Digital Media and Print Sector will continue to co-exist Newspapers need to rethink strategy to keep pace with digital platform #FICCIFRAMES
Digital Media and Print Sector will continue to co-exist
Newspapers need to rethink strategy to keep pace with digital platform
MUMBAI, March 26, 2015. Digital media and print sector are here to stay and would continue to co-exist in the Indian market for a long time. This could be deduced from the fact that the circulation of newspapers was still in the positive zone and was growing from strength to strength and the print media continues to have the lion’s share of the ad spend pie. Digital media was also gaining ground quickly. The need was to rethink strategy and tactics for the print media for it to be at par with the digital platform, which was evolving at a fast rate.
This was stated here today by the panellists deliberating on ‘Redefining Traditional Paradigms: Digital Media and the Print Sector’ at FICCI FRAMES 2015.
Mr. Anant Goenka, Wholetime Director, The Indian Express, was of the view that digital platform had opened a myriad of opportunities for the market and had the ability to reach a wider audience and penetrate the interior of the country, while newspapers had a loyal readership base and the regional newspapers were growing steadily and do not look to be fading out in the near future. He added that innovation and original content creation was the key to success in both spaces.
Mr. Sachin Kalbag, Editor, Mid-Day, said that online medium provides a platform to a media house to build upon a story, which was carried in the newspaper, throughout the day by using social media platforms, mobile apps and other digital medium. Digital platform could ensure that the stories were being discussed during the day and not forgotten after being read in a newspaper.
Mr. Nidheesh Tyagi, Editor, BBC Online, said that newspapers have enjoyed an indispensable position but were now at a tipping point and there were indicators that showed that consumers were shifting from newspapers to the digital platform. Newspapers had “stiffness” and it would be a challenge to compete with the digital medium, which was faster in dispensing news.
Mr. Vinay Maheshwari, Senior Vice President, Sales, Market Development & Brand Marketing, Danik Bhaskar Group, felt that the two mediums would co-exist and one would not cannibalise the other. The two mediums enjoyed a very different genre of readership and audience. However, he added that newspapers still have the advantage of being affordable by all. But the Internet was catching up fast as it was also now being considered a serious business.
While speaking about the ad spend Mr. Shripad Kulkarni, CEO, Percept Allied Media, said that print and television had a greater advertisement share than digital. However, he pointed out that digital had emerged as one medium, like no other, which was able to affect both print and television. He added that newspapers could well co-exist in future with digital but there was a need to rethink strategy and recalibrate. It was essential to rethink about distribution, content and monetization of content of print media for its sustainability.
The session was moderated by Mr. Pradyuman Maheshwari, Editor in Chief & CEO, mxmindia.com.