Major publishers that usually compete with one another - Conde Nast, Hearst, Meredith, News Corporation, and Time Inc. - announced that they are entering into a collaborative independent venture to develop open standards for a new digital storefront that will allow consumers to access content on multiple portal digital platforms.
The venture, which will begin selling publishers' content in 2010, will work to retain the individual look of each publication by featuring magazines and newspapers in their classic layout, but will also add videos, games, and social networking features. Content will available in color and viewable on a variety of devices including laptops, tablet computers, portable e-readers, and smartphones, writes MediaBuyerPlanner.
The announcement, which has been anticipated since October and resurfaced this week with the debut of Sports Illustrated's tablet-friendly offering demo, comes as publishers are working to reassert control over their content as e-readers, such as Amazon.com's Kindle and Barnes & Noble's Nook, gain popularity. There will be 10 million e-readers sold in the US by the end of 2010, according to Forrester Research.
Additionally, smartphones such as the iPhone and BlackBerry are also becoming more common. There will be more than 50 million smartphones in the US by the end of 2010, according to m:Metrics.
Last month, News Corp.'s Chief Executive Rupert Murdoch expressed dissatisfaction with the Kindle, which he believes limits content access and represents a bad financial deal for publishers. Murdoch also said the Kindle was a good device for reading books, but not for viewing newspapers.
The new venture, of which each publisher is an equal partner, will enable its members to set prices for their content and benefit from new advertising formats that will be more interactive and target an audience more engaged in print.
John Squires, an executive vice president at Time's magazine unit, will servce as the venture's interim managing director.
"For the consumer, this digital initiative will provide access to an extraordinary selection of engaging content products, all customized for easy download on the device of their choice, including smartphones, e-readers and laptops," said Squires. "Once purchased, this content will be ‘unlocked’ for consumers to enjoy anywhere, anytime, on any platform.”"
