Chairman and CEO of News Corporation Rupert Murdoch stated in World Media Summit held at Beijing from October 8 – 10, that the world's media organisations should "adapt and adopt" as they were confronted by "unprecedented change and challenge" due largely to a digital revolution.
"Media companies know that if you do not respond intelligently and creatively to the digital challenge, your future will be bleak indeed," Murdoch told the World Media Summit.
"The value of content has been volatile in the past decade, but we are entering another decisive phase in which device makers are again courting the creators of content," he said.
Murdoch said the challenge of fusing past and present was real for media companies.
In another direction, he was all praises for India’s film industry. Said he, "India, which far, far earlier in the economic development cycle, has been more welcoming of competition and so Hollywood has come to influence Hollywood, financially and creatively."
Appreciating the growing media industry in India, Murdoch stated, "A willingness to allow international companies into the domestic television market has prompted local companies to improve their production quality.”
