As the President of the Indian Newspaper Society (INS) and Managing Director of Mathrubhumi Group, MV Shreyams Kumar is uniquely placed to comment on the future of Indian print media. In this exclusive conversation, he opens up about the challenges facing the industry—from the dwindling ad dollars to long delayed Indian Readership Survey (IRS) to the growing dominance of Big Tech and the AI revolution. Kumar also shares how Mathrubhumi, a 102-year-old legacy brand, is navigating these transitions while staying true to its founding values.
On pricing & ad revenue pressures
While INS continues to engage with advertisers and industry bodies like AAAI to advocate for fairer practices, Shreyams Kumar admits that structural or policy-level changes to ensure long-term sustainability of newspapers —especially small and regional ones—largely lie in the hands of individual publishers.
“INS can advise members, but every publication has its own strategy, priorities, and business model,” he says.
The body’s current focus is on reinforcing the credibility of print and urging publishers not to compromise editorial values under any pressure. Post-COVID, challenges like circulation drops and advertiser pullout were significant, but recovery has begun. “Kerala wasn’t hit as badly, and we’ve stabilised now,” he notes, adding that sectors like education—once fully digital—are returning to print with high-impact formats like jackets and full page ads. “Clients are realising the value and impact that print still delivers.”
However, Kumar acknowledges that some categories, like classifieds, may never return. To diversify revenue, publishers like Mathrubhumi have expanded into events and hyperlocal content. “We also work closely with clients to understand their challenges and find meaningful solutions. Each media house must chart its own path, but our collective strength lies in preserving trust.”
INS plans a nationwide campaign to reinforce faith in print
Even as digital grows, Kumar believes print is far from obsolete. “INS constantly encourages members to double down on credibility. Even if readers get news a day later, they trust its authenticity. That’s our edge.” He adds, “We’re planning a nationwide campaign to reinforce public faith in print. It’s not just about nostalgia— it’s about verified, curated content that informs with responsibility.”
The IRS Delay: A Stumbling Block
With advertisers increasingly leaning on data for media planning, the absence of updated Indian Readership Survey (IRS) figures has left print at a disadvantage. The Media Research Users Council (MRUC) has been deliberating on the issue for a long time, but has failed to build a consensus on the issue. It is believed that several leading publishers are not in favour of the survey as it might reflect on their dwindling readership.
Kumar acknowledges the concern but cites logistical hurdles. “Post-COVID, access to households—especially apartments—has been restricted. In cities, 80–90% of residents live in gated buildings where surveyors struggle to enter. That’s a real challenge,” he says.
Despite skepticism over this rationale, Kumar insists on the urgency of finding a solution. “Without readership data, advertisers are flying blind. IRS is the only currency for assessing reach and reader profile. We need it—not just for business planning, but to reaffirm our relevance.”
INS vs Big Tech
The INS, under Kumar’s leadership, has been raising alarms about the disproportionate digital ad revenue captured by a handful of tech giants.
"Digital has seen phenomenal growth, but the majority of the ad revenue still goes to just two or three players. There’s no fair sharing of revenue—and we’re well aware of that. As INS, we’ve raised the issue with the Competition Commission of India (CCI) and also taken it up with the concerned ministry. But resolving it isn’t easy,” he remarks.
“We’ve raised this issue multiple times, including with the relevant ministries. But in a country like India, it’s not easy to formulate a law like Australia’s News Media Bargaining Code. That said, the government must take this matter seriously. If not, monopolistic dominance will only grow, and the diversity of the media landscape will shrink—and that’s not healthy for any democracy,”
The shift in ad spends makes this even more urgent. According to Madison’s projections, digital is expected to attract around ?1.2 lakh crore next year, while print will get only ?23,000 crore—roughly 16–17%. Just a few years ago, print commanded a much larger share of the pie. Now that’s rapidly eroding.
If the newspaper industry—whether large, medium, or small—is to survive, government intervention is essential. A handful of players are absorbing an outsized chunk of ad revenues, and the sharing model is deeply unfair.
There’s also zero transparency. When questioned, these platforms often claim publishers get just 2% of their total revenue—but there’s no way to verify that. We’re actively exploring ways to address this imbalance."
Kumar explains, “Unless the government enacts a law—like Australia and a few other countries have done—it will remain a challenge. I don’t know how the Indian government plans to approach this, but it’s a genuine concern for all publishers. The way these tech giants operate often varies from one publisher to another, and that creates further imbalance." “But this is a genuine concern for all publishers, because of the kind of game they play. From publisher to publisher, it's (revenue share) different. But then INS is trying to figure out a way to solve this issue in some way or the other”, he insists, though he doesn’t elaborate on this.
On AI’s impact on news dissemination
As generative AI platforms become increasingly embedded in how news is searched, summarised, and surfaced—often without credit or compensation to original publishers—the INS is beginning to take stock. “INS is discussing the possibilities of AI playing a major role in news dissemination,” confirms Kumar.
While several global media houses have already entered into content licensing or attribution agreements with AI companies, Kumar says the Indian print industry is still in the early stages of evaluating its response. These discussions, he adds, are critical to safeguarding the value of journalistic content and ensuring that creators are fairly rewarded in a rapidly evolving digital ecosystem.
"I'm sure AI is a reality, and we are actively formulating a strategy—where and how to deploy it across our operations. As of now, I don’t think it has affected our click rates, but it’s hard to predict how things will evolve. That said, one thing is clear: AI depends on content, and we are the content creators. It doesn’t generate anything on its own—it draws from millions, even billions, of pages created by people like us. So content remains central, regardless of the medium—whether it’s social media, WhatsApp, or any other platform, it all revolves around content."
Editorial Integrity in a Politicised Era
Kumar is also acutely aware of the rising distrust in the media. “The media today is under immense pressure—from advertisers, politics, and even readers. But our duty is to the reader. They pay for the paper; we owe them the truth.” He is blunt about media partisanship. “Many evening shows are just shouting matches. Anchors openly take political sides. That damages the profession.”
Drawing from his dual identity as a politician and publisher, Kumar sets a clear line. “I have politics, but I never let it enter my newsroom. The moment I do, I lose credibility. Readers will walk away—and rightly so.”
He cites campaigns that have brought change, like the Mathrubhumi-led coverage of a drinking water crisis in a Kerala panchayat that led to ?40 crore being sanctioned for clean water. “That’s the power of journalism. No other medium delivers that kind of grassroots impact.”
Mathrubhumi’s Plans
Kumar switches hats from industry leader to media owner as he reflects on Mathrubhumi’s journey. “We were founded in 1923 to amplify the freedom movement in Malabar. Our pillars are truth, equality, and freedom. Those values still guide us,” he says. “As consumption habits evolve, so must we. But we won’t compromise our core.”
The group is investing in digital platforms, regional magazines, and event IPs to expand reach and revenue. “Some advertisers—like in education—are returning to print with big formats: jackets, full pages. Others like classifieds have moved on. Events and hyperlocal content are our new growth areas.”
Mathrubhumi is also experimenting with niche content. “We have health, travel, and kids’ magazines. But that’s not enough. We’re running pilots to understand what the next generation wants. We’re not in the business of news alone—we’re in the business of content.”
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