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The next year 10 years will be critical for traditional media industry's transformation
15 Jan 2020
We are at the beginning of the New Year, and of course, a decade. Then 2020 will either break or be a bummer for some businesses and brands. Henceforth, surviving the year 2020 will, therefore, create a new trajectory for the decade ending 2030. However, one's survival will be determined by a myriad of dynamics internal and external of the business environment. Some businesses and brands might need to constitute S.W.O.T (Strengths, Weaknesses, Opportunities and Threats) to aid surviving this coming decade.
Image source: Getty/Gallo Images.
The past decade which ended last year, 2019, was mudded with many adversities whether politically, economically, and many businesses having being forced by circumstances to transform – digitally transformation. The last decade came with many other positive dynamics, of course depending on how was approached from different fronts. One significant change that was prominent was the intensiveness of technology infiltrating many industries. One of those that felt the brat of digital technology transformation was the media – most apparent the print media.
The emergence of digital technology
The emergence of digital technology has changed many facets of news reporting and consumption thereof. The newsrooms had to transform though others are struggling because of the lack of funds. Radio still thriving even though podcasting has become a threat. But this a discussion on its own since people believe radio will exist for the next two or three decades to come. The podcast is another platform that thrives because of the convenience made possible by access to the internet – digital technology.
Though some radio stations or media houses have managed to transform and as well have their own podcast platform, it still doesn’t mean that radio isn’t walking on a tight rope. For it to certainly exist for the next two to three decades, open-minded management will have to become an integral and critical part of the transformation processes. Thereupon, for radio to perish, it will be out of the willingness of the owners and management – perish at your own ignorance and denial.
Above mentioned print or press whichever label one calls it, have virtually experienced the negative impact of digital transformation. However, whether this transformation was negative or positive it was heavily reliant on how media owners approached the process of transformation. There has being a myriad of newspapers that were closed because of the dwindling market.
Business decision-makers need to be pathfinders
Somehow the involuntary closing down of shops for some papers was a result of failed business decisions. It looks like there is a deficit of innovative thinking amongst some business leaders in the media businesses. Just because people are moving into digitalised newspapers doesn’t stop physical paper to follow where customers are herding at. Business decision-makers need to be pathfinders – Don’t wait for customers, create them – Bogosi Motshegwa.
When Ndalo Media closed shop citing a shrinking of profit for print media. Ndalo Media was the owner and publisher of the prestige Destiny and Destiny Man Magazine. When the Bar Leader announces late-year it came as a shocker to many especially those who have been following the story of Destiny Magazine that they’re resurrecting both Destiny and Destiny Man.
It was shocking because when Ndalo Media decided close shop, the decision was heavily influenced by issues regarding the insufficiency of profit because advertisers and as well as consumers no longer buy hardcopy magazines. They consumer content online. So when Bar Leader bought it, it was indeed perplexing, like how are they going to sustain it when the market has become less viable for print magazines. Therefore, assume this goes back to the business decision making issues or the deficit of innovative thinking in order to strive through digital transformation. “Print is not dying, the management of it is causing it to die’’ Legend Manqele, Founder and CEO of The Bar Group
The next decade will be critical for the survival of some media especially those that are already feeling threatened by digital technology. It is going to be either you swim or drown. Business decisions would be made based on customers’ needs not for profit sake. Exciting time ahead of us.
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