Crovitz: Innovation has to become standard practice

Business information companies need to realize that consumers overestimate a new technology in the short term but underestimate it in the long term, said L. Gordon Crovitz, execcutive vice president of Dow Jones & Co. and publisher of The Wall Street Journal.

Crovitz made his comments Tuesday at Media Business’ fourth annual Top Innovators in Business Publishing Awards luncheon, according to a story by Matthew Schwartz on the BtoB magazine web site.

Schwartz wrote, “‘From a marketing point of view, the pace of change still has a long way to go,’ Crovitz said, referring to the constant upheaval in media. He said that although it’s anybody guess where media markets go from here, for media companies, ‘innovation is the new normal.’

“Crovitz, who won an Innovator Award in 2004 in what was then called the ‘New Media’ category, accepted an Innovator Award Tuesday on behalf of Richard Zannino, Dow Jones CEO. Zannino, who was traveling and unable to attend the luncheon, was recognized as a Top Executive (general business).

“Since taking charge in February 2006, ‘Zannino has adjusted the company to deliver the brand however, wherever and whenever readers want,’ Crovitz said, adding that Dow Jones plans to reduce its print revenue to 50% of overall revenue by 2010, from 60% this year.

“Addressing the ongoing efforts of News Corp. Chairman-CEO Rupert Murdoch to acquire Dow Jones, Crovitz said: ‘We’re delighted to have an offer of $60 a share when our stock had been trading in the $30 range. It’s proof that there’s something different about The Wall Street Journal.'”

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