A hybrid print/digital business model is the key to success in this age of news production.
Over the past decade the news media industry has experienced rapid growth due to the rise of digital media platforms. As a result, media outlets and journalists have been required to reevaluate their business models and role, to adapt to new trends and consumer demand.
Many have been quick to claim that ‘print is dead’, industry leaders would suggest finding a balance between new-age digital and traditional media is the key to success.
It’s undeniable that consumers continue to rely heavily on social media and other digital technologies for their news – consumers, however, have voiced their concerns which highlights the consensus that the system is flawed.
The 2017 Reuters Institute Digital News Report found 68% of consumers still consider traditional media outlets to be the most reliable news sources. Issues such as ‘fake news’ and the saturation of information online are key concerns for consumers. As well as a growing fear amongst digital consumers surrounding data mining. Michael Kuntz, senior vice president of digital revenue at USA Today Network, agrees ‘major social networks have struggled to build trust’, something he suggests must be rebuilt in order to create a stable and strong digital media environment.
As concerns surrounding digital security grow, a unique opportunity for traditional media mediums opens. Kathleen Kingsbury, managing editor for digital at The Boston Globe, addresses the clear shift in approach newsrooms have taken to produce high quality, tailored traditional news. Traditional media has been rebranded as a premium product, despite the decline; it’s a reliable alternative from the saturated online environment.
Media organisations fall short when they fail to transition from print to online. To abandon years of practice, or a medium as a whole would be a mistake. Roy Morgan’s, ‘Australian Magazine Print Readership and Cross Platform Audience’ found magazine readership rose 0.8% in 2016; a demand remains.
Coupled with the convenience and popularity of online platforms – the print/digital business model proves to be the key to market success.
Featured GIF sourced from giphy.com and is licensed under CC BY 2.0.
