The biggest surprise was that they were the first to do it.
As Evgeny Lebedev’s letter to his employees said: “We will be the first of many leading newspapers to embrace a wholly digital future…But UK print newspaper market conditions mean this change is inevitable…With the spirit of a start-up, and all the authority of our heritage, this transition means the world’s most innovative news brand can embark on a sustainable future.”
BBC Three made a similar statement when it announced its move to online-only on February 16th.
The Independent’s site currently has a monthly readership of 58 million and its predicted online revenue will grow by 50% this year. What Does The Future Of Independent Publishing Look Like?
But, is digital really the sustainable future they are hoping for? I’m not doubting whether digital is here to stay, nor that it has radically changed our consumption habits. Just this week the IAB reported 70% of people use a connected device whilst watching TV and most online activity is done during a programme, rather than during ad breaks.
The challenges facing digital
Despite the facts outlined above, there are some big challenges and changes facing digital:
- Ads on site are a key form of revenue, but with the growth of ad blockers, this is potentially under threat or certainly going to be affected.
- This is further exacerbated by developments, such as Accelerated Mobile Pages, that strip much of this ad content out.
- Charging for accessing content is a bold decision that goes against much of the web’s ethos and what many users are prepared to do. It may bring in subscriber revenue but potentially reduce ad revenue, as the readership will inevitably drop a little. The Times, however, has been doing this for years now.
- Syndicated (licensed) content is a growing trend, but the SEO implications of this for the partners needs to be managed to avoid any issues.
- Online and offline fuel each other. Offline has a key role in awareness raising and a supportive role in engagement and customer loyalty, advocacy and cross-selling. So what will be the effect on digital through the removal of the offline presence? How will new potential readers find out about The Independent?
Closing the print editions and continuing as is digitally will not deliver the sustainable future we want. The offer, operation, management, and strategy need to change now that there isn’t a printed version. Digital will be hit by this change, too, and I’m sure there will be more announcements and developments in what the digital offer will be before this change comes into effect—or at least I hope so.
Content may be king, but businesses shouldn’t fall into the trap of ‘build it, and they will come’. A serious look at income generation options, content strategy, customer experience, and relationship building with readers will make this sustainable.