In the following letter to Hearst Magazine staff, president David Carey outlines the successes of 2017, such as the acquisition of Rodale, and shares the projects Hearst plans to launch in 2018.
2017 is nearly over, and what a year it was—12 months marked by rolling waves of change across government, industry and, of course, the media business. Some companies were slow to react and found themselves frozen in place. But those that viewed disruption as opportunity will surely emerge as winners.
It may be hard to imagine, but I do believe that, in a few years’ time, 2017 will be seen as a relatively tranquil period for the media business. The pace of change will only increase in the future, as transformation tests every sector of the economy. From automotive and retail to travel and beyond, each industry is evolving before our eyes.
Through 2016, the Hearst Magazines Group enjoyed four straight years of earnings growth. In 2017, earnings were slightly off by low single digits, yet it was still one of our best years in the past decade, thanks to the broad diversification of our operating units—across audiences, geographies, print and digital, business-to-business and business-to-consumer. This gave us a strategic advantage over our competitors.