Experts have highlighted innovative revenue models that media platforms must adopt to operate sustainably in the digital age.
They gave the highlights on Tuesday, October 15, during the formal launch of ‘Pinnacle Daily’, a flagship news platform powered by Pinnacle Digital Resources Limited.
Delivering his keynote titled, ‘The Economics of Media Business: Understanding Revenue Models and Profitability’, Isiaq Ajibola, co-founder and former managing director of Daily Trust newspaper, said prior to the advent of digital media, newspapers had predictable revenue streams – mostly through print copy sales and advertisements – that sustained the newsroom, but that has changed today.
Ajibola observed that with the advent of online platforms, readers no longer have to wait for 24 hours to read news in papers, as they want breaking news, analysis, video, commentary, and conversations which are now available in real time.
This trend, he said, has changed the media business, hence the need for innovative strategies for generating revenues.
“It has become necessary for everyone in the media to evolve or risk going to the oblivion,” Ajibola stated.
“The shift from print to digital has transformed the traditional media business model. Yet, it has also opened new revenue opportunities.”
He highlighted some revenue models that digital media platforms can adopt, which include digital advertising (which enables advertisers to reach readers based on demographics, interests, and browsing history), sponsored content, subscription and premium content, brand partnerships, and events and conferences.
The veteran journalist and media entrepreneur advised media organisations to invest in human capital and technology deployment and also focus on adept management of profitability for sustainable revenue flow.
Earlier in his welcome address, Chairman of Pinnacle Digital Resources Limited, Mr Abimbola Adeseyoju, noted the dramatic changes in the media landscape over the past three decades due to the advancement of internet and telecommunication technologies.
He said the development has forced traditional media platforms to innovate ways of generating revenues to survive economically.
“Both the Internet and telecommunication innovations have drastically altered the way we produce and consume news. Many of us in the media industry had been forced to go back to the drawing board to survive economically,” Adeseyoju stated.
He advised that with the changing audience needs influenced by disruptive tendencies of information technologies, media organisations should “focus on the consumers and not the technology”.
According to him, “Technology is just a tool. What we need to keep understanding is the needs, peculiarities and preferences of the consumers of our various news products and services.”
He said the idea behind setting up Pinnacle Daily is to serve as a digital media outlet that makes significant positive impacts on the lives of a new generation of media consumers by offering quality content that meets their daily information needs on employment, career, health, education, leisure, entertainment, finance, business opportunities, wealth creation and many more.
While reflecting on the journey towards the creation of the media company, the Pinnacle Digital Resources Chairman paid special tribute to former Chairman of the Economic and Financial Crimes Commission (EFCC), DIG Ibrahim Lamorde, who was a pioneer director of Pinnacle.
According to him, Lamorde was very passionate about the idea of transforming the media landscape in Nigeria through the use of new technologies.
“We are here today as a testament to that belief that Pinnacle is going to change the trajectory and direction of digital news channels in Nigeria,” he stated.
He called for a minute’s silence in honour of the late former anti-corruption czar and prayed that Allah may continue to grant him eternal rest.
Minister of Information and National Orientation, Mohammed Idris, commended the Pinnacle team for birthing the media platform, saying it demonstrates their faith in the importance of journalism in nation building.
Idris, who was represented by Dr Dili Ezughah, Executive Secretary, Nigeria Press Council, assured the readiness of President Bola Tinubu’s administration to work with the press “to ensure democracy and aid in building a safe, sound and prosperous nation.”
The minister urged the media to always remember to adhere to the ethics of the profession to reflect truth, fairness, justice, and social responsibility so they could always be justified, defended, and applauded.
Chairman of the occasion, Chief Olusegun Osoba, said, “Pinnacle Daily comes at a time when the journalism profession and the media are going through very dramatic changes.”
Osoba, who was represented by Chief Eric Teniola, noted the challenges in the journalism profession, such as fake news and misinformation aided by access to the internet and mobile digital devices, and called on professionals to maintain strict adherence to ethical standards, which are the hallmarks of true journalism practice.
“As professionals, especially for the elders and leaders in the profession, the onus is on us to show the light and lead the way in the preservation of journalism practice and standards, a duty I want to remind us all that we must never shy away from,” Osoba advised.
Other highlights of the Pinnacle Daily launch included a robust panel session on sustainable media practice in the era of online media.
The session, which was moderated by Adedeji Adekunle, Programme Director, West and East Africa, MDIF, had the following as panellists: Azu Ishiekwene, Editor-in-Chief, Leadership Media Group; Musikilu Mojeed, Editor-in-Chief, Premium Times; Simon Kolawole, Founder and CEO, The Cable newspapers; Zainab Okino, former Kogi State Commissioner for Information; and Angela Agoawike, Founder and Principal Partner, Omalicha Media Network.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
