Journalism and stories… about economics

Amidst a sharp decline in print circulation, the rapid development of digital technology, especially the application of artificial intelligence (AI), and fierce competition from social media, news organizations are facing numerous challenges regarding revenue.

To alleviate the economic difficulties faced by the press, in addition to changes in government policy, rapid adaptation and groundbreaking solutions from media organizations are required.

The biggest problem for news organizations in recent years has been the decline in traditional advertising revenue.

According to experts, approximately 70% of advertising revenue from print and television is gradually shifting to digital platforms, especially Google and Facebook. Businesses prioritize advertising on platforms with wider reach and better measurable results.

Furthermore, while some online news outlets have implemented paywalls for content, they have proven ineffective due to the deeply ingrained culture of free reading among Vietnamese readers.

Besides facing the trends of modern information and communication, press agencies are encountering some difficulties and obstacles in the regulations on the financial autonomy mechanism of public non-business units in Decree No. 60/2021/ND-CP, dated June 21, 2021, of the Government .

Furthermore, the mechanisms for assigning tasks, placing orders, or bidding for the production and provision of public services using state budget funds, as stipulated in Government Decree No. 32/2019/ND-CP dated April 10, 2019, and some other policies for press agencies, are not yet complete, thus creating many obstacles to the development of the press economy.

Journalists and reporters cover an event in Buon Ma Thuot City.

Prolonged revenue shortfalls will lead to significant consequences for journalism. Specifically, media outlets will be forced to cut investment, resulting in poor content, a lack of originality, and insufficient depth. Furthermore, while journalism plays a crucial role in social monitoring and criticism, providing diverse information, and contributing to social consensus, this role can be weakened by economic difficulties. This is something that policymakers and managers cannot ignore. To survive, some media outlets may become more lenient in accepting news and articles that show signs of commercialization or disguised advertising. This phenomenon diminishes the credibility and social guidance role of journalism.

Due to revenue pressure, in some media outlets, the practice of setting revenue targets for reporters still occurs under the guise of "generating revenue." Journalists, therefore, not only have to fulfill their professional duties but also shoulder additional financial demands, leading to the risk of confusing the mission of conveying information with the goal of profit.

The pressure to "boost revenue," "secure funding," and "self-finance articles" is gradually pushing journalists into the role of businesspeople. As a result, objectivity and honesty in journalistic work are obscured; the quality of news content, professional ethics, and public trust are severely affected.

This situation poses a risk of distorting information standards and even creating loopholes for negative behavior to exploit the power of the press for personal gain. The 2016 Press Law does not prohibit assigning revenue targets to reporters, so some media outlets still consider economic targets as a personal obligation of journalists. Meanwhile, the press cannot operate under the management mechanism of a typical business.

Reporters and journalists cannot be forced to chase profits, because journalism inherently demands objectivity, honesty, and independence—qualities that cannot be swayed by personal financial pressures.

In the context of a rapidly transforming global media landscape, the economics of journalism face numerous challenges, making the establishment of a suitable legal framework an urgent requirement. The revised Law on Journalism, currently under development and awaiting submission to the National Assembly , aims to refine legal regulations to institutionalize the Party and State's policies on journalism; to regulate and manage journalistic activities in a timely and appropriate manner; to overcome limitations and inadequacies in current legal regulations on journalism; and to create a legal framework for the development of journalism.

The draft proposes many new contents such as: a model for a multi-media press and media conglomerate, journalistic activities in cyberspace, and mechanisms for developing the economic aspects of journalism. Among these, one issue attracting attention from professionals is the proposed regulation "prohibiting revenue quotas for reporters," which would clearly distinguish between the economic activities of press agencies and the core professional duties of reporters and journalists.

Organizing sporting events is one of the solutions that helps media organizations generate additional revenue.

According to experts, legal documents should also clearly define the activities permitted to generate legitimate revenue. Simultaneously, regulations on transparent management and supervision of revenue sources should be added. Furthermore, preferential policies regarding taxes, credit, or funds to support journalistic innovation are needed, especially for units undergoing digital transformation and developing domestic digital platforms.

In the current context, alongside new policies, to thrive, in addition to maintaining print media, news organizations need to develop strategies for generating revenue from the digital content ecosystem. This encompasses all content produced and distributed in the digital space, aligned with the vision, mission, and strategic goals of the news organization.

Accordingly, the press must identify and serve its loyal readership by improving the quality and value of its content, producing exclusive and in-depth content, personalizing the reader's experience, and developing multi-platform content. To achieve this, the application of technology and strong digital transformation is mandatory, by upgrading content management systems (CMS), and applying AI and Big Data to the information production and distribution process.

In particular, within a humane, professional, and modern journalistic landscape, media organizations must safeguard their greatest asset: transparent and reliable information. Because, amidst a vast amount of information, maintaining the principles of transparency, objectivity, and reliability is crucial for attracting and retaining readers.

Source: https://baodaklak.vn/kinh-te/202506/bao-chi-va-cau-chuyenlam-kinh-te-309033b/