Recent studies show that more than 90% of the global population reads, watches, or listens to news and entertainment. However, the coronavirus crisis has been affecting our daily routines, preferences, and behaviors—including our media usage.
Today, retailers are seeing changes daily, and they have little time to respond. New and traditional media have been affected in different ways, and businesses are remodeling during this unprecedented time. Many retail companies are embracing E-commerce and going digital, while some parts of media are slowly disappearing. There is uncertainty, sure, but the media has an opportunity to embark on a journey to real transformation. This transformation won’t happen overnight, and it will require understanding and an open mind.
How are media vendors and publicists affected today?
“For many years we’ve heard statistics pointing to the rising age of TV news viewers. The numbers might vary, but they show a consistent trend towards an aging audience” – Jeremy Copeland, journalism instructor, FIMS
Traditional advertising channels have been used for decades, and businesses have relied upon them for years. These include radio, broadcast television, cable, and billboards—and they are suffering. And it’s not only because of the new coronavirus but also because there is a large gap (a generational one) when it comes down to traditional television and radio. But probably the most affected today is print media. The distribution of magazines and newspapers has dramatically decreased lately, as a result of people fearing possible transmissions of the virus.
This drop-down has affected vendors who supply newspapers and have already been going through losses recently. But today, printing and distribution are slowed down or even stopped in some cases. At the same time, there is a widespread closure of retail stores. And it’s only natural for consumers to turn to online editions of their favorite brands.
As the Guardian writes, “the biggest news story in a lifetime is killing off the very industry that exists to report it.” And unfortunately, many local and regional newspaper publishers consider it is now unsustainable to continue producing the papers. Journalists are also at risk of losing their jobs. However, newspapers—like other traditional media—still have tremendous credibility and play a critical role in bringing awareness. People still trust these sources, and credibility plays a crucial role in keeping them alive today, in an increasingly suspicious, misleading, and false information environment, especially when talking about the latest news. It’s no surprise that household names and brands, such as The Times magazine, have more and more subscribers every day. Famous newsrooms are continually expanding and reaching new records in the number of journalists.
Because of the new social distancing, at-home media consumption has increased over the past months, and more people are turning to media providers for timely and trusted information. In the age of relying even more on media to stay connected and updated, are traditional/ non-traditional media more useful to their consumers? As for providers, are they ready to keep customers happy and well-informed? There’s no doubt that a need to respond with empathy to customers’ needs and keep people educated is more crucial now than ever. That’s why many publications have turned to online versions. This way, they can reach more consumers. As for what the future holds, some are even unlikely to return to the previous status quo.
Conclusion
While there are new ways of reaching people, some vendors struggle, particularly in the local news area. However, the media create shared cultural moments and reflect who we are. And these functions are essential in times of crisis. In an insecure environment, all media vendors can do is adapt to the needs and demands of their customers.
