Enzokuhle Sabela
In June this year, Media24 announced that it would phase out most of its well-known print publications.
The Beeld, Daily Sun, Soccer Laduma, Rapport and City Press ceased their print operations on 30 September owing to their shift towards a digital focus.
The planned move sees the Rapport, City Press and Daily Sun transition into digital-only brands.
Media24 former CEO Ishmet Davidson said consumer preferences had changed. “People now read news more than ever, but most prefer to do so on their cellphones or laptops and publishers have to comply with their preferences,” he said.
He added that globally, print media had been suffering structural declines in circulation and advertising for decades. Combined with rising fixed distribution costs, this had a devastating effect on print operations.
Davidson said: “As a result, our titles in the northern region have been on life support for a while. Combined losses are projected to mount to R200 million over the next three years.”
Reader Bonga Rozani said they are adapting to the changing media landscape, shifting from buying newspapers to consuming news online.
“With the diminishing presence of print media, society may miss the tangible experience of reading physical newspapers, the sense of community fostered by local print publications, the investigative journalism often associated with established print brands,” he said.
Thabiso Goba, an Eyewitness journalist, said there is a need for strategies to attract talent while still generating revenue from journalism.
“Media24, like Caxton and IOL, are all facing a fight to stay alive. However, Media24 is a huge media conglomerate. It is too big to die, but like all media companies, they need to find ways to monetise their journalism while also attracting the best journalists.”
He said the slower pace that allows for thoughtful news consumption will be the most missed.
Media24 is not the only media outlet that is facing this hardship. Media monitoring company Novus Group released the “10 Years in Print Media” report.
According to the report, since 2014, 11 daily and weekly newspapers have also called it quits, signalling the digital age taking over, with print media facing a host of challenges.
The director of the Novus Group, Joe Hamman, highlighted declining advertising revenue and increased costs as some of the challenges.
