Time for introspection in the media industry
A lot of thinking is going on among different media houses to keep the industry alive. The industry, according to analysts, is facing fragmentation and also trying to cope with the “mind-boggling range of sources of information available to readers, from Wikipedia to Google and the social networks, which have conspired to cause publishers of print media to re-evaluate” their strategies.
Though there appears to be a consensus among analysts that the print media will survive the onslaughts, but not as a ‘mass market,’ the analysts however think that introspection and business strategy will make some media organisations to stay alive.
Some of the thinking going on, according to Tony Rogers in About.com, include decision whether to charge for online publications. They are also deep in strategies on ways of increasing revenue and cutting costs in this challenging time. Media houses also are strategising on how to boost circulation figures, and whether to review credit adverts from clients and agencies who presently owe media houses huge amount of money.
No matter the thinking, the publishers would not want to compromise content, says Angela Quintal in her article in Bizcommunity, believing that content is still king, but she is worried that in the face of increased economic pressures, the temptation to cut costs at the expense of quality can be almost irresistible. “The challenge will be to maintain the standards of quality content and presentation – which readers have come to expect – while running a business that still delivers an acceptable return on investment for its shareholders.”
In his strong belief that print media will remain strong, William West, a Sydney-based freelance journalist, relying on research believes that “most people retain much more information they take in from a printed page, than from a computer screen. It’s not clear yet why this is so, but experts say that the difference in recall is nevertheless striking. Even putting all print media advantages aside, print media have other, possibly more important, advantages. This is illustrated by the fact that, even in the online world, the most popular information websites are still operated by big newspapers.”
However, experts warn that the media and the advertising industry must brace up for a rough time. Edwin Ekene Uhara in his discussion on ‘Reinventing the print media,’ in Nigerianpilot.com, who argued that though the print media had survived past technological innovations, but should imbibe new thinking to continuously stay alive.
He advised that apart from depending solely on revenues from advertisers, which had sent ‘News Week Magazine’ to its untimely grave, newspapers should also be making money from subscriptions. “Many Nigerians may or may not welcome this development, but it is important that the Editors Guild and the Newspapers Proprietors Association of Nigeria as well the Nigerian Union of Journalists adopt a new approach that will make online readers to pay for the services because, according to Rupert Murdock, newspaper owners are paying the journalists who gather, edit and publish the stories.”
According to Uhara, the act of making newspaper contents free on the internet by the conventional media is one of the major reasons behind the dwindling fortunes of the print media, and this is also responsible for the large volumes of unsold newspapers and magazines been recorded daily.
Recently, eminent Nigerians who are concerned with the hydra-headed challenges facing the 153 year-old Nigerian journalism profession are advocating for a summit that will find profound lasting solutions that will save the industry.
They strongly believe that it has become imperative to attend to the challenges now, but if not addressed with utmost urgency, could adversely affect the industry.
Last week, Doyin Abiola, managing director of defunct Concord Newspapers, called for a summit that will develop a model with the objective of saving publications.
Similarly at a different forum, Abiola Ajimobi, governor of Oyo State, who assessed the industry and challenges facing it, also canvassed the convocation of a general conference by Nigerian media practitioners to deliberate on emerging developments posing threat to the practice of the profession.
DANIEL OBI