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Content is king: How print can make it in the digital world


The roundtable discussion at the Asian Publishing Convention. Photo courtesy of Asian Publishing Convention
 
Stay true to yourself.

It may sound cheesy, but this simple piece of advice may just be what it takes for print publications to survive in the increasingly digital world.

In the past few years, more and more print publishers have embraced digital platforms such as websites and tablet editions.

According to Cyril Pereira, co-chair of the Asian Publishing Convention, newspaper circulations have stagnated in the metro cities, including dynamic cities like Hong Kong and Singapore.

Special interests

"Publishers are in a frenzy about not growing circulation but holding on to the numbers that they have to justify the advertising rates they charge because if the numbers start going down, the vultures will be on them to reduce rates," he said during a media roundtable session at the Asian Publishing Convention 2013 on July 11.

On the other hand, magazines are able to hold on to their subscribers. "Mainly magazines are special interest, the audience is always there," Pereira said. However, there is also an increasing consumption of magazine content on screens rather than print.

According to Mark Yambot of ABS-CBN Publishing Inc., the fastest-growing markets for magazines are within Asia. For instance, there are at least 150 local magazine titles on display at a Philippine bookstore, and over 500 magazines in all.

"What's changed is that there are more choices... there are less titles that have large circulation, but more, smaller titles which cater to specific interests that communicate more directly with their readers," said Yambot, noting that the challenge for the magazine industry is to produce excellent content.

Newsweek started losing its way when it lost its gravitas, says Pereira. The magazine published its final print edition on Dec. 31, 2012 and has moved to an all-digital format. Reuters/Carlo Allegri
Content matters

Whether in print or digital form, the digital gurus agreed that content should be the priority. On the internet, everyone can create and publish content. "If you are in media now, we had better provide something of a certain quality for us to be able to deserve people buying more of our products," Yambot said.

As the market becomes more transparent, with local and imported titles priced similarly, the competition gets tighter. "For a local content creator, you're now competing at a global level, for eyeballs, and for content. It's very exciting because it raises the bar for everyone," he said.

Publishers have also begun to investigate the mobile platform, Yambot said. "This is continuing at an accelerated pace. There is no slowing down of the digital alternatives," he said.

Pereira pointed out that this development does not mean something is wrong with print. "That's got nothing to do with anything except life changes, technology access, and the next generation... it's that consumers have more choices, more channels and more devices," he said, stressing that form is not the point.

"It is content, which should remain relevant in any form, in any channel, local and international," he said.

Pereira emphasized that content is king, whether in print or digital. "As long as you stay true to your content, mission, and your personality, you can be the same brand on digital that was on print and will be on Google Glass in the future," he said.

Social media has had the most significance in the last half decade, Pereira also said. "Everybody is there, and everybody is liking, and everybody is sharing and everybody is passing on personal experience to networks," he said.

Strong media brands must stand for something, Pereira said. "No matter what the changes in technology, the brand must represent values that endure. The moment the financial guys and the marketing dancers get on to spoil a brand, you're done," Pereira said, noting that Newsweek lost its way when marketing took control of the brand.

"They had an analysis of world events, strong on politics, they had a point of view and they stated it strongly. About 10, 15 years ago they started losing that gravitas," Pereira said.

Print lives

Even with brands' increasing digital presence, print is still very much alive. "The print people are still very passionate about their paper. We see that evolving over time, but for the near and medium term, we feel that paper is still the primary screen for consuming magazines," Yambot said.

While digital publishing offers plenty of new opportunities to reach more readers and generate more revenue, Yambot shared that there are two things to watch out for. First are distribution costs. "We are mindful that the distribution costs across the digital platform are not the same or higher than they are in the physical world," he said.

Second is rights management, or the publisher's ability to protect its content from being easily copied. "We are looking for that combination of discoverability and reach, but the protection as well of the digital edition from immediately being copied," he said.

The Economist's Inez Albert added that "one of the big fears is print dollars magically dwindling down into digital cents." She shared that part of the challenge is convincing advertisers that when it comes to branding, that digital platforms can be as effective as traditional TV or full-page formats.

Pereira observed that there is a disconnect in the advertising media planning process between where publishers place their dollars and where consumers place there time. "Traditional media are still getting the dominant share of budget from the agencies, but the consumer time is declining dramatically in traditional media," he said.

Albert noted that in markets such as the UK and US, ad revenue in digital has already surpassed ad revenue in print. "That's going to happen in Asia as well," she said.

According to Albert, there has never been a better time for publishers. "There's never been an easier time for you to reach out to wider audiences to digital platforms," she said.

However, publishers must remember their mission statement, and know how to carry this through amid all the new channels of communication. "The main thing that we all need to remember as publishers is to stay true to our purpose and who you are as a publisher and to have a very clear and articulate voice," she said.

She noted that The Economist today is not very different from The Economist when it was first published 170 years ago. "It's still all about long form journalism. There's very few photos in the publication, we're not big into video and this is a whole world of video right now. Even online, we have a limited amount of video, but it's still about the analysis, having a voice, a position and a point of view as opposed to just reporting the news," she said.

According to Albert, brands can successfully transition with technology when they are able to stay true to their mission. "If you lose your way, that's when you get into trouble," she said. — BM, GMA News

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