But executives at publications with circulation around the world profess not to be all that concerned about the flurry of broadcast activity.
"TV has the ability to tell what's happened, but with the small amount of time they have, they cannot convey the how, the why and how it affects business," said Tony Blin-Stoyle, worldwide advertisement director, The Financial Times, London. TV viewers "turn to magazines, newspapers and on-line services to get the in-depth information they need," he said.
Only a very small portion of the more than $300 billion spent in advertising worldwide is at stake, but it's an important piece.
In the U.S., for example, 23% of ad dollars go to newspapers; 5% to magazines, and 22% to TV, according to Robert J. Coen, senior VP-director of forecasting, McCann-Erickson Worldwide, New York.
Outside the U.S., media executives believe the balance is tipped even further toward print. Read tells potential advertisers that print complements TV. "Certainly the expansion of all the TV channels does take away a bit from overall advertising spending, but not to any great extent," said David Beattie, director of advertising, Reader's Digest Pacific.
Time Inc. takes the position that the explosion of broadcast news operations is not positive and that the tremendous amount of information now available at the touch of a keystroke or remote control only serves to confuse.
"The role of the print media is to take a step back, analyze and inform a [TV]-educated audience," said Evan Blank, Time International's marketing services director.
Global TV has helped, not hurt, sales of print advertising space, says James McLeod, advertising director, International Herald Tribune, Paris, adding that 's revenues for the first nine months of 1994 are running 24% ahead of the first nine months of 1993.
"Certainly we're challenged by the broadcast media as well as other more direct competitors for advertising dollars, but our corporate strategy is more than print," said Roger May, director of corporate relations, Dow Jones & Co., which not only publishes North American and pan-regional versions of the Wall Street Journal, but has both broadcast and computer on-line operations.
Mr. May estimates that half Dow Jones' revenue currently comes from its electronic and broadcast operations. Yet the expansion of global broadcast opportunties, such as the introduction of the European Business News channel (see story this page) doesn't mean Dow Jones is ignoring the development of new publications. The company this year will turn its quarterly Central European Economic Review into a monthly, and is said to be readying its first magazine, an nternational weekly for this spring.