It is an obvious fact that the development of the internet, telecommunications technology and digital media platforms has exerted a negative impact on traditional journalism. With the growing popularity of online news sources and social media platforms, more and more people are choosing to read news through digital channels rather than print.
Bright spots in a general decline
In the face of this trend, since the mid-2010s, many newspapers around the world have printed QR codes on their newspapers so that readers can be directed to digital content. Cosmetics brand Nivea ran an ad in the Brazilian magazine Veja Rio, called "Sun Band" with a built-in tracking chip. Mothers can tear it off, put it on the wrist of their kids and connect it to their phones so that they can rest assured that they can still track the location of their children while lying on the beach.
In Vietnam, in 2015, the Dep magazine launched a mobile application that allows readers to scan certain printed pages to access expanded content, which can be videos, electronic newspapers or digital photo sets. This is called augmented reality, which is widely used today in many mobile communication campaigns.
It is apparent that the shift in readers' reading choices has had a significant impact on traditional media, with many newspapers and magazines struggling to stay afloat, as readership and advertising revenue decline. Some traditional print newspapers have tried to adapt to the changing landscape by launching their digital platforms or shifting their focus to online content, but this has not always been enough to prevent the decline.
According to a Pew Research Center report, daily newspaper circulation in the US has fallen by 50% since its heyday in the mid-1980s. The number of newspapers in the UK also fell from 89 in 1980 to 49 in 2018, according to National Union of Journalists figures. Statista also stated that total global advertising revenue this year will only reach 34.86 billion USD for print newspapers and 13.73 billion USD for print magazines, while the digital newspaper ad revenue forecast is expected to reach 119 billion US.
Yet despite these challenges, print newspapers still have a devoted readership. They continue to play an important role in providing in-depth reporting, analysis and commentary on a wide range of topics. Some publications have even managed to thrive against the onslaught of digital media, catering to specific readers and offering a unique perspective that can be found nowhere else.
According to data from the Association of Magazine Media, luxury and fashion magazines saw a 1.7% increase in total circulation in 2019, compared with a 3.3% decline in all other magazine categories. Robb Report, a luxury lifestyle magazine covering topics such as travel, fashion and fine dining, has seen a 20% increase in long-term subscriptions over recent years.
The New Yorker, a weekly magazine covering politics, culture and the arts, also saw an increase in print subscriptions. In 2019, the magazine reported a 5% increase in print subscriptions, with a total print circulation of more than one million copies.
In Asia, Vogue China became the most successful version of this luxury magazine, with a monthly circulation of 1.6 million copies. Zenith also forecast that the advertising revenue of luxury style magazines could grow up to 8.2% per year.
A search for survival factors
Not all print newspapers have a chance of survival, let alone growth, but what happened in the post-pandemic era has shown that there are still exceptions. Contrary to the trend of shifting to digital media by both the public and advertisers, the demand for reliable news is increasing. The pandemic has emphasised the importance of accurate and reliable reporting, and as a result, there may be a growing need for print newspapers and magazines capable of providing in-depth and reliable information.
A 2021 Pew Research Center report found that 22% of Americans polled said they trust political information in print newspapers, compared with 13% for social media and 9% for purely electronic newspapers. In Europe, according to Eurobarometer figures for 2021, 42% of respondents in the European Union (EU) said they trust print newspapers and magazines, while only 36% said they trust online news websites.
What about Asia? A 2021 study by Edelman shows that trust in traditional media sources, including print media, remains high in some Asian countries. The study found that 59% of respondents in China, 55% in Singapore and 53% in the Republic of Korea trust traditional media, compared to 37% in China, 42% in Singapore and 44% in the Republic of Korea, who believe in social media.
A 2020 survey conducted by the Reuters Institute for the Study of Journalism shows that in Japan, trust in traditional newspaper brands is generally higher than trust in online news brands. Research shows that 45% of respondents trust traditional newspapers "a lot" or "quite a lot", compared to 34% for online news websites.
The 2021 Digital News Report by the Reuters Institute for the Study of Journalism shows that trust in the news has generally increased in several Asian countries and territories, including the Republic of Korea, Hong Kong and Taiwan (China). The report also found that traditional media sources, including print newspapers, are generally considered more trustworthy than digital media sources in these countries.
Recently, I also had an open discussion with the editor-in-chief of a rather large newspaper. He worries about the difficult prospect of the press and is concerned that, without a major digital transformation reform, it will be difficult to prevent a recession in the next few years. I agreed with him but I noted that digital transformation is not necessarily about pouring money into a series of technology solutions following the leading newspapers in the market.
Choosing a niche market, and becoming an expert in that field based on an ecosystem of traditional and modern media platforms tailored to your audience, plus reliable, in-depth and high-quality content, will also be a way to survive and continue to stand in the digital storm. That is how Vogue, Robb Report or The New Yorker found their “niche markets” and became unique and different in their segments.
Overall, the trend of print newspapers is certainly downwards, but that is not necessarily the death knell. Instead, it represents a shift in the way readers perceive information, and news agencies will need to continue to adapt and innovate if they hope to remain relevant and successful in the coming years.
According to Statista Market Insights, the total global revenue of print newspapers and magazines in 2023 is forecast to reach 127.17 billion USD, down from 130.46 billion USD in 2022 and 140.83 billion USD in 2021. The figure will drop to 110.62 billion USD by 2027.
