The digital age has come, and businesses must adapt to the changing trends in technology. Businesses that want to stay on top of their industry must use new technology so they do not get left behind.
The media industry is one of those that followed suit, but there were negative impacts to its other source of income. For print media, for example, the rate of circulation has dramatically decreased. For radio broadcast, analogue radio channels may soon become a thing of the past.
A recent Reuters study has found that news organizations have changed their business models as they switched to digital media – changing the way news is delivered to the masses which means buying new equipment that would enhance news delivery.
Here are some of the changes the media organizations are undergoing to adapt to the changing needs of the people.
Some news organizations have closed news offices in some areas, and consolidated them into one bigger bureau.
Smaller media organizations have chosen to merge with bigger ones to keep their businesses profitable. They admit to have gained better media experience and online exposure after the merger.
There is an increased competition to be on top of Facebook and Google searches and advertising. Many of the organizations have relied heavily on these platforms to bring them a good share of audiences. This is their way of keeping the organization going in the digital age because of poor circulation – people are no longer buying newspapers, and would rather read the news online.
The media is also looking into the viability of paid content, as well as other platforms like podcasts, blogging, etc.
They are also looking into revenues from local sources by featuring local events and inviting local businesses to advertise on web pages specifically dedicated to local news. This remains an important part of the community because people want to know what’s happening in their locality, particularly if they’ve been away for some time.
Local folks would also love the exposure through big organizations that offer local coverage, especially if they have causes and want to be heard by a bigger audience.
Newsrooms have been re-designed with the latest digital technologies to be able to deliver news on time or in real time because people who hear about day to day incidents and news want to know about it immediately. News organizations use Facebook live, and live coverages that is shared in real time.
With the loss of revenue from analogue radios and newspaper circulation, news organizations are looking at alternate sources of revenue like website traffic/clicks, business advertising on their website, affiliate marketing, paid subscriptions, etc.
Local media is finding it hard to recruit young reporters to join their company. Young reporters are looking into larger organizations as they are well-known and provides better pay.
Despite the challenges faced by media organizations, they remain a strong force in the delivery of reliable and trustworthy information. They remain an important part of people’s daily lives. And so, they do their best to keep up with the challenges by way of innovation and forward thinking.
Though some of their sources of revenue may soon become obsolete, people can be assured that the news media will continue to provide information all day and all night.