After highlighting ancient civilizations that developed writing systems and shared generational narratives through oral histories, Rakesh Sharma, president of the Indian Newspaper Society, pointed out the technological advancements that came with the dissemination of information.

India’s rich media history

India has a rich legacy of media and its first newspaper came out in 1780. Print media was instrumental in India’s fight for freedom and independence between the mid 19th century until 1947, Sharma said. Print media was used to build unity and the nationalistic movement throughout the nation.

Following post-independence, India had to “adapt to educating the masses about their rights and responsibilities in a democratic society.” 

The advent of new media, specifically radio and television, brought fresh opportunities to engage Indians. Radio and television “fundamentally reshaped the media landscape,” Sharma said.

Because of the real-time nature of radio, the medium quickly became a household staple of Indian life, he said: “The reach of radio was unparalleled at that time. It provided not only news but also entertainment, education, cultural programming and iconic radio shows.”

Now into the 21st century, Sharma mentioned even newer, digital or virtual-based technologies that will likely support different business models: Artificial Intelligence, Augmented Reality, and blockchain. These technologies are reshaping journalism and enabling more avenues for interactive storytelling, he said.

“The media in India is now characterised by convergence of formats,” whereby traditional media and new media interact, Sharma said. Digital media has surpassed traditional media and different revenue streams are able to support independent journalism, including podcasts, membership programmes and sponsored content. 

Despite misinformation, there is a lot of opportunity in India thanks to the digital era and its legacy of democratic values and diverse audience.

India’s promising media future

Greg Piechota, long-time journalist and Readers First Initiative lead at INMA, further elaborated on the possibilities of business models in India. 

His presentation began with  a personal story about stopping by a spice market in Old Delhi. In his family’s visit to various spice markets, they were refamiliarising themselves with flavours they were accustomed to as well as spices they weren’t aware of. 

“What can we learn from selling commodities from the spice traders of Old Delhi?” Piechota asked. “In theory, commodities are all the same. The news is a commodity but journalism is not.” 

Sharma also hinted at this notion as well, especially considering the diversity of India’s population and the size of the smartphone market. 

These days it seems that not only individuals are building news platforms but non-media companies are developing dedicated media platforms. “There are more creators than there are professional media people,” Piechota said. 

Piechota argued journalism remains the key differentiator against commoditisation and technology companies. One of the main questions and concerns is whether or not consumers know what journalism is. An ethical journalistic pursuit is worth paying for and paying to. 

The younger generation in the United States specifically might not fully understand the meaning of journalism. The New York Times, for example, focused on a product category and brand awareness campaign centered on the idea that your money will support independent journalism.

Sell journalism not news

Piechota offered this advice to news companies:

• Focus on who buys first. “How many iPhones are there?”

• Embrace data to become truly readers-first. Drive profits by considering customer value over lifetime via acquisition, revenue growth, and delay churn. 

• Invest or collaborate to concentrate demand. The destination of content is just as important as the content itself. “One thing that is currently being tested across Europe is bundling.” The testing refers to the pricing of product packages such as a subscription for magazines and newspapers or a combination of national and local offerings. 

News publishers continue to expand and redesign business models that center the online reader and ultimately the revenue that comes from the positioning. However, news publishers need to be aware of how they iterate and what makes for a premium product worth paying for. 

“The change of the business model requires changes in how you operate,” Piechota said. 

One business model Piechota mentioned in detail was the cyclone.

The traditional model is attract customers and engage customers with the hope of converting them. A cyclone strategy focuses on attracting customers “with an offer that they would crazy not to take it,” Piechota said.

Once readers become subscribers (on a discount trial), publishers offer a variety of product offerings. This trial works in generating revenue and acquiring users because the journalism experience drives usage and the subscriber is better informed of the publisher’s products.

Business models need to be tested in some way — whether it’s a specific time period, promotional price, or a select product. The goal is to build a pipeline of retained subscribers while still offering promotional periods for more subscribers. 

Piechota cautioned that marketing is not a one-size-fits-all approach, rather, different tactics deployed depend on what stage the publisher is in market share or brand awareness for example. 

Between the historical insights and growth potential in India Rakesh Sharma elaborated on and the strategic paths to increasing revenue Greg Piechota outlined, news publishers have an opportunity to leverage content tailored to diverse groups in the country, while testing ideas to promote retention. Successful business models center the readers and provide a premium journalism experience and product.

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