James Chadwick Director, insights, MindShare Asia-Pacific<br><br>
SOPA's chief recently issued a call-to-arms for print media to shift their business online, or perish. Why is the move online taking so long? <br><br><br>
There are three main reasons: people, money and strategy. Few people have a 'gut-feel' for making money online, they don't have deep pockets to invest, and there are few proven strategies to follow. <br><br><br>
What are the inhibiting factors a print media owner faces when considering a move online? <br><br>
The problem is generating revenue to get the virtuous circle of investment going. Most print bosses do have a plan to build business online, but they can't get the numbers to make enough sense to go ahead. Readers still expect information to be free, and there's endless competing content with a far lower cost base.<br><br><br>
How can media owners make enough money from an online business model for it to be a financially viable long-term prospect? <br><br>
Media owners will need to have brutal focus to know who they are, and what value they bring. Mainstream, general news and features are unlikely to win online. Classifieds, behavioral targeting, exclusive content and beefy verticals all offer opportunities.<br><br><br>
Are print media owners getting the most out of new technology with regard to enhancing their entire product offering? <br><br>
A big challenge now is to monetise content as it goes mobile across each Asian market. The killer-app that everybody has talked about for eight years or so, and still hasn't happened, is micro-payment for content, where people can pay a few cents to view an article of interest. That could change the game.<br><br><br>
Will consumers ever give up the 'feel' of reading a print newspaper entirely? <br><br>
Not me, but my kids, yes. Nothing will ever replace the enjoyment my weekly Economist fix gives me around the house over weekends. But I don't expect my kids will ever feel the same way about the feel of paper, and they may even grow up to find newspapers wasteful, dirty and inconvenient. <br><br><br>
Does the onset of online and a growing emphasis on digital media mean the end of print media in its current form?<br><br>
Today's print media formats and many of the brands won't disappear in my lifetime. But Merrill Lynch recently issued a report called 'Deep Depressing Dive' about falling newspaper revenues, and WPP issued forecasts to show UK online revenue overtaking national newspapers this year. It's happening. Now.<br><br><br><br><br>
Randy Weddle Managing director, Asia-Pacific, International Herald Tribune<br><br>
SOPA's chief recently issued a call-to-arms for print media to shift their business online, or perish. Why is the move online taking so long? <br><br>
'Perish' is perhaps an overly exaggerated suggestion. 'Concern' may be a better assessment. And is the move to digital format really taking so long? The internet has only been around for 10 years and there exist today media websites that make money. How long is 'so long'? <br><br><br>
What are the inhibiting factors a print media owner faces when considering a move online? <br><br>
In today's globalised world, digital media is a revolving 24-hour process — it never stops. Secondly, the experience for the reader/viewer is not the same — the format is very different and the content must be formatted for an entirely different desired experience, which requires a new way of thinking. <br><br><br>
How can media owners make enough money from an online business model for it to be a financially viable long-term prospect? <br><br>
Many media owners are already making money; it isn't some far-off pipe dream. The theory is not different from traditional media — compelling, quality content will attract compelling viewers/readers in a given audience sector (community) that will be attractive to advertisers. <br><br><br>
Are print media owners getting the most out of new technology with regard to enhancing their entire product offering? <br><br>
The convergence of print and digital is a process in transition. Many are further along than others. In time, there will be winners and there will be those who lag behind. There can be no complacency as this convergence emerges. Do we have to move at rocket speed? Not necessarily. This is fairly new and much of the success will come as a result of observation and testing.<br><br><br>
Will consumers ever give up the 'feel' of reading a print newspaper entirely? <br><br>
That seems unlikely. Perhaps this is a generational issue. Teenagers who have spent their lives using the internet in school will have a different idea about the feel of a newspaper or magazine. For the media owner, it's about delivering the content to those who want it, when and where they choose. <br><br><br>
Does the onset of online and a growing emphasis on digital media mean the end of print media in its current form?<br><br>
It isn't about one platform eliminating another. It's about adding platforms so that the consumer can make a choice. Some will choose a newspaper, some will choose a mobile phone, some will choose electronic reading <br><br><br>
