Posted on 11/04/2009 1:10:37 AM PST by Rufus2007
Warren Buffett, the second richest man in the world and CEO of Berkshire Hathaway (NYSE:BRK.A), doesn't have much faith in the future of print media.
In an interview on CNBC's Nov. 3 "Squawk Box," following the announcement of his purchase of Burlington Northern (NYSE:BNI), Buffett was asked to comment on the future of news media, in particular newspapers and business news by "Squawk Box" co-host Becky Quick. Buffett is optimistic on the future of business news.
"Our system has just gotten started," Buffett said. "I mean, we've had a couple of hundred years of progress, but we have not exhausted our potential in this country. America's about business and business in America, you know have gone to greatness hand and hand. So, you do not need to worry about CNBC 10 or 20 or 30 years from now. Business will always be important to the American public."
...more (w/video)...
(Excerpt) Read more at newsbusters.org ...
“So, you do not need to worry about CNBC 10 or 20 or 30 years from now.”
Not as long as there is CNN to be at the bottom but once they go...
Newspapers need paper, made from wood and mostly transported by rail. Doubt that WB cares about controlling that.
I do wonder how this acquisition might affect AMTRAK?
Believe that 909% of AMTRAK is on ‘rented’ rail, freight takes preference (AMTRAK is heavily tax subsidized, as is most public transportation)
Buffett through BH has owned a stake in the Compost for quite a few years now.
Not quite, not anymore. e-Readers / e-books / mediaBooks / netbooks etc. are going to be the primary news delivery transport of choice, if not of necessity.
Do you have a preference for e-book? Your use?
Sorry, that was leading. With respect, print will not be replaced, in toto, (if ever) for many decades. [imo]
I'd ditch paper news except it is a unsanitary to take your electronic device to the restroom..
“Newspapers have a terrible future.” Wow, this Buffett guy is really smart. He probably reads the headlines at FreeRepublic, where the Dinosaur Media Death Watch has been going on for years.
Quite right. Not in toto, of course, there are many circumstances where paper is more practical, cheaper(!) or can't yet be replaced, and it may very well take decades, but the process is well underway.
Do you have a preference for e-book? Your use?
In general, I make use of both print and electronic delivery. If you are asking for specific device(s), the one in particular that currently strikes my fancy should be coming to the market soon, as it shows the potential and capabilities of such devices today : http://www.epizenter.net/comment.php?comment.news.503 ..... Unlike the current e-books that is available now in the market, the Creative's MediaBook seem to be an all-in-one multimedia tablet. Besides reading your e-books and newspaper on the device, you will also [be] able to Facebook and Twitter on the go, watch videos and view photos on the large touchscreen. .....
Thank you! I’m not quite ready for E-print, except for the current internet sources.
I am though, past the need for the daily ‘ink on my hands’ copy. It’s come to a re-adjustment of the time when I get my news (carrying a paper and reading it here/there or at home has gone by for me... sad, for a previous adolescent paper deliverer — and the lack of same for upcoming generations?).
The ‘net has an advantage in it’s ability to provide (more factual) news which is both timely and ‘fact checked’ (such as this site).
I hope that the principle can be applied to school textbooks (a bit off topic, but perhaps justified?)
You hit it right on the head. “Hard copy” may still be appropriate for magazines and books, but hardly for “news” which should now be timely and mobile (as formerly only in radio or later streaming / mobile video) especially for people who are not tied up to a mailbox at home or at work. Even advertisements and coupons are now available online, and sooner than in mailbox. It will come slower to some rural areas.
Another, not often thought of, use of e-books is their ability to adjust the font size / type, brightness and contrast, which make them a natural in dark environments and for people with eyesight impairments, who have trouble reading papers or the books without special large print editions.
