WAN-IFRA's Digital Media India (DMI) conference was back in its physical form. The event was held in New Delhi on 16 and 17 March. It also hosted the South Asian Digital Media Awards 2022 presentation.
The event was centred around "Drivers of digital revenue and technology". It featured a well-planned and informative program to facilitate learning and networking opportunities among relevant people. The goal of the conference was to expand on discussions related to various modern business, editorial, and digital issues.
The two-day conference kicked off with a keynote address by Lucio Mesquita (Senior Consultant, Innovation Media Consulting Group, United Kingdom), who shared the findings of the "Innovation in News Media – World Report 2023".
"News publishers worldwide have come out of the tough pandemic years with renewed optimism and healthy digital gains despite the ongoing geopolitical challenges. Innovation is a key common thread for their success. Above all, news brands that are doing well are investing in and focusing on developing content worth paying for as, in the end, only journalism can save journalism," said Mesquita.
Day 1 of the conference featured sessions on sustainability, subscription insights and trends, digital revenue, and artificial intelligence, a trending top for publishers globally.
'Great Opportunities For Publishers': Bharat Gupta, CEO, Jagran New Media
Bharat Gupta, CEO, Jagran New Media, kicked off the first panel discussion on digital priorities and diversified business strategies by listing out three things he is optimistic about the future of digital publishing in India.
"With over 650 million users, India is the second largest internet population, and that's only 55 per cent of the penetration rate. Second, the ad to GDP ratio is only about 0.7 per cent, instilling confidence about monetisation. Third, India is the youngest country globally," said Mr. Gupta. "More than 60 per cent of the population is under 35 years of age. Consumption patterns are changing and all these three things put together spell out great opportunities for publishers."
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The panel also comprised LV Navaneeth (CEO, The Hindu Group), Mariam Mammen Mathew (CEO, Manorama Online), and was chaired by Ritu Kapur (Co-Founder and CEO, The Quint).
"Indian publishers have traditionally been good with content and journalism. We are going back to basics both in terms of the product and the business model, and this is what 2023 is going to be about," said Mathew.
"Healthy digital news business is 40 per cent reader revenue, and The Hindu is 50 per cent currently. In the next 2-3 years, I expect that to grow to 60-65 per cent while advertising continues to grow," said LV Navaneeth. "There will be a time in the next 3-5 years when digital revenues may not grow enough to offset the organic decline in the print business if that were to happen, but the growth will be enough to be more profitable."
The day closed with the presentation of the South Asian Digital Media Awards 2022 (SDMA). Jagran New Media's Fac-Checking Wing, Vishvas News, bagged the Silver prize for "Best Trust Initiative".
Day 2 of the conference saw sessions on short-form video, retaining GenZ news subscribers, more subscription success stories, and data in journalism.