Thomas Masterson has seen the warning signs in the latest readership surveys. The newly-appointed vice-president and managing director Asia at BusinessWeek knows that Asia's executives just aren't reading as many magazines and newspapers as they used to. Instead, the time-starved business elite are choosing to skim over websites or catch the latest news as it breaks on television.
It's a reality that has abetted the demise of some of the best-known media titles in Asia, including Dow Jones' 58-year-old Far Eastern Economic Review. "People are getting their news on websites and, particularly for the daily newspapers, there's a need to find some kind of niche to survive," he says.
Masterson, a life-long New Yorker who spent his early years in Japan, arrived in Hong Kong last week. The move to Asia, which marked his first posting in the region, sees him replace Alan Lammin, who left the company after more than 20 years to join rival Time magazine as publishing director for Asia.
The change at the top, however, has triggered a new strategic direction for BusinessWeek owner McGraw-Hill Companies, and consequently an expansion of Lammin's earlier post. The VP role will now cut across all McGraw-Hill Companies in the region, specifically Standard & Poor's and JD Power & Associates, which Masterson, the former head of consumer marketing for BusinessWeek for the last seven years, will manage.
"I'll be looking at how the group of companies can collaborate. There's always been some co-operation, but we've operated at a high-level of autonomy. (The companies) will continue to run themselves, but there are opportunities to be explored," says Masterson, who was previously VP of development at K-III Magazines, where he participated in the acquisition of more than 45 titles, and from1992 to 1996 was director of business and planning at The Washington Post's Newsweek, where he began his career.
For BusinessWeek, the new strategy is likely to bring branding benefits. It will allow the publication to strengthen its product in a bid to attract and maintain the attention of readers. Under Masterson's direction, for example, BusinessWeek's online edition will have access to JD Power's ratings business. It will also be able to tap into Standard & Poor's resources. Masterson is working on a Japan-based opinion leader's roundtable involving both companies for September this year.
But don't expect the former vice-president of worldwide circulation to make any sweeping changes to BusinessWeek 's circulation. "Circulation-side, the strategy is going to be the same and we'll really focus on the quality. I don't anticipate that we're going to grow our level of circulation in the next year. Beyond that it depends on consumer demand and the overall market place," he explains.
Advertising he admits, however, is facing a challenging year. "While Asia has held up better than the US and Europe, 2005 isn't as strong as last year. We're putting together the sort of packages that think more in integrated terms, because we've got regional, US, online (units) and have started to put resources towards international online. We're looking at sponsorship opportunities that advertisers want," he says.
Also on the cards is the launch of a design channel on the BusinessWeek website to showcase how Asian brands are using design for competitive advantage. There are also plans for the growth of Fashion Week in China, as the title has allowed BusinessWeek to expand its roster of clients from technology and travel to luxury brands.
But first Masterson, whose family will move here next year, is keen to settle into the region. "I'd really like to get involved in the media industry and get to know the media scene here."