Revitalizing journalism in the digital era: new thinking, new business models

THE HANOI TIMES — Facing digital disruption and pressure from tech giants, journalism grapples with revenue loss and audience decline. Associate Professor Dr. Nguyen Thanh Loi, Editor-in-Chief of the Economic & Urban Newspaper, outlines sustainable strategies for the press in The Hanoi Times, highlighting tech adoption and user-focused innovation.

Given the intense competition from digital platforms and the decline in traditional advertising revenues, what do you think is the key strategy to ensure the financial health of the news organization in the context of digital transformation?

We are going through what I call a "double crisis": the collapse of journalism's traditional business model, and a deep erosion of trust and reader loyalty. To survive, journalism must be completely restructured, from content production and newsroom organization to audience engagement and financial strategy.

Mastering technology is a top priority for news organizations today. Artificial intelligence, big data, and automation have become essential, enabling newsrooms to better understand their audiences, tailor content to individual preferences, and improve distribution efficiency. Many modern media organizations have moved to converged newsroom models, where print, digital, video, social media, and podcasts are produced within an integrated and cohesive system.

Since launching its digital subscription model in 2011, The New York Times has made significant investments in technology to enhance and personalize the reader experience. Through a diverse ecosystem that includes podcasts, games, and cooking apps, the Times has transformed journalism into an ongoing, service-oriented relationship with its audience.

To thrive in the digital era, journalism must meet audiences wherever they consume content, including Facebook, TikTok, YouTube, mobile apps, chatbots, and personalized newsletters. Newsrooms must evolve into flexible and integrated content ecosystems that operate effectively across multiple platforms.

But technology alone isn’t enough. In an increasingly cluttered media landscape, only high-quality content with depth and editorial integrity can sustain value. A smooth user interface, fast loading speed, and a personalized experience are now essential to attracting and retaining readers.

Nikkei Asia is a powerful illustration of this approach. By consistently investing in in-depth, global coverage and employing flexible paywall strategies, the outlet has achieved sustainable growth and broadened its audience base.

Above all, journalism must move beyond simply delivering information and focus on cultivating communities. When readers feel valued and included, they become lasting partners in journalism's mission.

As many news outlets continue to rely on advertising and struggle with paid content models, how can the media develop a balanced financial strategy that both diversifies revenue streams and allows the media to stay true to its editorial line and content quality?

Many news organizations, especially in Vietnam, continue to depend heavily on advertising for financial support. This reliance comes with significant risks. When the bulk of revenue comes from advertisers, editorial content can be influenced, leading to a tendency to avoid controversial issues or soften critical reporting. Such compromises weaken journalism's essential watchdog function and its ability to hold power to account.

At the same time, paywall models face significant challenges. Vietnamese readers are accustomed to free content, and many news outlets have yet to deliver content that truly stands out or compels users to pay. The fierce competition from social media, video platforms, and podcasts further complicates efforts to capture and retain audience attention.

I believe the key is to pursue smart and creative revenue diversification. While paid content is an inevitable trend, its implementation must be strategic and audience-focused. News organizations can start with flexible subscription models, such as offering limited free access each month or charging for specific premium content categories, rather than applying a uniform paywall across all content.  This approach allows outlets to gradually build a culture of payment while aligning with readers' interests and habits.

News organizations should also explore ancillary services such as premium newsletters, expert forums, consulting, writing workshops and commercial podcasts. We're currently piloting the sale of proprietary research data to businesses and academic institutions - a practical and valuable application of data journalism.

Regardless of revenue streams, one principle must remain sacred: there must be a clear delineation between editorial and commercial operations. Newsrooms need internal safeguards, ethical codes, transparency in sponsorship and even independent content audits. That's the only way to maintain public trust in the long run.

In your opinion, what additional policies should the government introduce to better support the media in their digital transformation and efforts towards financial autonomy?

In every era, the role of the State in media oversight remains vital. However, in the current context, the State should not only regulate journalism but also act as a facilitator that nurtures its development.

One of the most pressing needs is to revise and update the Press Law to reflect the realities of digital transformation. This includes acknowledging emerging models such as data-driven journalism, mobile-first reporting, multiplatform content delivery, digital content monetization, and new forms of newsroom governance. Clear legal provisions are also needed to define the scope of economic activities in journalism, thereby allowing media outlets to offer supplementary services transparently and in compliance with the law.

Financial incentives from the government would help news organizations invest in digital infrastructure, develop digital content, or establish subscriber-based platforms. The creation of a national fund to support innovation in journalism would be a valuable mechanism for encouraging experimentation with new technologies, formats, and organizational models.

In terms of infrastructure, the media sector would benefit greatly from a shared data center and a dedicated digital content distribution platform. This would help reduce both investment and operating costs. In parallel, there should be robust policies to protect digital copyright and to ensure that global digital platforms share revenue fairly with domestic media organizations.

Equally important is the need to support human resources. No digital transformation will be successful if journalists, editors, and technical staff are left behind without proper training and tools.

Most importantly, there needs to be a shift in perception. Journalism should no longer be seen simply as a machine that produces information. It should be recognized as a public service that creates social value and strengthens community bonds. This mindset is essential for building a sustainable media economy in the digital era.