Rod Tremayne, former general manager at Fairfax, came to speak to the media class today. He had a number of insights regarding the future of print.
- In regional markets print revenue began to decline from 2008 (around the time of the GFC).
- Advertising revenue significantly reduced once people began to go online. Places like Seek, Drive etc…are specific to people looking for a particular item. To help stem the tide Fairfax have, at times, worked with Google to display ads.
- Metros declined early 2000s.
- Regional areas were slower because less uptake of internet. Once the internet was used more broadly then the decline in regional also became evident.
- No print models have been offered to stem the tide of revenue loss
- User generated content is popular in certain markets (like Singapore)
- Journalists now produce for multiple publications and produce more stories than in the heyday of print
- Virtual teams work in offices to write copy for various publications called share pages
- Journalists now need to be multi-skilled in various aspects including using their cameras, ipads etc…to gather stories
- Sub editors have doubled the amount of stories produced
- Journalists file a paragraph for digital copy, then add to it during the day. They will do a longer online version and then write the print version.
- Subscriptions have dropped.
- Advertising though was better off with print distirubution
- The buyout of the Washington Post by a digital media platform might offer new business models