Industry experts in the media space have charted new paths for the growth and sustainability of digital media platforms.
This took place during the formal launch of Pinnacle Daily, a flagship news platform powered by Pinnacle Digital Resources Limited.
In his keynote address titled “The Economics of Media Business: Understanding Revenue Models and Profitability,” Mr Isiaq Ajibola, co-founder and former managing director of Daily Trust newspaper, said before the advent of digital media, newspapers had predictable revenue streams which sustained the newsroom.
He noted that this had changed drastically with the rise of online platforms, as readers no longer have to wait for 24 hours to access the news, as they now demand breaking stories, analyses, videos, commentaries and conversations in real time.
This development, he said, had transformed the media business landscape, making it imperative for organisations to adopt innovative strategies for generating revenue.
“It has become necessary for everyone in the media to evolve or risk going into oblivion.
The shift from print to digital has transformed the traditional media business model. Yet, it has also opened new revenue opportunities,” he said.
He identified some viable revenue models for digital media platforms, including digital advertising which enables advertisers to target readers based on demographics, interests and browsing history sponsored content, subscriptions and premium services, brand partnerships, as well as events and conferences.
Chairman of Pinnacle Digital Resources Limited, Mr Abimbola Adeseyoju, noted that the media landscape had undergone dramatic changes over the past three decades due to advances in internet and telecommunications technologies.
He said these developments had compelled traditional media houses to innovate new ways of staying economically viable.
“Both the internet and telecommunication innovations have drastically altered the way we produce and consume news. Many of us in the media industry have had to return to the drawing board to survive economically.”
He advised media organisations to focus more on audience needs rather than technology, which he described as only a tool.
Minister of Information and National Orientation, Alhaji Mohammed Idris, commended the Pinnacle team for birthing the new media platform, saying it reflects their faith in journalism’s role in nation building.
Represented by the executive secretary of the Nigerian Press Council, Dr Dili Ezughah, the minister reaffirmed the Tinubu administration’s readiness to collaborate with the media “to strengthen democracy and build a safe, sound and prosperous nation.”
He urged journalists to uphold the ethics of the profession, anchored on truth, fairness, justice and social responsibility, to ensure credibility and public trust.
Chairman of the occasion, Chief Olusegun Osoba, described the launch of Pinnacle Daily as timely, noting that it comes at a period of dramatic change in the journalism profession.
Represented by Chief Eric Teniola, Osoba expressed concern with the rise of fake news and misinformation aided by the internet and mobile devices. He called on media professionals to maintain strict adherence to ethical standards, which he said remain the hallmarks of true journalism.
