At the recent Forbes Business Bridges event held in New York, Peter C. Hung, President of Licensing and Branded Ventures at Forbes Media LLC, set the stage with an insightful introduction highlighting the transformative potential of cross-border business collaboration between the United States and Romania.
Addressing an audience of distinguished business leaders and the Romanian Ambassador to the United States, His Excellency Dan-Andrei Muraru, Mr. Hung emphasized the importance of building bridges between the two nations, with a focus on fostering innovation and expanding business ventures across industries.
Mr. Hung described his role at Forbes as similar to that of an “incubator,” constantly seeking new ways to monetize and expand the Forbes brand beyond traditional media into areas such as education, real estate, and professional services. He encouraged the audience to think boldly about the future, envisioning how Forbes could evolve into a more diversified company over the next 10 or even 50 years.
As the forum’s discussions would delve into critical sectors such as artificial intelligence (AI), luxury retail, and real estate, Mr. Hung provided an overview of the dynamic shifts in each field. He underscored the exponential growth of AI investments, driven by the advancement of technologies like ChatGPT, and highlighted the challenges facing the luxury industry, particularly in markets such as China and Hong Kong. Mr. Hung also touched on the ongoing turbulence in the commercial real estate sector, calling for innovative approaches to navigating these changes.
With these pressing topics at the forefront, the Forbes Business Bridges event aimed to spark collaboration and dialogue, laying the foundation for stronger economic ties between Romania and the United States of America.
Key statements by Peter C. Hung, President of Licensing and Branded Ventures at Forbes Media LLC, from Forbes Business Bridges:
“Let me briefly introduce myself so you know where I’m coming from. As Raluca Michailov mentioned, I run what we call the licensing and branded business. So, what does that really mean? People often ask me, ‘What exactly do you do?’ In the simplest terms, I see myself as an incubator. I incubate new businesses by leveraging the Forbes brand. The key question is: how do we monetize the Forbes brand today beyond the media business? Currently, we have about 40 partners worldwide, ranging from media businesses outside the United States, including one of my major partners in Europe. Beyond media, we also explore other industries, such as education, global properties, brokerage firms, and business property development.
“We also offer professional services. I am constantly seeking new business opportunities that we can pursue. We are thinking ahead, considering where Forbes could be in 10 or even 50 years from now. It may not necessarily remain just a media business; it could evolve into a more diversified company, depending on the decisions we make today. So, that gives you some perspective on my role. When we discuss crossing borders and building bridges between two countries, the question becomes: what can we do? I’m always looking for opportunities to expand our business outside the United States. If you have any ideas, bring them to me anytime. It’s an honor to open this landmark event – the first cross-border forum between the United States and Romania – here at Forbes on Fifth Avenue.
“We are privileged to have with us today the Ambassador Extraordinary and Plenipotentiary of Romania to the United States, His Excellency Dan-Andrei Muraru. Welcome, Ambassador! I would also like to extend a warm welcome to all the distinguished business executives from both nations who have gathered here today to build crucial business bridges between these two great countries. Our goal is to foster collaboration and innovation across various industries. This forum brings together some of the brightest and most accomplished experts to address the challenges and opportunities within fields such as artificial intelligence (AI), luxury, retail, and real estate. These three topics are particularly close to my heart. Since the introduction of ChatGPT, we’ve witnessed an unprecedented level of investment from venture capitalists in AI and related sectors. Driven by the fear of missing out, billions of dollars have poured into these ventures despite uncertainties around monetization and return on investment.
“If you look at venture investments over the past quarter, nearly 30% of global funding in the second quarter of this year went toward AI. It’s mind-boggling! Since ChatGPT was introduced less than two years ago, the amount of money invested has been staggering. Just yesterday, there was an article in The Wall Street Journal discussing OpenAI. They raised another $6 billion, valuing the company at $160 billion – on a par with Goldman Sachs. What do they have? Just AI. Think about that! Elon Musk raised $6 billion from a startup with nothing but an idea, purely because he’s Elon Musk. People are betting on AI without fully understanding what the future holds. Later today, our discussions will shed light on how we can navigate this complexity and effectively harness AI’s transformative potential.
“In the luxury sector, the landscape is changing rapidly. I just returned from a trip to Hong Kong and China, literally two days ago. Quite a few luxury brands are closing their retail stores in that part of the world. As, you all know, the Chinese and Hong Kong markets are crucial for luxury retail. Many luxury brand owners are experiencing significant losses and declining stock values. The shifting dynamics of global consumer spending are forcing us to rethink how technology and innovation can rejuvenate these brands and make them more relevant to today’s consumers. Our forum aims to explore fresh ideas to address these urgent challenges.
“Last, but certainly not least, we have the real estate industry, particularly the commercial sector, which is facing its own set of challenges in the post-COVID world. We’ve recently witnessed dramatic declines in property values and occupancy rates. One prime example is a commercial tower in Manhattan being auctioned off at a staggering 97% discount!
“What does the future hold for commercial property and the real estate sector as a whole? How can stakeholders adapt to these changes? As we embark on today’s forum, I encourage all of you to engage in meaningful dialogue, share your insights, and collaborate on solutions that can drive our industry forward. Together, we can forge powerful connections that will strengthen economic ties between the United States and Romania.”
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