Is Indian print media approaching dead end?

There are many among us, including myself, whose day does not begin without the daily dose of the newspaper(s). Apart from the news content, the rustic smell of newsprint and dyes is what makes our lazy senses come alive just by flipping through its pages and scanning headlines.

Nonetheless, there are those, especially the youth and whose tribe continues to grow each day, who customarily consume their daily quota of news and latest reports on their laptops, tablets and even smartphones.

The growing digitisation of our modern lives and increasing mobility of people for the  purpose of education, career and leisure is subtly yet irreversibly transforming our lifestyle, habits and  conducts.

All these development in turn are influencing our consumption patterns, not only with regards to material items viz. food, cloth, accessories etc, but in non-material forms as well, for example news, entertainment etc.

There is no wonder that web based entertainment mediums such as Netflix and Hotstar are not only gaining in popularity among the upwardly mobile segments, but getting astronomical valuations for their promoters and simultaneously inspiring many more such and new age startups.

In this changing paradigm, the newspaper industry has been facing fresh challenges of dwindling readerships and falling revenues. The speedy pace of digitisation is further making things more and more difficult and future prospects bleak for the industry, especially print media.

Recently, a leading Indian media house publishing both English and Hindi dailies and periodicals closed down multiple editions. Many other small time publishers are already at the brink in the face of digital news getting higher traction, readership and viewership.

Even news channels have now realised that their large section of viewers going forward would watch them over much smaller screens rather than the idiot box, no matter how futuristic the TV becomes.

All the newspapers routinely upload their e-paper version over the web, while also uploading individual news items on their website to keep the reader engaged and attract greater online traffic. This allows them to also monetise their web news operations, which is already getting fortified with more staff and infrastructure.

Digital news mediums not only complement the need for mobility, but it also comes handy and at fraction of cost of a physical newspaper.

Thus far, popular social media platforms such as Facebook, Twitter, LinkedIn etc have facilitated free flow of news and informative content, both uploaded by individuals or institutions, including newspapers.

However, these social media platforms, including Facebook, are mulling strategies, which would allow them to provide news content from their own stable given the high visibility, reach, penetration, brand equity and technological edge they enjoy.

In this mutating milieu, the Indian newspaper industry is weathering headwinds, wherein only those with the most innovative minds on their boards and who are able to devise a digital model for their businesses, encompassing both readable and viewable news content, would survive.

Besides, the print media would also have to reinvent just like the cinema hall industry reinvented itself and transformed into multiplexes, which were part of a larger shopping, entertainment and recreational zones to sustain themselves and grow.

The reinvention of the physical newspaper could incorporate strategies to position it as an aspirational product rather than commodity as it is today.

The massive chunk of yet to be lettered masses and a large ageing population present a sea of opportunity to the newspapers to stay strong even in such testing times.

Those who are able to measure up to the challenge and metamorphose would survive lest they shut shop or get merged with bigger and forward looking corporations.

Undoubtedly, ‘digital is the way forward’!