Media companies will need to innovate and diversify to remain sustainable as brands increasingly push content through their own channels, according to PricewaterhouseCoopers’ Megan Brownlow.
Ms Brownlow, a PwC executive director, is the editor of the firm’s Australian Entertainment and Media Outlook report which was released on Friday.
She sat down with The Newspaper Works to discuss the findings of the report, which forecasts commercial trends in media from 2014 to 2018.
According to the Outlook, the Australian newspaper industry is set to decline by 3.2 per cent in the next four years, a trend which has eased considerably compared to recent years.
While print circulation spend will drop from $1.3 billion in 2013 to $824 million in 2018, the drop would be offset by digital spend which would jump from $37 million to $380 million.
The report also predicted print newspaper advertising would drop from $1.9 billion to just over $1.3 billion, while digital would jump from $418 million to $627 million.
“I’m optimistic about the newspaper industry,” Ms Brownlow said, describing a new hunger for innovation that has permeated the industry in the last 12 months.
She said the media industry of the future would be exciting and stimulating for journalists, who could find themselves producing content for brands as well as media outlets using a wide range of skills.
To compete against the rise of content marketing as well as the arrival of international titles like the Guardian and the Daily Mail, media companies would need to diversify their business models and provide consumers with a wider range of services, according to Ms Brownlow.
Watch the video to hear more about the future of Australian newspapers.
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