Written by: Rashmi
Digital transformation has seen a rapid surge in the past two years. The pandemic pushed people towards the digital world without considering whether they were ready for it or not. But the whole transition did not just take two years; it was in process for the past two decades.
As per World Press Trends 2015, digital readership grew by a whopping CAGR of 97% between 2011-15 while newspaper circulation grew at a CAGR of 4%. This was all due to the growth of the 4G subscriber base along with the dawn of smartphones and tablets.
The coming years saw a decline in the print industry that was slow yet consistent. Then came the Covid era. The worldwide lockdown pushed down the print supply to almost zero and the audience moved to their smartphones for daily news updates. Those who already were in the digital space saw profits when the major print industry saw a sharp decline in their print sales.
The result? To revive their fortunes and be in the business, print industry leaders started their digital subsidiaries and subscription-based models. Some went completely online. But what does this transformation bring to the fore? And how can you make this major shift? Let’s find out.
The Silver Lining: Advantages of Digital Transformation
But amidst these clouds of doubt, there shines a silver lining for the media industry. The shift to digital is filled with new opportunities and potential that print was not able to capture.
Some of the best benefits that digital transformation bring are:
Migration to the digital space means utilising automated options that do the job faster and better. Media companies can now handle it all via one platform and streamline the workflow.
Digital space doesn’t just make distribution easy but also pushes it to reach more and more people. If the company chooses the right digital channel, it can promote its content on a global level and enhance the customer base.
Multiple Revenue Streams:
Digital publishing offers the opportunity to diversify the distribution by using different channels. This, in turn, results in multiple revenue streams. Some of the popular ones are subscription models, digital advertisement, affiliate marketing, etc., In addition, the excess cost of distribution and publishing gets eliminated; resulting in increased profits.
Real-Time Data Analysis:
From publishing content to getting feedback, everything is quick in the digital space. Moreover, the platforms such as CMS give real-time data analysis which can be used to modify the content strategy to get more readership and increase revenue.
The advantages of a business making the transition from print to digital media are endless. That being said, how should one make this switch?
Below are some ways to successfully manage the move from print to digital:
Develop A Content Strategy:
Whether it is print or digital, the content remains the king. This is why it is imperative to develop a content strategy that helps in winning the audience online.
Some of the important factors that can help in formulating a content strategy are:
Key goals and content differentiation factor (CDF)
Strong SEO strategy
Consider A Multi-Platform Approach:
With print in trend, people had to rely on either magazines or newspapers to get the information. This has drastically changed with the advent of digital media. Within a few clicks, they can access multiple channels to consume content. This is where a multi-platform approach comes in.
To stay ahead of competitors, it is important to publish content on multiple channels. Different platforms also allow you to access different markets and hence broaden the reach.
Invest In The Right Digital Tools
Publishing the content, sharing it on multiple channels, managing the subscriptions, keeping a track of the readership – all this can become cumbersome if you don’t have the right tools. So, the shift is not just for the distribution channel but for the publishing tools.
Take Bold CMS as an example. It lets you create content once and publish it to websites, mobile apps, social media, etc. Moreover, it also offers features that allow you to schedule content, track audience engagement, measure the SEO score as well.
To Sum Up
From being a disruptive force in print media, digital has now become the driving force that is creating new standards of content creation and distribution. In simple words, it is not just an option but an imperative step of survival.
Most of the publishers have understood this and have already taken major leaps. From Quint to Swarajaya, we have helped the top media companies in their digital journey.