Competition Doesn't Need to Be 'Winner Take All': CEO
The overwhelming number of content providers in media and technology makes strategic partnerships an attractive option — without the need for fierce battles with the competition, CC MediaCEO Bob Pittman told CNBC’s “Power Lunch.”
“The idea that it’s winner takes all is probably a crazy notion everywhere in American business,” the head of the parent company of Clear Channel Communications and Clear Channel Outdoor Holdings, said on Friday.
CC Media doesn’t have any one main competitor. With 237 million monthly users, which is more than any other media company in the U.S. — including Google , Apple and the broadcast networks — CC Media both collaborates and competes with everyone out there, Pittman said. (Read More:Kayak Isn’t Worried About Google: CEO.)
Pittman told CNBC comes down to delivering what the consumer needs. “We know what we can do and what we do better than everyone else. If we do something for the consumer they like, we will benefit,” he said.
However, Pittman added, that consumer need may not necessarily come from something CC Media has dreamed up. Instead of delving into areas where it doesn't have a particular expertise, CC Media partners with Facebookin social media, or buying smaller companies like Thumbplay when necessary, to meet the needs of its audience and grow its brand.
That strategy has resulted in CC Media’s iHeart Radio, which didn’t exist a year ago, achieving a 50 percent brand recognition today, Pittman noted.
“We were the fastest service ever, including Facebook , Spotify and Pandora, to reach 10 million registered users,” he said. “We’ve blown past that.”