Increasing attractiveness is a new trend in journalism
Creating new and attractive products is also a trend of the press, such as organizing the production of separate magazines that are important to the market and exploiting writing methods that attract subscriptions.
THE HANOI TIMES — The emergence of social media has brought many difficulties and challenges to the press.
On the occasion of the 100th anniversary of the Vietnamese Revolutionary Press, Le Quoc Minh, Chairman of the Vietnam Journalists Association, shared his insights with local media on strategies to generate revenue for the press.
Le Quoc Minh, Chairman of the Vietnam Journalists Association. Photo: Ngo Minh/The Hanoi Times
At present, many Vietnam's newspapers facing financial distress. What is the solution?
In addition to many objective reasons, there is a subjective factor: most media depends on advertising revenues, so when these revenues decrease, they are caught off guard.
Case studies of the foreign press business have shown that each media outlet needs at least 3-4 new business lines to become financially viable. If we only struggle to reverse the decline in advertising and do not diversify our revenue sources, we will certainly face difficulties.
If everyone is afraid to try new business models, how will they know if they are successful or not? Many questions discourage trying new things: If we build a paywall, will readers run to other newspapers? Are social media platforms the right partners to do business with?
So my advice is to trust the capabilities of each medium, be flexible, experiment, and take risks.
Experiences from around the world show that there are 15-16 different business lines, and there are some that we think the Vietnamese press can experiment with, such as organizing events, providing technology, and others.
I suggest media leaders experiment with new business lines. Not all experiments are successful, but we can learn from experience, from failures to have other successes later.
A visitor to the Vietnam Journalism Museum. Photo: Ngo Minh/The Hanoi Times
Do you think that reader fees are one of the solutions to increase revenue for the press?
One of the most promising ways to generate revenue is by charging readers, a model that has already shown potential. The press can no longer rely solely on advertising, as digital advertising is now largely dominated by tech giants who control the revenue streams and set the rules. Similarly, the strategy of depending on social media platforms to disseminate content widely in exchange for a share of ad revenue has proven ineffective
What are readers most interested in today?
The press has long reported a lot of negative things to attract readers, while readers prefer positive information, explanatory, and solution-oriented content. The taste has promoted solution journalism and constructive journalism.
The media should not think that reporting "good people, good deeds" would not appeal to readers, because this is a product of revolutionary journalism. Today, readers like to read positive, inspiring content; pages that only publish positive news are of great interest to many people. This is something the media needs to think about. Today's reporting should not be about covering negative factors to attract curious readers.
What support is needed from regulators to develop the brand of an outlet?
The media must stand on their own feet in the face of current difficulties. The state can help in terms of mechanisms and policies, but only to a certain extent. It cannot subsidize the media forever. The government can only help in terms of institutions and policies, such as tax relief, to apply a corporate tax rate more favorable than other businesses. However, media outlets must be clear that they must have a source of income to pay taxes.
Press income can come from many sources, such as policy communication or advertising.
Creating new, attractive products is also a way out, such as news topics that attract readers to spend money.
On the occasion of the 100th anniversary of Vietnam's Revolutionary Press Day, what is your message as chairman of the Journalists' Association?
Vietnam Revolutionary Press is celebrating its 100th anniversary. Despite changes and challenges, its mission has remained unchanged: to serve the country and the people, to disseminate policies, and to contribute to the country's development.
Modern journalism requires constant innovation and creativity. We hope that the media will manage the digital transformation, innovate, and practice journalism in a professional way. In particular, they must focus on quality to increase their readership, and even play a pioneering role in providing information and knowledge to society.
Thank you very much!
