How has digitalization affected traditional media?
Digital disruption has caused a major crisis in the media since more than 15 years ago. Something that is not unique to the media, but has suffered every sector in which the powerful new digital players (Google, Amazon, Facebook, Apple) have made an appearance. The rules of the game have changed. The role of the journalist has changed.
The business model of today’s press has been impoverished by the malpractice of the means of offering a product for free that they always charged and continue to charge for offline, and by the change of model of the sale of advertising on the Internet, characterized by the automation and disintermediation…
In the traditional model the media had a double income path: the sale of copies and advertising. There were few advertising impressions sold with a large margin, while in the online model millions are sold at a price and with a very small margin. And they do not receive a direct cent from their readers for free access to the contents.
In addition, the press had a monopoly on classified ads, a huge business that has been lost along the way during the digital transformation process. Today people look for a house, car, work or second-hand objects in sites that are not media.
In addition, the democratization promoted by the Internet, where anyone generates content (prosumers) has devalued the value of journalistic work. Many journalists have been fired by the many ERE we have suffered.
But in addition the value of the content itself has been devalued as never before. And as a result of the excess supply of content came the misinformation first and the terrible phenomenon of the fake news later. The reader is more difficult than ever to differentiate truthful and quality content. Just take a look at the amount of hoaxes or camels that people accept without hesitation and share in helping their spread.
But being affected by the digital tsunami forced us to relearn and reinvent ourselves. A complex but exciting process and in which there are green shoots.