Moving from print to digital, and how to manage the economics of that shift, is the timely topic of a new report published by FIPP in partnership with Mather Economics, which can now be downloaded here.
From Print to Digital: Managing the Economics of Media Change provides an introduction to the theory of managing the economics of change along with some practical examples of how this process can be implemented day-to-day.
“Agility is probably the most important thing that management team can have now in the media business,” James Hewes, President and CEO of FIPP points out in the report. “There are no sacred cows – you can’t say that this is the way we do things.
“Balancing the old and the new, the existing and the potential, is a really important feature of management. The classic example in the media business is the difference between print and digital. Your print business is going to be declining in most of its revenue streams – you might have had a bounce with the print subscriptions during the pandemic, but in general, your business is going to be declining.
“So, what do you do? You manage that business for value, you manage it for profit. Your digital business are going to be growing, or they should be growing, so you manage them for growth. You take the profits from legacy business and invest those into the new areas.”