Yahoo CFO says company will go after youth market
Yahoo Inc.'s chief financial officer says the company needs to be "cool" again if it wants to attract younger users to help balance out its "aging demographic."
Kenneth Goldman said Tuesday that Yahoo plans to increase its advertising, marketing and potentially update its content to reach a younger base. Reaching this under-35 group is one of Yahoo's key goals, Goldman said at J.P. Morgan's Global Technology, Media and Telecom conference.
Yahoo plans to increase its use of billboards and improve its emphasis on sports, to build its brand awareness among younger users. The company also may update some of its content and products to make them more relevant to 18 to 34 year olds.
"Part of it is going to be just visibility again in making ourselves cool, which we got away from," Goldman said.
Yahoo, based in Sunnyvale, Calif., is trying to turn its business around after years of falling revenue, due in part to tough competition. It has hired a number of new executives to help lead the charge, including Goldman and CEO Marissa Mayer, who was wooed away from Google.
Shares of Yahoo rose 25 cents to close at $26.64 Wednesday, in line with broader market expectations. The stock has risen over 80 percent in the past nine months amid investor hopes that the new management will succeed in invigorating the company.