Axel Springer, a German media titan, traditionally known for its print media, is embracing the digital age. Recognising the shift in media consumption, the firm has been acquiring stakes in various digital platforms, such as Business Insider and eMarketer, to bolster its online presence. Despite initial scepticism, these investments have proven fruitful, contributing to nearly 70% of Axel Springer’s profits in the first nine months of 2015.
The company’s digital endeavours are not limited to acquisitions. It is also experimenting with innovative digital journalism models, such as Upday, a news app developed in partnership with Samsung. The app provides personalised news content, demonstrating Springer’s commitment to meeting the evolving needs of news consumers.
However, Springer’s digital transformation has not been without challenges. The company’s attempt to purchase The Financial Times was thwarted by Nikkei, a Japanese media group. Additionally, Springer’s bid for Scripps Networks Interactive, an American television company, was unsuccessful. Despite these setbacks, Springer remains undeterred in its digital ambitions, demonstrating a willingness to adapt and evolve in a rapidly changing media landscape.
Go to source article: http://www.nytimes.com/2015/12/21/business/media/an-old-media-empireaxel-springer-reboots-for-the-digital-age.html?_r=0