“Readers spend more time on digital magazines”
Introduction of the digital platform is providing new opportunities to magazines, says Tarun Rai, President, AIM & CEO, World Wide Media
Technology and the introduction of the digital platform are providing new opportunities to magazines, said Tarun Rai, President, AIM and CEO, World Wide Media.
Quoting statistics on the growth of smartphones and tablet computers, Rai shared that iPads, which were not in the market five years before, have today been recognised as the fastest growing mobile platform in India. It has grown to a massive 120 million users in 2012 and is expected to reach 350 million users by 2016. He also stated results of researches where readers spend more time on the digital version of the magazine than the print version. He mentioned FIPP’s prediction that more and more magazine issues would be launched in 2013 and digital versions of magazines would also cover the market.
Rai said, “Only four per cent of the total media spent (advertising budgets) is dedicated for magazines in India. While the same figure abroad is approximately 17 per cent in USA, 18 per cent in Germany and 15 per cent in France. We should work on the business of magazines, and on developing branded content for communities of people with common interest.”
Citing data from the Pitch Madison report he pointed out that though the growth of magazine industry is not much, it is definitely the highest when compared to television and radio.
Taking the discussion forward, Rai also spoke about the engagement survey conducted by AIM and how the study proves that RoI of advertising expenditures is highest in magazines.
“The need of the hour for the magazine industry is to adapt change. This calls for editorials to redesign content for different platforms, while marketing and sales professionals should also sell across platforms in a creative way and the publishers should come out with robust business plans,” concluded Rai.
Rai was speaking at the seventh edition of the Indian Magazine Congress, organised by the Association of Indian Magazines (AIM) in Mumbai on 14 February.
Rai spoke on ‘New directions new opportunities’.
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