There seems to be an increasing amount of negative talk about the downward spiral of print media. Whilst it is true that many national and consumer print titles certainly seem to be experiencing a difficult period in the face of the current economic situation, it would be foolish to think the writing is on the wall.
In fact, if we compare the latest NRS figures with the NRS figures from 2008, when this period of economic uncertainty first reared its head, we see similar trends emerging. As the global financial outlook became increasingly bleak, interest in more factual, business-orientated media rose. This is the same today.
Yes, many print media titles are suffering declines – some significant, some less so – but there are exceptions.
The Economist, for example, saw a huge rise in readership last quarter. This increase has been sustained again into this quarter with a 15 per cent rise in readership, representing an extra 76,000 readers across the period. When you look at this figure alongside The Week, which saw a two per cent increase in readers, it starts to build an interesting picture about what consumers are reading.
In the face of such a gloomy outlook for the economy and the ongoing conversation about a double-dip recession, consumers appear to be seeking out more global news and hard facts in order to gain an understanding of what is really going on. It seems publications, such as The Week and The Economist, are providing consumers with a balanced view they can trust.
This does not appear to be the case, however, for publications such as the FT. It experienced a 15 per cent decline in its readership over the last period, with the Independent also seeing a similar decrease (12 per cent). When taking into consideration figures such as these, it is possible to assume the consumers are seeking more than just news from their reading choices. What The Economist and The Week provide, which daily newspapers are unable to do to the same level, is set the news in a broader global context – opinion, commentary and features which are not so tightly wed to the daily news agenda.
Another key take-out from the latest NRS figures is that news is now readily available online. Access to news has never been so easy and this has undoubtedly impacted on our consumption of print media. As a time-poor society, this is a blessing for the consumer, but one should never underestimate the power of print content.
There are also interesting trends appearing in consumer lifestyle media. A number of home titles appear to be weathering the economic storm well, with Country Homes, House Beautiful and Real Homes all experiencing lifts in their readership figures (12 per cent, eight per cent and eight per cent respectively). Alongside the improvement in figures for TV listings publications – TV Choice saw a 12 per cent increase, as did TV Easy - one can only assume that our priorities and social lives are adapting to the downturn.
If one were to cast a brief eye over the latest NRS figures, one could be forgiven for not having a great deal of confidence in the future of print media. However, as mentioned earlier, to underestimate the power and tenacity of the sector, would be premature. What is clear is that print media now needs to work harder than ever to attract and retain its readership. As in so many other sectors, consumers are demanding more value for their investment, and publications need to reflect this. Print media is not facing the end; it is merely experiencing a dip. As long as it adapts quickly and responds to consumer demand, we will continue to enjoy a broad and eclectic mix of publications for many years to come.
