Quick 5 with V Radhakrishnan on media convergence
“Indian media companies have been proactive in going digital,” says Vijayakumar Radhakrishnan, Co-Founder and President, Magzter
The concept of media convergence is ever evolving, thanks to the increase in internet accessibility and technological magic. Every media looks up to the digital platform for better reach and most importantly, great interactivity.
In a conversation with exchange4media, Vijayakumar Radhakrishnan, Co-Founder and President, Magzter elaborates on how penetration of new electronic devices such as smartphones and tablets will lead to a whole new consumer experience in the digital space.
Given the growing use of digital media, what are your views on convergence of media, especially in India?
The growth of digital media and the increasing tendency of people to consume content through various digital platforms, especially tablets, is creating a lot of possibilities for media convergence. Due to increased internet penetration of 100+ million users in India, the prices going down, and high smartphones and tablet penetration, there is a great opportunity for media companies to target young audiences by reaching out to them with content tuned for their age group.
Today, the digital world is offering much more capabilities like identifying the location and profile of the consumer and hence, targeting content, especially advertisements, have become much easier. Offering interactivity with the consumers and engaging a consumer with the media has become very simple.
Apart from being cross-platform, how do you differentiate yourself from a Newsstand?
Magzter’s future plan is to converge all media verticals and cross promote the content. Magazine readers can watch related videos, whereas news readers can buy magazines, video consumers can buy music and so on. This is where media companies can benefit from Magzter and can use it as a platform to create a real media convergence especially to Indian consumers.
Apart from this, Magzter currently offers content based on the location of the consumer. It handles the licensing issues of the magazine content by blocking the content from selling into countries where the content cannot be sold. It also allows differential pricing concept where magazines can be sold at different pricing for different countries. Magzter offers a real-time sales reporting as opposed to traditional media business and provides consumer data to the publishers.
Have you been able to attract the Indian readers? Can you share some numbers regarding the devices that access your platform?
We have seen a tremendous take-off in India. Currently, Magzter has three million users, out of which 1.2 million users are from India. Magzter was launched in June 2011 and within 14 months the growth rate is doubling every six months in India. Indian media companies have been proactive in going digital and they are closely working with Magzter to offer their consumers the best experience on digital.
Can you elaborate on Magzter’s subscription model and advertiser’s profile?
Magzter offers monthly, quarterly, half yearly and yearly auto renewable digital subscription of content. We understand many digital consumers are new and hence, we offer various subscription packages for them to experience the digital world. Magzter recommends its publishers to provide magazines at discounted rates than the print magazines for easy penetration in the Indian market. Currently, all the advertising revenue goes to the publishers and Magzter does not do any revenue share from the advertising revenue.
Do you have any digital marketing strategy in place? How is Magzter leveraging this platform?
Social media plays a great role for start-ups like Magzter. We have a social engine plugged into our platform to increase the viral growth of Magzter. If you see our Facebook fans, we have more than 65,000 fans in a short period of time. Consumers want social media for communicating to the companies and also sharing their thoughts with other consumers.
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