School / college textbooks are not off topic or afterthought at all, it’s one of the best and natural uses one can imagine for e-reader / e-book, which can replace a tremendous number of books, manuals and other study / course materials, all in one light little package which can be used almost anywhere, may be password-protected (to prevent theft) and possibly even used to download homework and upload the completed tests to teacher’s computer for grading. It’s not a matter of technology anymore. It’s indispensable in college and there are already several schools that experiment with it, and I’d say it’s one of the best developments (and investments) in education in decades.
Some won't be viable unless by land line, copper, if feasible for the provider to maintain upkeep.
Other remote areas will be accessible at a cost much greater than that of delivered print media (which will be dated and one sided). Some rural farm areas will (do) receive subsidies for internet connection.
"Another, not often thought of, use of e-books is their ability to adjust the font size..."
Perhaps. I have not found any one who has taken advantage of this anymore more than they have with large print media or print magnifiers. (an observation, not necessarily a disagreement).
Print to verbal could be a better option and the recognition software is improving (but ever so slow).
Thanks for your additional thoughts about e school books. I wonder if the costs will decrease, or if they will stay high due to the perceived 'value' of content? (once low run printing costs have been eliminated)
Some rural access in the future may become cheaper or more widely available after massive deployment of WiMAX / 4G technologies and/or fixed wireless, though they have been slower in coming due to initial costs, local regulations and delays from spectrum availability and economic crash. So eventually digital coverage will be there, but it will have to compete with print on price, convenience, importance (e.g., local vs national issues) and timeliness.
I have not found any one who has taken advantage of this anymore more than they have with large print media or print magnifiers (an observation, not necessarily a disagreement).
That's probably because many people who need or use larger fonts are generally older and less adept in use of computers or technology. As such, not that many people yet realize this as an advantage (and it is not "sold" to them), though there is a large amount of (often free) books and other material published online and they are more easily accessible than limited number of available large print books or papers.
It may be a matter of personal experience, but I found that when I point out this potential capability to people who could benefit from it but have not considered it and generally didn't think about reading books or newspapers online, they expressed tremendous interest in acquiring such capability and using computers for such purpose alone... I am talking about the people who are older, creatures of habit and who usually think that computers or electronic devices are not for them.
In other words, for many people, this alone is a very powerful selling point for technology, should they become aware of it. Just the thought of having additional costs to publish and distribute in "smaller" / "normal" or "large" font sizes, choice of hardcover or paperback, when it's all a "freebie" in the digital world, is enough to move publishers and buyers into the "virtual reality" of content.
Print to verbal could be a better option and the recognition software is improving (but ever so slow).
Yes, as the popularity of "books on tape" / "books on CD" suggests. To this point, consider that the digital devices (such as MediaBook, for example) could not only have the OCR-to-sound built in (however imperfect at this point, but with constantly improving "soft" algorithms) but also the capacity to download the already prepackaged corresponding MP3/WMA files along the text (books or articles / transcripts), e.g. the distribution of e-book and "book on MP3" to the same device as a package would not require any additional cost.
Man's reach exceeds his imagination! - 'Robert Angier', The Presige (2006)
I wonder if the costs will decrease, or if they will stay high due to the perceived 'value' of content?
Currently, the fights about pricing schemes between the authors and distributors of content as well as the digital formats "standards" are the issues that now mostly hold up the wider deployment of schools / college materials. Some of this, though may be becoming moot due to efforts like MIT putting their course materials library online, free. Also, some efforts by Wolfram and others for education "market". Not to mention the wealth of free information online that can be compiled into "simulation" of course material, and the fact that once content is converted to digital form (however it's done) it's there and changes from year to year are relatively insignificant, i.e., some of the issues in educational market are not dissimilar to the plight of music and newspaper industries going through digital transition. Once distribution / delivery costs approach $0.00, the only issue is price dictated by worth (perceived 'value', as you said) of content. Ay, there is the rub!...
There are some thoughts and ideas on the pricing and other (perceived?) advantages from the publishers' point of view, i.e. they think e-books may eliminate or reduce the market for resale of "used textbooks" which currently denies them income. That remains to be seen but anything that gives them an incentive to speed the transformation to digital, real or imagined, should be welcome.
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