The McKinsey Quarterly newsletter (available here via free subscription) has some promising news for the newspaper industry: News consumption is up, and newspapers are the most trusted medium.
The challenge is to convert the consumption overall into newspaper consumption specifically, and McKinsey is clear that the gains in online revenue will not offset the declines in print revenue.
What is an advantage, possibly, is the trust consumers place in newspapers. "This suggests that newspapers have further scope to go beyond news, to drive reader interest and advertising revenues at the same time," it says.
The prescription: "To survive in the digital age, newspapers will need to develop deeper skills—for example, in managing advertiser relationships and gaining customer insights—and they must walk a fine line to retain editorial independence and quality to capture these opportunities. But for those who get it right, the rewards could be significant.
The challenge is to convert the consumption overall into newspaper consumption specifically, and McKinsey is clear that the gains in online revenue will not offset the declines in print revenue.
What is an advantage, possibly, is the trust consumers place in newspapers. "This suggests that newspapers have further scope to go beyond news, to drive reader interest and advertising revenues at the same time," it says.
The prescription: "To survive in the digital age, newspapers will need to develop deeper skills—for example, in managing advertiser relationships and gaining customer insights—and they must walk a fine line to retain editorial independence and quality to capture these opportunities. But for those who get it right, the rewards could be significant.
