Mumbai: The 2024 Ficci EY Report has noted that alternate revenue streams will get increased focus when it comes to print.
- Events revenues will contribute to top-line growth, particularly in tier-II and III markets, where national mass brands need greater connect.
- Newspaper brands could venture into affiliate events businesses such as weddings, sports, government events, ticketing, etc.
- Digital efforts will focus on growing app-based audiences as compared to fleeting web-based audiences and reduce the dependence on programmatic advertising by doing more direct deals with advertisers.
Enhance utility for consumers
Reader base growth is critical, and increasing the utility of the newspaper is the answer
- This can be achieved in many ways, like providing more local news, more in-depth analysis, coupons and discounts on e-commerce sites, etc.
- Focus on editorial quality – invest in the newsroom to provide unparalleled insight and analysis and perspectives from opinion leaders within the community of readers.
- Build a stable of high-priced products for niche audiences with exclusive and highly differentiated content.
Diversify revenue streams
- Monetise content, including archives, and explore innovative content formats such as short video, podcasts and curated short films.
- Build a top-end sports product across the approximately 140-150 days in a year when the Indian men’s national team plays cricket.
- Consider launching international editions to tap the Indian diaspora.
- Build communities around Indian themes, which can be monetised globally, e.g., yoga, spirituality, classical music, etc.
Rethink digital
- Leverage digital audiences for content commerce and integrate sales teams for cross-platform advertising.
- Roll out a One-India news app with participation from all leading news brands as a united platform with a massive consumer base, thereby saving on customer acquisition costs as well as generating usable consumption and audience data, particularly in a cookie-less world, where first party data becomes critical for ad efficiency.
- Deploy an online magazine marketplace, for both digital and physical versions.
Optimise costs
- Generative AI provides publishers the opportunity to develop hyper-personalised content at scale, while at the same time reduce the effort pertaining to research, analysis and editorial.
- Infrastructure sharing, on the lines of the tower sharing companies created by telcos, can lead to significant cost reduction
Sell the tier-II and III story
- As consumption grows faster in smaller towns than in many metros8, the consumption story must be communicated strongly to media buyers.
- For many regional newspapers, a “state ownership” strategy can help garner a higher share of wallet, where the newspaper brand becomes the window to all media in that state for advertisers.
Focus on the SME power base
- Target SME advertisers (the report estimates their digital spends in 2023 to be around Rs. 208 billion, gross) who are increasing their spends on media faster than larger advertisers.
- Build self-serve platforms for them, aided by generative AI tools to help with content creation.
Reach will begin to stagnate
- Print will reach a steady state with a loyal reader base within the next three years, most of which will probably come from the growing base of educated people entering the workforce who need news and information to build their careers.
- Duplicated readership (homes with more than one newspaper) will continue to fall as cover prices increase.
Evangelise credibility
- The perception of newspapers as the most trusted news source is the biggest differentiator for print publishers, and the print segment needs to get together to build the narrative
Chase the young
- The print segment faces challenges in attracting younger readers, and that can be an existential threat.
- Continued investment in products (both physical and digital) for young audiences who are entering the workforce will be critical to build the readership habit.
Bundle innovatively
- Flexibility in pricing strategies, selective price increases, and strategic partnerships could be a proactive approach to sustain growth and grow audiences.
- Bundling could be developed across corporate clients, D2C brands, digital + physical offers, and other media products.
- Pricing structures could be developed around B2B/ Corporate, D2C bundling, and single-copy sales.
Focus on career progression
- Print will reach a steady state with a loyal reader base within the next three years, most of which will probably come from the growing base of educated people entering the workforce who need news and information to build their careers.
- So print companies should build the narrative of “10 minutes, 20 pages” as the path to awareness and career success.
Espouse sustainability
- Several environmental initiatives can be undertaken to present a more sustainable product proposition to readers, from use of solar power, building windmills, tree-plantations, lower GSM paper use, electric transportation, reduction of single-use plastic, etc.
