Which is why a group of publishers including The Economist, FT, IHT,Yazhou Zhoukan and The Society of Publishers in Asia (Sopa) is, quite sensibly, changing its story.
Forget reach for a moment, they argue. Print is better than other media at making people remember advertising. Not only that, but print makes us think more positively about your ad. These are arguments based on a study entitled 'The Power of Print', which quizzed high-earners in Hong Kong and Singapore on their media habits and how they feel about advertising in print.
In short, the study confirmed what it set out to prove. Brand and ad recall increase by large percentages when in print, and by greater margins in combination with TV. Brands in print also adopt a likeable sheen — or "brand favourability" — something the publishers are very excited about. According to the study, we are more likely to think a brand "cares about the community" if it's in print.
But are these earth-shattering revelations for Asia's media community? Although Sopa claims this is a first for Asia, studies in Europe and the US produced uncannily similar results — a decade ago. Indeed, says Frank Proctor, the project's co-ordinator: "These results confirm what we know about print intuitively: it is a quality environment and a good place to convey a complex message."
More interesting, says Connie Chan, managing partner at MEC Singapore, would been have been to see how brand recall and perception in print compares with digital media, rather than TV. "After all, online is the primary source for news in many markets in Asia," Chan says, adding that the study has conveniently chosen (in Hong Kong and Singapore) two of Asia's most print-heavy markets.
The report's biggest weakness, however, is that it ignores print's Achilles' heel — declining reach — altogether. "It's not news to advertisers that people put a lot of trust in their favourite print choices," Chan continues. "But if readerships are dwindling, budgets are still going to follow audiences — which, of course, could include digital versions of print titles."
A flurry of newcomers to Hong Kong's newsstands last year, free and paid-for, has done little to prevent the reach of newspapers falling — from 72 to 69 per cent. In the Singapore, the story is no cheerier. Print, admits the World Association of Newspapers and international magazine body FIPP, reaches a smaller proportion of Singaporeans than it did five years ago. Restrictions haven't helped.
For pan-Asian titles, six of which sponsored the survey, things appear brighter. The Pan-Asia Pacific Cross Media Survey shows the average issue readership of regional titles grew 17 per cent this year. But the reality is that, with The Economist a notable exception, Asia remains a tough place for regional publishers to make money.
For all its good intentions, it's difficult to see how the latest print study can ease the medium's woes.