I like businesses in transition, first of all. If ever there were a business in transition, it is publishing.
Barry Diller's remark highlights a fascination with the dynamic nature of industries undergoing change. The publishing industry has historically been subject to rapid technological shifts, changing consumer behaviors, and evolving business models. In embracing transition, businesses can often find opportunities for renewal, innovation, and growth. Transition periods are typically tumultuous, but they also offer a fertile ground for creativity and strategic transformation. Witnessing how traditional publishing has had to adapt to digital mediums, e-books, audiobooks, and online platforms exemplifies the necessity of evolution in response to external pressures. Diller's statement implicitly suggests that during such transformations, there is an inherent energy, possibility, and potential for reinvention that might not be as apparent in more stable or stagnant markets. Companies willing to navigate these turbulent waters often emerge stronger and more relevant by reshaping their operations, exploring new revenue streams, and engaging audiences in novel ways. Moreover, the willingness to accept disruption as an opportunity rather than purely a threat is crucial for long-term success. In today's fast-paced digital era, many industries are in transition, but those that understand how to leverage change rather than resist it are better positioned to thrive. Diller's perspective encourages entrepreneurs and investors to look beyond immediate setbacks and recognize the creative potential that exists within periods of upheaval. Overall, industries in transition preserve the possibility of innovation, reinvention, and ultimately resilience, making them fascinating areas for strategic focus and investment.