Mainstream media sustainability amid digital transformation

It is a challenging time for media operations everywhere. Printed media sustainability has been sliding towards the abyss due to declining advertising revenue, reduced circulation and loss to technology giants.Advertising revenue, in particular, is the lifeblood of newspapers&#039; ability to remain profitable. This reality rings true in Namibia, considering that circulations of virtually all mainstream print titles are in alarming decline.While some popular media outlets have fully adopted new technologies and advertising models to diversify revenue streams, many are still struggling. They are left to fend for themselves, with no new revenue streams to reshape operations in a changing technological world. Locally, some influential titles have decided to stop printing their newspapers and instead make them digital-only. This phenomenon is not unique to the Namibian media.Newspapers worldwide are cutting back on printed paper while pointing readers to e-editions. Most recently, South Africa’s Media24 dropped the bombshell by announcing that it would stop printing popular titles such as Beeld, City Press, Daily Sun and Rapport to transition to digital formats “in line with irreversible consumer trends and preferences".More than an evolutionIt is also true that the media’s role has more than evolved, and so has citizen journalism. The digital revolution has amplified diverse voices, with citizens now providing new dimensions to news reporting. We find ourselves in an increasingly integrated communications and dynamic information environment. Millions worldwide are now avid users of social media platforms, forcing existing websites and organisations to integrate new media platforms into their operations.However, despite its threat to the existence of the printed newspaper, social media platforms have also been embraced by traditional media outlets, not only as a form of content marketing - including pitching breaking news - but also as exciting platforms to communicate directly with a targeted audience.As much as this technological advancement has presented new opportunities, it is also a double-edged sword. Herman Wasserman, a professor of Media Studies and the director of the Centre for Film and Media Studies at the University of Cape Town, put it bluntly: “To respond to the many challenges, journalism will have to ensure its continued relevance in the everyday lives of publics, not only within its locally defined environment, but globally. It will have to resist, steadfastly, any pressures on its ability to seek the truth in the public interest, and find ways to be resilient and adaptable to survive and flourish".The trust elementIn general, traditional print media has always retained a high level of trust among readers compared to online and social media platforms, which are often subjected to intense scrutiny owing to the rapid spread of misinformation on those sites. This level of trust is thus essential for traditional media sustainability and to ensure that mainstream legacy media remain the preferred choice of readers - even in the face ofchanging information consumption patterns. Notwithstanding the modern challenges befalling the media sector, the Fourth Estate - a term that refers to the press and news media, both in the explicit capacity of advocacy and implicit ability to frame political issues - has and continues to play a significant role in Namibia’s democracy.It achieves this not only through the dissemination of crucial information and providing a platform for debate, but also for its essential mandate of acting as a watchdog on government activities. This role underscores the media&#039;s importance in monitoring power, ensuring transparency and safeguarding democratic functions. It goes without saying that a stable media landscape is critical to the functioning of ahealthy democracy. In the upcoming general elections, the media is facing heavy expectations, particularly from the citizenry, who want the media’s role as a mirror of society reinforced in both reflecting and re-framing issues of concern.The view of the corporate sectorIn contrast to the general public&#039;s perspective, the corporate world sees the media as a news outlet and a vital channel for connecting with various stakeholders. This encompasses reaching out to potential and existing customers and engaging with investors, partners and employees. The media is critical in how corporations build and sustain a positive brand image, conveying values, achievements and visions directly to their target audiences. Whether through traditional outlets or digital platforms, media coverage amplifies corporate narratives. A positive media presence can significantly boost a company&#039;s reputation, increasing consumer trust, investor confidence and brand equity.Thus, while the public may view media primarily as a source of information or entertainment, for the corporate sector, it is a crucial instrument in their strategic communication arsenal, designed to shape perceptions, influence opinions and drive stakeholder engagement. The importance of free media The importance of having a vibrant and free media cannot be over-emphasised. While respect for truth and the public’s right to information are fundamental principles of journalism, media accountability and transparency are just as crucial.Therefore, fundamental principles like accuracy, fairness and independence should never be thrown out of the window and compromise quality reporting, which in turn gives rise to ethical issues and judgment-tainted coverage.Journalists can ill-afford to deviate from these fundamental principles, which could compromise the integrity of a field already grappling with the challenges of adapting to the digital era.Together, we have the power to rekindle hope and prevent the decline of traditional news we are witnessing today. To secure its future and maintain relevance, the Fourth Estate must uphold the highest ethical standards, safeguarding accountability. For traditional or legacy media, the path forward requires a steadfast commitment to journalistic integrity, resisting the allure of sensationalism for short-term gains inengagement for clicks or &#039;going viral&#039;.Adherence to ethical reporting practices is non-negotiable; without it, mainstream media risks eroding the trust of audiences and advertisers that underpins its viability. In navigating the evolving challenges of the digital era, the preservation of this trust is paramount, serving not only as the bedrock for financial stability, but as the vital heartbeat of democracy itself.**Festus Nakatana is Capricorn Group&#039;s corporate affairs manager.

Mainstream media sustainability amid digital transformation

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Republikein 2024-11-22

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Mainstream media sustainability amid digital transformation

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