An inevitable trend

Hà Nội Mới•19/06/2023

(HNM) - Digital transformation is identified as an inevitable trend occurring in all areas of social life, including journalism and media. In other words, "digital transformation is a matter of survival for journalism." Below are the opinions of some leaders of media organizations on this issue.

Journalist Nguyen Hoang Nhat - Deputy Editor-in-Chief of Vietnam Plus online newspaper:
Digital transformation helps journalism diversify its revenue streams.

€2,350 is the cost of attending a three-day course in London, UK, organized by the World Association of Newspapers and News Publishers (WAN-IFRA) in July, focusing on how to increase revenue for digital journalism. Key topics include: "Why Digital Makes a Difference," "Journalism and Business," "Content Strategy and Product Thinking," "How to Run an Online Newsroom," "How to Market Data," etc.

It's difficult to say whether the aforementioned costs are expensive or cheap (not including travel and accommodation expenses), but it's evidence that digital transformation is helping news organizations diversify their revenue streams, as WAN-IFRA noted in its 2021 Insights Report.

In reality, revenue from readers (including subscriptions, donations, membership fees, etc.) and advertising revenue are still considered the two main pillars of journalism. However, digital transformation has created opportunities for new revenue streams, including data business, partnerships with digital platforms (such as YouTube), and providing technology solutions. Even during the global lockdown due to the pandemic, many news organizations were still able to hold events through online conferences.

Considering advertising specifically, as traditional advertising models like direct bookings, PR articles, banners, etc., are declining, digital transformation has helped media organizations create new alternative products. Importantly, these products deliver significantly better communication results than traditional ones.

Advertisers and brands themselves are more enthusiastic about the achievements of digital transformation. In the book "Creative Journalism" published by the International Media Network (FIPP), experts once stated, "Targeted advertising is worth far more than advertising placement." And to achieve targeted advertising, data on readers and customers is essential. Therefore, media outlets that can leverage the vast resources of reader data (who are also their customers) will have a significant advantage in the revenue race.

And, in that race, standing still is tantamount to suicide!

Thu Hang 's summary

Journalist Dinh Tuan Anh - Deputy Editor-in-Chief of Hanoi Labor Newspaper:
Developing the economic aspects of journalism is a pressing issue.

In September 2022, the Ministry of Information and Communications, in collaboration with Google, organized an intensive training program on digital transformation in journalism and the economics of journalism. The four main topics were: readership development, data building and exploitation, optimizing advertising revenue, and generating revenue from readers. Nearly 200 media organizations participated in the program, demonstrating the high level of interest from the journalistic community in this issue.

"Change or die" is a phrase often used by experts. Previously, newspapers and broadcasters held a dominant position in circulation and advertising, generating substantial revenue. Now, however, surviving and thriving with a stable, self-generated source of funding is no easy feat.

Traditional forms of content organization face numerous challenges with the emergence of social media. Traditional journalism is competing with user-generated content platforms. This forces news organizations to adapt. Like businesses, journalism must keep pace with digital transformation trends to comprehensively change newsroom operations, from management thinking and human resource management to data optimization and content production and distribution processes. Digital transformation is closely linked to the digital economy, which means diversifying revenue streams and increasing the competitiveness of news organizations against new media platforms.

Media experts continue to assert that digital transformation is a matter of survival for journalism. However, it's also important to understand that digital transformation in journalism isn't a rosy picture. Before deciding to "invest," carefully consider what you can actually achieve. Digital transformation isn't a piece of jewelry…

Thu Hang 's summary

Ms. Duong Thi Minh Chau - Head of Communications Department, Hanoi City Social Insurance:
The press helps raise awareness about social insurance.

In the context of digital transformation, the press must both meet information demands to compete with other digital information platforms, especially social media, and ensure the livelihoods of its employees. This presents an economic challenge for many media organizations, particularly those that are financially independent. Therefore, many ministries, departments, and localities, including the Hanoi Social Insurance agency, have been collaborating with several media organizations to implement contracts for disseminating information on key topics for each year and each period.

The Hanoi Social Insurance Agency has consistently trusted and collaborated with Hanoi Moi Newspaper in disseminating information and promoting social insurance, health insurance, and unemployment insurance policies over the years. We are generally satisfied with the journalistic products provided by Hanoi Moi Newspaper. Many of Hanoi Moi's products have been collected, shared, and promoted on our electronic portal, Fanpage, and Zalo OA channels, helping citizens, businesses, and workers participating in these policies to have a correct understanding and a multi-faceted perspective, increasing interaction and exchange on issues of concern.

Hopefully, in the coming time, media organizations will undergo a strong and comprehensive digital transformation, changing their journalistic methods towards multimedia, multi-platform, and multi-device approaches, bringing the public newer and more attractive information products. The economics of journalism will also flourish as a result.

Minh Ngoc's summary

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