The Not-So-Glossy Future of Business Magazines in India, fromPrint to Digital
In this modern era, the print magazineis no longer the centre point of the wheel, but it remains a vital point ofengagement with audiences and ad vehicles that brings resilient revenue.
For years, print has been consideredlike, 'king'. But as technology seeped into every corner of daily routines,readers changed their behaviour when it came to consuming content. Present-day,the internet has become the new distributor for journalism, bravery,commitment, cash and creativity to ride and embrace this new technology, toplug it into the heart of running print brands.
The interest of people in digitalmagazines has exploded recently. Earlier, digital was seen as a threat but weare not watching that more publishers have realized the opportunities and arenow willing to try the digital route to reach the audience on a wider range.When it comes to financial terms, print revenues are declining but, still,print magazines are still extremely popular.
Evolving consumer tastes, fragmentedmedia consumption, and tighter competition for audience time make it tough tokeep customers loyal to a title. All because of smart phones and tablets, thereading style of consumers has changed in the last few years.
Today, people just don't read onetitle, they read many. Several people snack-read and they dip in and out ofdifferent titles. There are a lot of people whose passion is reading and theyexplore content and title across the platform in pursuit to nurture theirreading passion. Raising a number of business magazines and institutionalmagazines is the perfect example of it.
Digital and print media both are onequal footing and regularly complement each other. Publishers are providingpeople digital and print bundles; they are striving to give customers the bestof both worlds. They are perfect when a person wishes to read the novels piledup on his bedside tables as e-books while away from home. In addition, digitalmagazines are essential to preserve rare printed materials. Antique, fragileand obscure books can be digitized and shared with readers, without any risk ofdamaging the precious originals.
Today, the publishing industry isembracing digital advancement and this is great news for readers. Because nowpublications can be bought and downloaded without any hassle. One side theshift from print into digital magazine has brought revolutionary changes in thecharacter of people. Now people prefer to read the business magazine online andit has become a new orientation for their lifestyle. Here, technology plays animportant role to support the publishers in developing their content throughdata and fascinate readers who want to come back.
But the industry is still learning tounderstand the modern reader and their reading behaviour. Many publishers aregetting it tough to create an effective online presence and attract customersdirectly. Their website may be overlooked by users who mainly buy businessmagazines in India from online retail giants. Another major hurdle for thepublisher is marketing. The traditional marketing approach is not effectiveanymore.
One of the vital impacts of moderntechnologies is that the boundaries in geography and time have disappeared now.The marginal cost of producing an additional unit is zero and the uniqueness ofbooks, magazines, and newspapers has greater importance than before.
A number of publishers are going thesame problems- restricted budgets; even the best business magazines in Indiaare going the issue with reduced resources and in the main, sliding sales. The writing and content part is the same. Thedifference is the distribution of this content and the way the audience canaccess it has changed considerably. Inmany parts, the publishing industry failed to understand just how importantemerging technology and global competition could be to their age-old businessmodel.
In the recent past, technology hadbrought a dramatic effect in the publishing industry. It is important for severalreasons. First of all, digital technology holds no boundaries in geography andtime.
As the demand for traditional printsdecreased, it resulted in a lower market equilibrium price. Although, a lot ofpeople disagree that e-books or online newspapers can be substitutes for aprint business magazines. One the contrary, people who like to read books intheir leisure time will not replace the print magazine for an e-magazine. Sameconcept applies for the online business magazine.
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