The Survival of Print News in a Digital Age
For many years now, digital-only subscriptions have slowly overtaken print in terms of the amount of news content being consumed. However, print still has more of a notable presence than one might think. It currently makes up nearly 75% of all revenue, so it is far from an obsolete part of the overall profit generated by news subscriptions. Print media carries a sense of legitimacy.
Print publications are still the most desirable avenues for scientists and journalists if they want to find reliable and consistent information. These publications have spent decades building a reputation with their audience and they hold their content to a high standard. Consumers that trust a publication are more likely to pass that trust onto the marketing messages within it.
Print media also tends to get a more focused eye. With the never-ending barrage of digital activity in the modern age, print offers a change of pace for people when they are singularly focused on the page in front of them. When they are not going back and forth between multiple screens and are more attentive, they are more likely to resonate with the message. Print is also resilient. It has now existed for centuries and has maintained its credibility to this day, even through radio, television, and now the digital age.
Consuming print media was once the only option, but it is now one valuable piece of a greater whole. Print will always be a centerpiece of content and marketing strategy, and even Generation Z sometimes relies on print because they know that not everything we see online is credible. Even so, there has been declining advertising revenue over the years and keeping print prices higher has been the usual solution to make up the difference. Strategies have recently been shifting towards an approach that is more conservative, focusing on sustaining print revenue while reducing the costs. All the while, the digital front will continue to thrive, co-existing with the classic print medium.
Publishers differ in opinions on what the marketing strategies should be to move forward with print media. Some are considering the move to more aggressive pricing while some think it is best to go the more conservative route. Aggressive pricing would address the urgent need for immediate revenue, but it would need to be done in a strategic enough way to minimize audience backlash. The long-term sustainability of print media remains in question to some publishers, and this approach may sustain it longer with a better cash flow—that is, if everyone remained subscribed through this price model.
With current economic pressures mounting on consumers, higher prices may cause them to unsubscribe and take their chances with online media. With prices on everything from groceries to other essentials being hiked up nowadays, consumers are becoming increasingly selective with their spending. To manage rising costs, some publishers are adapting their distribution model to drive greater efficiency, such as using same day shipping for their newspapers. It is projected that digital revenue will surpass print within the next two or three years, so easing print pricing could be a necessary step while publishers navigate their overall goals for digital transformation.
Publishers will ultimately have to devise whatever strategy fits their own goals. They all have unique circumstances, and they will align their pricing strategies accordingly. They will keep both immediate and long-term goals in mind as they balance the continued existence of print media with the growing demand for its digital form. There will be a market for print media indefinitely, though, as there are plenty of consumers out there that do not like to come anywhere near the digital format. Whether it is by habit or a lack of trust in news online, there are enough people for print media to drive a sizable amount of revenue for publishers.
