussions about the decline of print media. The impact of new media is undoubtedly one of the most obvious reasons for the transaction. Although the current circulation remains one million in 2014, both circulation and revenue are decreasing over the past few years. In 2013, the circulation dropped nearly 11%, advertisement coverage dropped 10% and advertisement revenue declined 5%. The rate of declines is generally higher than that of industry average. It is reported that the Hong Kong consortium purchased Forbes media mainly for its brand value as well as its digital media business which has a large internet flow and wide radiation range.Forbes has launched digital transformation and upgrade to search for new business growth model as the print advertisement revenue are decreasing rapidly. In order to promote sales of digital advertisement, True/Slant, an independent news platform is purchased and repositioned as a global publishing platform.Digital transformation of Forbes has achieved preliminary success. According to data provided by Comscore, a global internet service supplier, the number of user PV of Frobes.com has reached 33 million with a growth rate of 175% compared with the number 12 million in 2010. Digital advertisement revenue accounts for more than 55% of total income last year and exceeds print advertisement revenue for the first time.Forbes China entered China market since 2003, primarily focus on local innovative companies and entrepreneurs. The booming development and polarization of Chinese local media bring Forbes China opportunities for renovation. Forbes China became online officially from May 2010 and has formed several new media business in merely 5 years including Chinese web, Chinese version for iPad, Chinese version for mobile phone, social media platform such as microblog and WeChat.The exploration of digital transformation of Forbes China is still in process, involving media technology,organization structure, content, advertisement marketing, technical skill transformation and upgrade of employees. Both problems and achievements encountered in the process can bring ideas and experience for the digital transformation of the press. As a witness of this remarkable process, the author would like to summarize and record the exploration, utilizing communication science knowledge with research data and personal observation experience, in order to provide theoretical guidance for digital transformation and operation of tradition media as well as information dissemination. |
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