A recent survey of publishers conducted by the Reuters Institute for the Study of Journalism (RISJ revealed that media leaders are less confident about their business prospects than the previous year.
Here are some key highlights:
- In specific, only 44% of the sample are confident about the year ahead, with rising costs, lower advertiser interest, and a softening in subscriptions being the biggest concerns. However, publishers are worried about increasing news avoidance and plan to counter it with explainer content, Q&A formats, and inspirational stories.
- At the same time, subscription and membership investment is a top revenue priority, with 80% of publishers saying so. Despite the squeeze on consumer spending, over half expect some growth in subscription and other paid content income. Publishers expect multiple revenue streams to be important or very important this year, with one-third expecting to get significant revenue from tech platforms for content licensing or innovation.
- Furthermore, with more legislation planned to restrict harmful content on social media, many respondents worry that these new rules could make it harder for journalists and news organizations to publish stories that governments don’t like.
- Publishers will be paying less attention to Facebook and Twitter and will put more effort into TikTok, Instagram, and YouTube, networks that are popular with younger people.
- At the same time, as the impact of climate change becomes more evident, the news industry is rethinking how it covers this complex and multi-faceted story, with half of the respondents creating a specialist climate team.
- Publishers are investing more in podcasts, digital audio, and email newsletters, while planned investment in digital video formats is also up.
- Many media companies are quietly integrating AI into their products as a way of delivering more personalized experiences.
In the infographic below, we have gathered what a newsroom must pay close attention to in 2023.
