How brand extension and non-advertising revenue will define the future of print players
According to industry veterans, a quantum shift from advertising to non advertising revenue will be a critical factor for print players to stay relevant in the long run
At a recent media conference in New Delhi, a panel discussion on ‘Reinvention by Magazine Publishers’ saw participation of industry experts such as Gaurav Mishra, Chief Digital Officer, Conde Nast India, Vivek Khanna, Group CEO, India Today, Suprio Guha Thakurta, ex-Chief Strategy Officer, The Economist Group and Deepak Lamba, CEO Worldwide Media and President, Times Strategic Solutions.
Speaking about the need for reinvention, Gaurav Mishra of Conde Nast said, “There is a need for publishers to reinvent themselves. As we know, print readership is on the decline, print advertising growth has limits and display advertising is mostly going to Facebook and Google. As a result of this, the reinvention does not mean reinvention from print to digital, it means, in many cases, a shift from advertising revenue to non-advertising revenue streams. At Conde Nast US, non-advertising revenue streams already contribute 30 per cent of the overall revenue.”
According to Vivek Khanna of the India Today Group, brand extension is the way forward for print players to stay relevant. “We have purposely extended the brand beyond magazine in the direction where our consumers, readers and viewers are moving. We have multiple brands across print, TV and internet and the India Today brand is interacting with readers and viewers throughout the day. We have also forayed into brand solutions recently. It is all about understanding the problem that the advertiser is facing and use all the assets that we have and provide a solution to the advertiser," said Khanna.
Speaking about the need for transformation, Deepak Lamba of Worldwide Media added, “Transformation in media is happening as the world around us is shifting fast, it is like changing wheels of a moving car. The growth is not coming from just the key metros, as the case used to be. With growing spending power, brands now see growth coming from the larger India. Now it is up to the media owners to make sure that they stay relevant to the needs of the Indian advertisers.”
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