Print media has a long and established business model but it is evident (and a worry for publishers) that the Internet has made huge leaps and bounds in securing some of the huge annual revenues. Currently, it is quite a level playing field looking at the spend.
US advertising and marketing spend was an estimated $368 Billion in 2010. Online media advertising was an estimated $119.6bn and Print Media an estimated $111.5bn. (Source: FT.COM) The Share of Advertising research support these figures.
The main part of the business model for print journalism has always revolved around advertising dollars. We know that if print media can’t sell ad space in their print editions, they lose income revenue. Advertisers did not take long to catch on to the benefits of targeted advertising marketing the Internet offers. Unlike print, it is very easy to monitor the success of any online marketing campaign and the associated costs. It can be instantly edited, switched on and off and spend capped automatically. This has led to the move from print to online media as it is more accountable.
Adapt or Die
Almost every major print media company have an equivalent online publication to satisfy the demand of Internet users and also help ease the transition from print to web advertising. It is a wise move and not accidental. Another concept that the print industry struggled to understand was the Internet business model itself. The Internet trades free information for capturing your online usage, personal data etc, in order for advertisers to target and sell products more efficiently. Almost certainly, the major contributor to this has been the development of search engine based technology websites. Sophisticated systems like Content Network Re marketing allow advertisers to follow prospects around the web displaying the same ads.
News Travels Fast
People do not now have to wait for the next publication for important news updates. Online media circumnavigates the wait and fulfills instant demand for free. Most print publications charge you for the wait. Some may query the quality of the online editorial but there are plenty of amateur websites that deliver excellent content, even if the layout and design are less than professional. With mobile communications offering smart phone and Internet capabilities across the board, it is hard to see how print can keep up with the new emerging technologies.
Web 2.0
Social media is also playing its part in capturing and more importantly retaining website users. The modern Internet user is embracing all forms of interactive social media. FaceBook, YouTube, Blogging and Photo Sharing all contribute to making small networking groups of individuals with something in common. Print media cannot compete with online social interaction, which incidently has its competing advertising platforms in place.
Business has also opened up the access for the masses to get involved online. There aren’t many companies who do not have access to the Internet. Most firms allow Internet access to employees. If the access is available then people are more likely to use it as second nature. It is another tie in to the technology away from print.
Don`t Discount Print
However, many people now feel advertising on the internet is intrusive, additional noise and a distraction. Even opening an email is now a bombardment of ads. There are new advanced techniques in avoiding ad blindness (familiarization of the web page layout of frequently re-visited websites) by means of examining internet user behavior. What print media offers to readers is the tried and tested way of delivering news content and advertising in a format that that can be classed as relaxation.
Daily Newspapers are ideal for cross media advertising campaigns, filling in the gap between TV commercials and Internet advertising. Over 40% of readers spend over 30 minutes but under 1 hour reading dailys`. Readers and advertisers are quite loyal to each brand and this fact is probably the key to keeping print or converting them to online publication.
Regional Newspapers are excellent for local business advertising. Consumer and Trade Magazines have the ability to target adverts specific to those who may be in the niche industry or services.
Advertising certain products that do not convert well online such as aids for the elderly do well in color supplements as that age group may have limited interest of the Internet.
Straight Line Conversion
Many print publications are pinning their hopes of converting readers in a straight print to online conversion. Utilizing the Mobile and Tablet market, they are introducing Apps which deliver cut down versions of the news daily or weekly publication for a fee. Publishers feel that the two can compliment each other as there is still a loyal base of newspaper purchasers, even if in decline. US daily newspaper circulation went from around 63 million in 1985 to 40 million in 2010. Even with reduced sales, these are still huge sales figures and advertising revenues. Most publishers see the way forward as combining print and online media advertising.
Demographics
It is also reasonable to assume that as the percentage of older age groups live longer, they will more conversant with print media. Whereas the younger generation may well only be interested in online media, especially in mobile computing technology. This one area where print media will have to focus to capture the interest of the younger generation.
Chris Longley is owner and founder of Kent Web Design http://www.kent-website-designer.co.uk/
A company who aims to help deliver local business marketing message through innovative website design and functionality.
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