About 300 representatives from more than 170 media outlets from around the globe gathered in Beijing Friday to discuss the seismic shifts and challenges in the industry at the World Media Summit (WMS).

The opening ceremony of the summit was held at the Great Hall of the People in central Beijing, and Chinese President Hu Jintao delivered a keynote speech.

The World Media Summit, launched by Xinhua and eight other world media organizations, attracted leading wire services, radio and television broadcasters, newspapers and magazines, and on-line media from around the world.

Under the theme of "Cooperation, Action, Win-Win and Development," the summit is in an effort to help global media explore ways of survival, said Li Congjun, President of Xinhua News Agency.

Ahead of the WMS, editor-in-chief of Reuters David Schlesinger told Xinhua that traditional media organizations are under mounting pressure to reform their business models to adapt to the changing reading or viewing habits of their audience.

Associated Press President and CEO Thomas Curley said the biggest challenge is that traditional consumers, such as the readers and viewers, are now able to publish or produce their own material.