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Digital Media Evolution: Transforming Journalism Business

Explore the evolution of digital media's impact on journalism, from traditional to new media, audience adaptation, content changes, and revenue shifts. Discover current examples, challenges, recommendations, and predictions for the industry's future.

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Digital Media Evolution: Transforming Journalism Business

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  1. The Story so Far What We know About the Business of Digital Journalism -Grueskin, Seave & Graves (2011)

  2. Introduction • The current state of digital media • The effects it has had on the nature of journalism as we know it • The impact on consumers • How media institutions are adapting to this current state • Recommendations and Predictions.

  3. The Story Back then…. • In 2001: new & traditional media were at a tie in terms of stock market value • Apple & Knight-Ridder were both valued at 3.8 billion • Traditional media was a legacy • Traditional media determined what story was the “lead”-which news was considered important

  4. The Story So Far… • In 2010: New Media had multiplied tens of fold in their value, whilst newspapers were having difficulty with survival • Knight-Ridder doesn’t exist independently anymore • Apple now valued at more than $300billion • Compromise: Newspapers find themselves having to cater to new media. • The present state of the publishing industry is “disrupted and transforming”.

  5. The Miami Herald Headquarters

  6. Changes that came with new media: • A different business • One that requires an “audience first” mentality • A shift from information scarcity to information abundance • News has become a commodity • Digital is where users are headed. • Audience is receptive and adaptive • Deepens negligence of old media?

  7. Changes • Rapid innovation • Audience size determined faster • Unsuccessful business can be wind down with minimal expense • Extended lifespan of journalism • Quick follow-up on stories • Continuous broadcasting • “No such thing as yesterday’s news”?

  8. Content & Distribution changes • Digital has disrupted a model that was profitable for so long • Content is now atomized, each article exists independently • Journalists can locate readers anywhere, as long as there is internet access • News has become global

  9. Consumers • Media institutions can easily build new audiences. • Consumers are put into “clusters” or boxes, according to their interest and preferences • Publishers able to gather fast information about their audience • Journalists are able to find out who’s viewing their content, where their coming from & how they are engaged • However, some stats can be unreliable • The consumer now makes the decision of the “lead”/most popular story.

  10. Cost Cutting & Revenue • Digital has interrupted the typical media pattern of fixed costs & low variable costs • News is now distributed at no cost • Digital has allowed news org’s to cut down journalism costs • Citizen journalism • Comment board participation • Quality and accuracy questionable

  11. Current Examples • Grueskin et al suggest that the digital game is where the money is, considering the players know how to deal their cards. • Sustained ideas and management attention are vital (pay big attention to the little things) • Companies must be proactive through watching changes in their environment.

  12. …current examples • Huffington Post • Spent more on technology & less on content • Encouraged reader commentary, hired people to ensure that conversation be democratic & open • “As the audience embraced social media, we followed” • Grocotts Mail • Pursuit of growth of their online presence • e.g: Grahamstown NOW, Online news site, NikaNOW • Currently pushing Digital subscriptions • Mail & Guradian • “Mobile is part of the M&G overall strategy” (7th mass media) • Newsroom completely separated between paper & digital • Predict tablets and applications will become huge, hence their developing for Kindle & iPad, Android & iPhone)

  13. Recommendations & Predictions • Digital advertising is bound to grow overtime • Sectors of traditonal media industry must embrace change • Legacy platforms should not be disregarded or disbanded • Digital content should be independent of traditional media content • Media co’s need to redefine the relationship between audience & advertising • Journalists should be prepared for continued pressure. The more saturated the digital field, the more intense the competition will get • Place small bets on many ventures, increases the probability of winning

  14. Refrences • Buren, K. 2011. Mobile media at sub-Saharan African newspapers: a guide to implementing mobile news and mobile business. WAN_IFRA: Paris. P.36-39 • Grueskin, B., Seave, A., Graves, L. 2011. The Story So Far: What We Know About the Business of Digital Journalism. Columbia Journalism School: Tow Centre for Digital Journalism.

  15. Thank You

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