New Opportunities In Our New Century

I just returned from ASIA, my sixth or seventh trip there in the past two years, I can’t seem to keep track anymore. I always go to Hong Kong, where we’re building a digital editorial operation to cover the region. This time I also stopped in Shanghai. In November we relaunched a Chinese FORBES magazine. Each time I visit I come away with a new revelation, always revolving around a single word—big. On this trip, I was struck by the sheer magnitude of China’s digital landscape.

The Chinese powerhouses Baidu, Alibaba and Tencent, called BAT, are well-known. During a daylong strategy meeting at our spanking new Shanghai office, which looks out over the city’s old train station (we’re atop a building mostly leased to WPP, the worldwide ad agency), I heard some startling statistics. Every 60 seconds in China Baidu racks up 4.2 billion search queries, Tencent’s QQ transmits 11 billion messages and the app Miaopai plays 500,000 short videos. It’s no wonder that Chinese social, video and digital-commerce companies few of us have ever heard of carry valuations of billions, if not tens of billions, of dollars.

The Asian digital ad market is also growing in interesting ways. Influencer marketing is on the rise much like it is in the United States—except the numbers seem unimaginable, at least to me. Big brands in America now work with Youtube stars and others to get their messages out to young audiences. These influencers are building nice little careers. In China, a single influencer can reach tens of millions of consumers, commanding $100,000—and more— for a single post (yes, one post). In the U.S., cash like that translates into a multifaceted ad campaign.

Asia is still in good part about aging tycoons and their children—in banking, property development and other industries. Increasingly, a new wave of entrepreneurs is making its mark—in terms of innovation, job creation and, of course, wealth generation. To say that Asia, and China in particular, is complicated for media companies like ours is a breathtaking understatement. Yet, as FORBES enters its centennial year, we’re determined to find our way forward, extending our message of entrepreneurship and aspiration to the youth changing the face of China and so many other Asian nations.