What should Singapore’s media giant SPH do moving forward, after its recent announcement to restructure its media business?
1. The fact is, today’s audience is mostly consuming content – including news – via digital, and lots of them have not read newspapers for years. The duopoly of Google and Facebook has taken away a big chunk of ad revenue from traditional media players, including print and electronic media such as TV and radio, globally. This doesn’t just happen to a specific country, but it is a global phenomenon.
2. SPH Media Trust should adopt a new mindset that they are a media company or a news company, and they are no longer a print company. They should see news as their product and treat mobile, desktop, messaging, podcast, video, and print as the means to distribute their product to their customers.
3. It should also transform itself into a data-driven media company and spend efforts to mine its 28 million unique visitors by analyzing the data, understanding their preferences and needs, continually serving them relevant and trustworthy content, and making them be SPH Media’s loyal customers. Being a data-driven media company, SPH Media can also offer data-driven advertising solutions to advertisers in Singapore or the region.
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