When the media business fails today, it is not because of non-availability of funds but ignorance of how to tap into opportunities or unwillingness to adapt to changes the business now demands. We live in the 21st century, doing media business in the real traditional sense without adaptable structures will make it fail. The above and many other gems were shared at the recent Africa Foundation for Young Media Professionals’(AFYMP) Media business viability, product thinking session for media business start-ups in Nigeria and other participants from African countries who registered and attended.
Opening the session, Yinka Olaito, Executive Director AFYMP, charged participants to be leaders of media business who are always learning with an open mindset for a change they desire. Media business as we know is constantly evolving like every other business, it will take a management team running on its toes to catch up with the changes.
Especially the disruptions technology is bringing. While we cannot overlook ethics, many of the things taught in journalism schools decades ago may not work hence a need to keep an eye on the new market forces and demands.
“No one should undermine ethics and other fundamentals in the trade but being agile, adaptable, constantly learning as well as experimenting will save the day for media start-ups owners in this new age” Yinka Olaito encouraged.
No strong media business can survive without a strong editorial policy and documented business model which captures some of the fundamentals known to other businesses’ success. It is better to work with a team and ensure everyone is on the same page in these vital areas. When a media business owner gets the above right, s/he can enjoy a level of business viability. But beyond business viability, the goal of any media business owner should be sustainability. The gap between the two is far.
Deji Adekunle, Programme Director of Nigeria Media Innovation programme who also doubles as Programme manager of Media Development Investment Fund, Nigeria office began by encouraging participants to understand changes in news consumers’ attitude, advertising and information ecosystem and be fully prepared for these.
More than this, knowing the rudiments of media business, types available and how each fits into the context of your media business will help you strategize and position in and for the market.
Deji Adekunle, Programme manager MDIF Nigeria
Deji Adekunle emphasised there may be occasional need to re-evaluate media business model “The process of business model construction and modification is also called business model innovation and forms a part of business strategy media entrepreneurs must embrace”
On her part, Flourish Chukwurah Ubanyi, the bureau chief for Deutsche Welle. West Africa Office among others said “Newsroom diversity is essential today for media business success. Bringing Gen-z into the boardroom can help media start-ups owners inject their opinions as well as help them connect with this generation”.
Flourish Chukwurah Ubany, Deutsche Welle West Africa Bureau Chief
As we know start-up media business owners may be overwhelmed in trying to be everything the business needs, but wisdom demands the owner or the team knows their own strength and outsources other necessary skills that will make the business grow faster. A good investment in micro creators, technology; learning how things work, mastering and keeping eyes on what works everyday will deliver greater value and other essential factors will help media business owners Flourish Ubanyi suggested.
No media business owners can be successful if they do not know how to hack their stories so well. More importantly, talking specifically, Flourish Ubanyi said “With YouTube, never treat it like a YouTube Television channel, you may fail. Three things that count here are thumbnail, title and first 15 seconds of the video may determine viewership and success”.
