Diversify or Die!

January 7, 2009

Media news was dominated in the last financial quarter of 2008 by cutbacks, redundancies and closures in newsrooms across the UK. There were a number of reports commenting  on the inevitable decline of print news and the pressing need for publishers to look for alternative revenue sources, as the credit crunch turned to into an ‘official’ Recession.

To the point that yesterday it was announced the Scottish Parliament are getting involved with the Newsquest job losses in Glasgow, according to the Guardian.

As we head into 2009, even more dire predictions here for the future of the printed News medium: it is time to diversify or die. Ad agencies have seen the pinch, and even headhunters in the City have time on their hands this month. And as we know, January is traditionally a busy time for media folk and recruiters, as roles are created and media peeps look to move as the New Year heralds. Resolutions and all that.

It strikes me that as a business entity, the print media needs to examine additional potential revenue sources – before they are forced to close down even more newsrooms, shift production to online mediums only, lay off more editorial staff and deepen the crisis in which British journalism has been steadily spiralling into for the last three months across the country.

What is it in human nature which allows us to leave it until the last possible moment before taking action to avoid a complete disaster? Only when our backs are against the proverbial wall is action taken, or at least seriously considered.

I fear that we are to see further editorial losses in the first two quarters of 2009 before it improves in the UK.


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