There’s a major paradigm shift happening in the publishing industry. It’s transforming the traditional way of receiving news and information via a physical channel such as newspapers or magazines into receiving them online. But this new paradigm shift isn’t necessarily a death sentence for print publishers. It does however, require a complete overhaul in how they think, plan, operate, and define success across all aspects of how their business can strengthen their brand, grow readership, and increase revenues.
The major emerging and disruptive mega trends that are rapidly changing the way people consume media today are:
- Consumer Demand – Consumer demand is shifting to spend more time online. US consumers from 2005 to 2010 spent 74% more time reading online media, while spending 21% less time reading newspapers and 11% less time reading magazines.
- Technology – New devices are exponentially growing and sparking a revolution in customer behavior. An increasing number of device owners would prefer to read digital versions of their favorite newsparpers and magazines.
- New Entrants – There are many new entrants in the industry due to low cost of entry, and consumers display increased trust in amateur blogs and user-generated content.
Despite these declines and the growing competition from digital media, there is still a large print market. Global unit circulation for daily newspapers, including free dailies, totaled 544 million in 2014, which amounts to 0.36 daily newspapers per household. And global unit circulation for consumer magazines totaled nearly 1.1 billion, which means that the average household reads 0.72 magazines.
Despite these consumption changes, new modes of advertising have emerged. Many companies have reacted to these trends by cutting costs. Others have begun taking simple – yet incrementally bigger – steps to adapt their businesses for the digital age. These tactics are understandable and appropriate, but they are not necessarily enough.
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