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Digital dilemma – A question for future of media
Today, even with a daily online readership of 5 million unique users, the revenue is not linear, as it was when a publication had a circulation is 200,000 in print format.
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A spread: One of the Cikapundung print market newsagents watches his cardboard-lined makeshift newspaper stall at the northern end of Jl. Dr. Ir. Sukarno in Bandung, West Java. (JP/Anindito Ariwandono) (JP/Anindito Ariwandono)
T
wo decades ago, when we both stepped into the realm of media, print publishers were reigning supreme. Major weekly magazines, boasting a circulation of 150,000-200,000, targeted readerships exceeding 800,000 for the 15+ age group.
The advertising slots in these publications were always sold out, with a 30 percent allocation from their 120 pages generating a staggering Rp 1.5 billion (US$96,335 based on today's rate) per edition. The demand for advertising space in print media was unprecedented. Even niche print media with low circulation and readership could thrive, securing ads from products resonating with their loyal readers.
Or, if we shift our focus to daily newspapers, the situation was equally astonishing. To secure a full-page, full-color advertisement, one had to endure a waiting list that spanned two weeks.
The landscape was robust, and in terms of advertising spending efficiency, advertisers could justify the relatively high Cost Per Mille (CPM) in print media compared with, say, television. The targeted characteristics of print media audiences made the high cost acceptable. During that era, print media publishers truly enjoyed a substantial share of the advertising pie.
However, times changed swiftly with the rapid rise of the internet. Publishers were compelled to adapt promptly to this transformation. But they found it challenging in at least two ways.
Most publishers ventured into creating digital versions of their products, while some clung to the traditional print format. As we know, those sticking solely to a single platform found it challenging to withstand the colossal wave of digitization. Adapting to the changing times allowed some to survive, although their business margins were not as robust as in the past.
The optimistic mantra of those who embraced change was that the name of their media outlet was their brand. Whether print or digital, it was merely a matter of format, a question of the vehicle used.
