Report finds media executives upbeat despite economy

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New York—Media executives remain confident about their industry's future despite being battered by the economy, according to a report released Wednesday by consulting firm Booz & Co. Seventy percent of the media executives surveyed described their company's finances as “sound,” “strong” or “very strong.” Even print executives shared the optimism: Only 34% described their situaton as “distressed” or “pressured.”

“While we believe media executives may be overly optimistic, considering the pervasive industry challenges, it is encouraging to see that many media companies are addressing their issues head on, but of course much more will be necessary,” Harry Hawkes, a Booz & Co. partner, said in a statement. “Many industry leaders have already substantially restructured their businesses; they're experimenting with new paid-content models, and they're tapping new areas of customers' marketing budgets beyond advertising.”

The media executives don't discount the challenges that they face: 57% agreed that industry shifts, not the recession, are the root cause of the sector's troubles. Additionally, 70% said new business models were a key strategic priority last year.

The report,”Reset the Media Business Model,” was based on interviews with more than 50 executives in various media sectors around the world.

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