Major Challenges of Magazine Industry in India
The Indian Media and Entertainment sector will cross the $40 billion mark by 2021 flourishing at the compounded annual growth rate. The industry is going through a great transformation with the increasing importance of digital media. The process of economic liberalization has taken another significant step by opening up the print media sector. The Government also announced the customs duty exemption on newsprint.
Despite having these growth symbols, the magazine industry in India is going through a tough phase. The increased penetration and adoption of the Internet in the country is the main problem. Now, people are consuming news and stories on the web and mobile. Presently, India has 49,000 publications, but when it comes to revenue it is just $1.1 billion.
In this post, we will discuss the major challenges of the magazine industry in India.
In this modern-day, publisher’s revenues are going down as readers are increasingly going for free content within the pages of the magazine. With print circulation also on the declines and ad blockers on the growth in digital magazines, it prevents any earning coming into magazine companies.
The increasing online competition is becoming an unsolved puzzle for the print industry. Online articles can be posted any minute at any time and reach readers quickly. It causes a serious problem for magazines to be able to keep up with all the latest articles and data and be able to get their story out first to their readers.
The Indian print industry is highly fragmented due to various local languages. As per the data, the regional language publications own 46% of the market share, Hindi language publications cover 44% and the remaining 10% is served by English publications. The English language magazines are limited to metros and urban centers though the growth is increasing to smaller cities as the education and income levels rise among the middle class.
Quality in Print Content
Increasing demand for high-quality print content and magazines is introducing another issue for the print industry. They need to deliver the quality people want, to avoid losing market share to other mediums. Besides, they also need to explore and offer their content on the websites and mobile platforms to present multiple options to their subscribers to read content from anywhere and at any time. In the limited earning scenario, it is becoming a tough nut to crack for publication houses.
Apart from the above, reduction of paid circulation sales, dependency on advertising revenue, and consolidation of distributors, ad agencies, retailers and suppliers that leaves a small amount of room for price negotiations are some other primary issues in the magazine industry in India.
Besides having all these challenges, the magazine industry in India is striving to remain relevant through the technological challenges and advances in society by adopting new distribution channels and better determining the direction that it must go in the digital world. However, there are numerous obstacles in this way, it is shifting towards the production of digital publications and finding new techniques to better integrate within social media.
I hope you would find the most interesting. If you are aware of any problem of the print industry in India that I have not included in this list, kindly let us know in the comment section.
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