Magazine publishers have not leveraged the power of time-spend
At the recently concluded Indian Magazine Congress 2024, industry experts discussed ‘The Shift From Media Planning To Audience Solutions’. The discussion tackled the critical question of how magazines can remain relevant in a rapidly evolving media landscape. In the past, advertisers relied on media plans with broad reach. Now, the focus is on targeted "audience solutions." This shift leaves magazines, with their loyal readerships, wondering how to stay relevant. Can they adapt and thrive in this new media landscape? Moderated by Riyad Mathew, Chief Associate Editor & Director, The Week and Malayala Manorama, the panel featured Ambi Parameswaran, Brand Strategist; Shashi Sinha, Chief Executive Officer, IPG Mediabrands India, and Manoj Sharma, Chief Executive Officer - Publishing, India Today Group.
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Highlighting the enduring value proposition of magazines, Sharma compared magazines to a fine-dining experience as opposed to snackable digital content. He mentions, "The retention that remains with the magazine that you consume is higher, the content it has is retained with you for a longer period.
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The existing challenges were not ignored either. Talking about the challenges for magazines being relevant in media planning, Parameswaran raised how the world of brand marketing and performance marketing do not understand each other. He added, “New age clients see the world through a very narrow space of click-throughs, conversions, cost-per-lead etc and don’t see the bigger picture. I see them both as the Yin and Yang of marketing, wherein both should work together and manage both. There is a whole generation of marketers who do not know how to do brand marketing.” Sinha further highlighted the issue of measurement beyond readership, stating, “In our early days in the industry, where we wanted to make smaller media relevant and have good engagement for our ad, there were studies that focussed not on the reach of the publication but rather on what is being picked up in terms of my ad. The ‘time-spend’ is the basis of the entire content business. What has happened today, is magazine publishers have not leveraged the power of ‘time-spend’.” He went out to point out a generational shift within media agencies, where younger professionals may not fully appreciate magazines' value due to lack of measurement. “There is merit to evangelising the time-spend aspect because the youngsters today are looking at hardcore data in front of them”, he explained. Sharma then championed print's unique strengths, highlighting that "The inherent quality of magazines is that it brings in clarity. Today, the media scenario is chaotic. If you look at the News, you are getting bombarded from all sides, social media is giving you the most misinformation. There is no takeaway at the end of the TV debates. While our magazines have become an omnichannel content powerhouse.” Recognising the existing challenges, the discussion further led to panellists offering a roadmap for magazines to navigate the changing landscape. Parameswaran advocated for a multi-pronged approach - a magazine 360, and added, "You have to evangelise with clients and media planners. Magazines can be print, digital or a magzter-like app format - but someone has to see the bigger picture. I believe magazines have a huge future but magazine publishers have to believe that first." Sinha further echoed this sentiment, suggesting, "The onus of communication is on the communicator. For any industry, the onus of sorting it out is on the industry. Publishers will have to come together and create ways of improving things - be it measurement. Publishers are selling print and digital separately, they have to integrate it and then it will be huge. The money will come from the physical copy and the proof of demonstration will come from the digital part. The combination is deadly.” In conclusion, the panellists agreed upon collaboration as an important key takeaway, wherein magazine publishers and media agencies must work together. Collaboration is crucial for developing effective solutions for the industry. Magazines need to present a united front and remind advertisers of the unique value proposition they offer.
Tags : Print Media Magazine Aim Indian Magazine Congress 2024