The publishing industry’s hardships continue
Over the last few years, the publishing industry has endured a great deal of strain, particularly due to economic slopes. These hardships not only threatened the continuity of the industry but led to declining revenue across various media formats, specifically newspapers, magazines and books.
Publishers reported a dramatic decline in readership due to what consumers see as a decline in the quality of content and the rampant spread of fake news and misinformation.
In addition to this, the industry has taken a massive hit as consumers are reluctant to pay for digital content.
This decline in readership has been accelerated by the recent economic decline and the global pandemic.
The publisher’s plight
The global pandemic has had a disastrous effect on the publishing industry. This, coupled with the rise of digital journalism placed a great deal of stress on the industry.
Because information has become so easily accessible, print publications have suffered. This is due to the fact that readers are able access news so easily, meaning they find paid subscriptions to online publications unnecessary.
This has led to a paradox for publishers as there was a massive demand for information and a major boom in web traffic
but a significant decline in revenue. This spike in traffic is due to consumers having more time on their hands as they
self-quarantine, thus having more time to consume content.
The industry has also noted a drop in newsstand sales, a breakdown in distribution channels and the shutdown of events.
How this impacted publishing
This strain on the industry has resulted in the closure of many publications and businesses putting their journalists on temporary unemployment in order to make ends meet. Namely Media24 and
Reach publications (publishers of the
Mirror).
Media24 announced that it is considering the closure of five magazines and two of its newspapers.
Additionally, the publication will be outsourcing and reducing the frequency of its remaining monthly magazines, making two of their newspapers digital-only and cutting staff.
These actions come as a response to the pandemic as it hastened the pre-existing decline in readership, circulation and advertising.
The publishers plan to cut
550 staff members, about 12% of their workforce, after reporting a 27.5% drop in revenue.
Reach publications have fallen victim to the same fate, as they have seen a significant increase in traffic.
But, due to reduced demand in advertising, it has not seen increases in
digital revenue.
Although the future of publishing looks rather dismal, publishers may find refuge in optimising their subscription structures. This may be beneficial if your publication is willing to offer a unique, differentiated service; consumers will be more inclined to pay for it.
This trying period will serve as a real test to the publishing industry; one that may lead to the end for a few publishers. In a particularly uncertain period, one thing that is certain is that publishing will
need to evolve in order to survive.