Olawale Ajimotokan Abuja
A panel of top media and advertising practitioners has submitted that it is not out of place for the business side of journalism to be explored for the benefit of the industry.
They assumed the position yesterday while discussing the theme: ‘Journalism as business: New, View and Advertising,’ at the Daily Trust 20th Anniversary in Abuja.
The members of the panel were Senator Chris Anyanwu, the proprietor of Hot FM; Frank Aigbogun, the Publisher Business Day; Dapo Olorunyomi, Managing Director Premium Times online and Yinka Adebayo, the Executive Director, Media Investment; MediaReach OMD.
Anyanwu said though journalism was a craft, a skill and a profession, it becomes a business when a journalist branches out to become a publisher.
Olorunyomi said journalism as a social engagement and a profession in public interest will be meaningless without the business side of it to enable the practice.
On his part, Aigbogun said it is possible to strike a balance between setting up an institution whose aim is to protect public good and to make money.
“There is a social obligation of journalism and there is a context where that works. But journalists are found in organisations that are commercially successful. There is absolutely no way you will have good journalism without thinking of the commercial imperatives. Journalists can operate and discharge their role without being unethical,†Aigbogun said.
The publisher of Business Day said since the company put a paywall on its website in January 2016, the digital subscription had equated with its hard copy subscription.
He added that by the end of the year the company would double its hard copy subscription.
Adebayo, who stood in for Tolu Ogunkoya, the MediaReach Managing Director, warned that media owners of the need to adjust as entertainment was already taking away the bulk of the advert revenue.
Anyanwu added that it is the contents of journalism that will build the audiences. She said that advert revenue will come when the contents is in place.
She lamented that broadcasting is under threat from local government councils fond of collecting revenue from radio licensing and consuming it by themselves instead of sharing it with radio and television broadcasters.
Anyanwu advised broadcasters to seek for a redefinition from the Supreme Court on who is entitled to collect radio license revenue.
Veteran columnist, Dan Agbese, said that there is no way good journalism can be done without it being supported by good business, adding those who invented the profession did so for commercial purpose.
The chairman of the occasion, Chief Ajibola Ogunsola, congratulated Media Trust for surviving in the past 20 years and growing from strength to strength.
He congratulated the chairman of the Board, Kabiru Yusuf for running one of the best media organisations in the country.
