The INMA South Asia News Media Festival brought together industry leaders to discuss the current state and future of the print media industry. 

Two critical panels addressed the challenges and opportunities facing print media today, focusing on recalibrating the business model and enhancing the value proposition of the print distribution network.

With the rise of digital media and changing consumer habits, these discussions highlighted the necessity for the print industry to adapt and innovate to maintain its relevance and sustainability.

Trust and credibility

The enduring trust and credibility associated with print media were highlighted as significant advantages. Print publications have long been viewed as more reliable and authoritative, providing a strong foundation for sustaining readership. 

Dhruba Mukherjee, chief executive officer of the ABP Group, underscored this point by stating, “Print is pretty much the fundamental foundation of the content industry ... everything is getting built around that,” highlighting the importance of print as a credible and stable source of information.

Aditi Mishra, chief executive officer of Lodestar UM, emphasised the importance of the quality and authenticity of content. She explained their stories “are not generated as 100-word stories or a 50-word story without checking the authenticity. They’re all done on the ground.”

This commitment to thorough and accurate reporting is a key factor in maintaining the trust of readers.

Standards and accountability

Moreover, the physical nature of print provides a sense of permanence and accountability. Mukherjee highlighted, “You can’t edit on the go. Once it’s black and white, printed, you can’t take it back.” This inherent quality of print media ensures news publishers maintain rigorous standards of accuracy and integrity, further solidifying their credibility in the eyes of readers.

The emotional and cultural significance of print media was also discussed. Many consumers have grown up with the habit of reading newspapers, which creates a deep-seated trust in the medium. Pawan Agarwal, deputy managing director of Dainik Bhaskar, pointed out, “I subscribe to five newspapers and feel very incomplete if the papers are not there.” This habit of engaging with print media daily reinforces its role as a trusted source of information.

Pricing

However, increasing cover prices was identified as a necessary step to sustain the industry. Ashok Sharma, head of planning and strategy at Amar Ujala, pointed out, “India being a price-sensitive market certainly will have a sensitivity towards a price hike ... most of the publishers have increased cover price almost to double the previous prices.”

A major concern was the delicate balance between increasing revenue and retaining readership.

Sharma explained: “We have the early advantage of trying higher cover prices ... you kind of keep the price commensurate to the quality that you deliver.” However, he also acknowledged that this strategy might not be universally applicable, noting, “The print industry is highly price elastic.”

The panelists discussed various strategies to manage costs while maintaining quality. Mukherjee highlighted, “We are working very aggressively in terms of building revenue models or rather building back the revenue that we had before COVID through aggressive innovations and creative business opportunities.” This approach includes reducing dependency on advertising revenue by increasing the cover price and focusing on quality content.

Aditi Mishra emphasised the importance of investing in high-quality content to retain readers. 

“If you have to thrive in the newspaper world, you have to invest in content and transform the content experience for your users,”she stated. Mishra elaborated on the significance of content investment, noting, “We have the largest newsroom in the world, with 6,000 people generating about 15,000 stories a day. This investment in content is crucial to maintaining the quality and authenticity of our news.”

Print products, audiences

There was a consensus on the potential of offering segmented products tailored to different consumer segments. By understanding the diverse needs and preferences of their audience, print media can offer more personalized and relevant content.

Agarwal shared, “We created two products in the city. One will have all the magazines, and the other will have fewer. We gave vendors the option to figure out which product suits which reader.”

The importance of collaboration with trade partners, including distributors and agents, was emphasized. Building trust and maintaining strong relationships with these partners is crucial for sustaining the distribution network. 

“We will have to win their confidence and vice versa,” Sharma added.

The potential of integrating technology into the distribution process was also highlighted. By leveraging data and analytics, print media can enhance their understanding of consumer preferences and optimise distribution routes, thereby improving efficiency and reducing costs. 

“The larger problem for us to solve is Gen Z, which is not touching the newspaper,” noted Sridhar Aranala, vice president of sales and distribution at The Hindu Group.

The idea of bundling print and digital subscriptions was discussed as a way to cater to the evolving consumption habits of readers. By offering a combined package, print media can provide a comprehensive news experience that spans both physical and digital formats. “Maybe we will enter a print plus digital model this year,” stated Aranala, reflecting on the potential of such an approach.

The discussions highlighted the need for print media to adapt to changing economic realities and consumer behaviors. By focusing on trust, investing in high-quality content, optimising distribution networks, and leveraging technology, the print industry can recalibrate its business model to thrive in the digital age.

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