Frank Aigbogun, the publisher of BusinessDay Media Limited and other panel discussants at the Media Trust LTD event, commemorating the company’s 20th year anniversary, has reiterated the need for journalism to constantly innovate and update in line with the requirements of modern trends.
The discussants pointed out while discussing the theme: ‘Journalism as Business: News, Views and Advertising’, that there is an economic side of journalism which must be highlighted, noting also that the journalism profession is not just a social entrepreneurial job.
According to Aigbogun,”One of the greatest disservice we could do to journalism is to present journalism as an orphan. That is is to suggest that journalism could only be sustained with money that has been made.”
“By way of the future, I take comfort in the recent reporting of the New York times in the United States. At the end of December last year, the New York times earned digital sales revenue of $1bn. The share price of New York times today is at 11 year high.”
He also noted that the content of journalism and operations of the business is critical, hence people must identify with good journalism and pay for it.
He made further suggestions saying media businesses could prioritise strategically their premium content, while encourage their target audience to pay for it as a way of sustaining their brand and being in business.
”The last quarter of last year, the New York times added paid digital subscription of 157 000 people. By implication, the New York times is gaining subscription of 50,000 paid subscription a month. What that tells me is that good journalism can pay for itself. There is absolutely no way of doing good journalism without thinking of the commercial imperatives,” he said.
Chris Anyanwu, a former senator and the proprietor of Hot Frequency Modulated station and one of the panelists noted that, “Journalism is practiced within an environment and we have to watch what the consumer is leaning towards, and the behavioral pattern of the masses which would enable the audience be served better.
“On the constitutional role of the journalism profession,she said,”You have to watch dog in line with what the demands of your audience are .If your audience are going in a direction,and you insist you are being on an outdated format,you are going to be stuck there.”
“We must invest greatly in Technology ,data,to help us compete in line with the demands of the time,” Dapo Olorunyomi, the managing director of Premium Times said.
Also in his submission, Manir Dan Ali, the Editor in Chief of the Media Trust LTD said, “Our strategy is digital, but at the same time, we are mindful of where we are and are determined to serve that ecology according to their requirements. What we are doing is constantly securing the future whether it is digital or print.”
“Let me give an instance, we are publishing the ‘Teen Trust’ which is very strategic in reaching out to a great number of our secondary school outlets, who might not be able to cope with the exorbitant cost of data to ensure they also update themselves with information at all time”He said.
