“The only private sector industry where employees work with their lives on stake for the interest of common people is media industry.” ― Amit Kalantri
Many studies and people claim that the future of print media is at a threatened stage. Others also cite that the age of newspapers is over, and the future is all about going digital. Nevertheless, against these claims, the print media is still very much relevant in today’s world, especially in Asian countries. Print media businesses continue to have a dominant presence and powerful customer relations in most nations. In developing counties, they continue to grow as incomes and aid in enhancing education levels in children. Some print media businesses continue to produce enviable cash flows. At the same moment, there is no question that population development, technological revolution, and changing preferences for how individuals consume media have produced a profound impact on print media. And, this is the fact that cannot be denied i.e. the digital media has severely affected the consumption of printed content. In modern times, this industry must be transformed so that it stays relevant and complements the digital one, keeping the ‘print’ aspect of media alive. Therefore, the leaders in print media must form strategies that can be effective in the long-term alongside being staying viable in the current time.
Quick Glance at the Hurdles
Time Spent Online: Studies revealed that there has been an increase of 14% in the number of internet users. Also, a single person is found to spend at least three hours and twenty-four minutes on his/her smartphone. Thus, limiting their presence of print media.
The proliferation of New Screen Devices: Smartphones, Phablets, and E-book readers have taken off in the industry. As a result, audiences have started to prefer digital media consumption over the printed one.
Fragmented Audience: Print Media is losing all its audience to digital media, which comprises customizable and interest-oriented digital content (newspapers, magazines, etc.)
Local Publishers on the Rise: The low cost of the internet has provided a way for people to publish their own blogs, guides, social media, etc.
Industry Response
Most businesses have reacted predictably and adequately to such situations by reducing expenses but have realized that this is only a short-term and eventually insufficient solution. Some even have tried to turn their companies and organizations into a digital era, but they have had a difficult time hurling a very high bar i.e. managing short-term performance to satisfy shareholder expectations while also implementing longer-term projects that will produce revenue and income development in the future.
Transformation implies that change will last. Transformation for print media businesses implies a full revision of how they think, plan, function and define success in nearly every aspect of their company. The critical issue facing are newspaper and magazine editors, including those in nations where the shift to digital is still in its infancy. They have been cornered by questions such as, how do they balance the twin objectives of keeping short-term efficiency while planning and delivering a long-term vision for a very distinct future, given that legacy companies still drive most of the revenue? How do investors purchase time to adapt to the realities of a perpetually evolving marketplace?
Aspects of Short-Term Viability and Long-term transformation
The transformation we are talking about will require the print media to co-exist with digital business and publicity. The houses will need cost restriction, increase in revenue, and maintaining short-term shareholder value.
The online print media will require new people, new milestones, small factorized success, and funding as this transformation cannot be completed without some early wins. Therefore, print media will need to pull out a rabbit out of the hat for long term transformation and at the same time ensuring that they do not go out of business in short-term. They have to visualize their outcome. How would they like to proceed? How they can complement or be supplement etc.to the digital space? Well, some of the ways are mentioned below.
Getting Funds
The media houses have to determine possible outcomes according to their capabilities and competencies. It includes the cost of transformation, finding funders, and conceptualizing the organizational changes needed for transformation.
Staying Viable in the Mid-Term
Media houses must gain early wins and achieve milestones outlined in the transformation campaign. This can be accomplished by refreshing publications and business-unit portfolio for growth and sustainability and having vertical wins via unique and high-quality content.
Building the Right Team
For a successful transition, the media houses require a shift in thinking, organizational strategy, and technological investment. They need to reacquire talent and refine management programs. They will also need to develop and retain individuals with relevant skills. As far as the management is concerned, the media houses need to build teams with enthusiasm and momentum for transformation among employee.
The parties, which are not adapting to the changes may go out of business as they are unable to change according to the transition. They need to focus on high-quality content and strong editorial voices. With the content as the “King”, print media should focus on quality, which should not be sacrificed at any cost.
