Executive Director of Media Career Development Network, Lekan Otufodunrin was the guest of the EnterpriseCEO on its tweet chat #EnterpriseConversation last week.
Otufodunrin offered insightful responses on the state of the media industry and what journalists need to do to run their own organisations among other issues.
How would you describe the business of news when you were starting out in journalism compared to what we have now?
I started out in 1985 when the business was very traditional and analogue in operation. Compared to what we have now, there is a lot of difference.
There were no computers in newsrooms, no internet, email or any of the new media tools we have now that have made news sourcing and publishing a lot easier. In 1987 I was The Punch correspondent in Abeokuta and I had to dictate every word of my story on desk telephones or radio phones. Back then, readers have to wait till the next day or late news bulletins to know of any major news.
The period then and now is wide apart in many ways, but we have made steady progress and adjusted. The news business was also limited to traditional print and broadcast media, but now what we have is multimedia news operations with so many competing platforms. Again back then, only a few rich persons or governments could establish news organizations, but it’s now easier with many options.
What opportunities did the profession offer at that time when you were starting out?
Not much like now, but media organizations were more stable and staff welfare was well taken care of. There was more room for young journalists to be properly trained to grow on the job. The competition for job was not as stiff as it is now. There was more quality control of in news operations.
What roles did technology play in repositioning the news industry from what it used to be?
Technology has positively disrupted the news industry with faster ways of getting and sharing information. Now, there are many sources of getting news and it can be published online immediately instead of waiting till the next day.
Like I mentioned earlier, there are now many alternative news media organizations. Technology has aided the practice of the profession with the opportunities to investigate reports locally and globally.
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It has made the world truly global a village in terms of reach and engagement of the audience. Organizations that have mastered the use of new technology are now multimedia in operations with a newspaper house for example not only having its print edition but having real-time updated websites and active social media accounts.
How true is the statement that a typical journalist cannot run a news company successfully?
A typical journalist is one that is only interested in the editorial work and not the overall management of the media organization. Many are like that and so do not know what is required to successfully manage a media company.
However, there are others who have been trained and given the necessary opportunities to be involved in the management of various operations beyond editorial.
There is more to a news company than editorial operations. Revenue sourcing, marketing, production, human resources and other aspects are also critical knowledge which every aspiring media manager or entrepreneur must-have.
There are many journalists who have and are successfully running news organizations, but there are also others who have failed because they don’t know what it takes.
Not every good journalist can run a media organization. When some are promoted to management positions, they fail because what happens is that we lose a good journalist and get a bad manager. The business management of news organizations is as important as the editorial operations.
Instead of starting a media company, what most journalists start is news blogs, – How can journalists profitably run a media company?
The news blog or website is supposed to be a unit of the ultimate media company that grows over time and expands its operations. What journalists must know again is that the ultimate media company should be their goal just like where they used to work.
There will be a need for marketing, resource management and much more than uploading content. Making profit is a function of many things starting from the conception of the platform established.
There is a need for a lot of brainstorming in deciding what to start and what will be involved in growth over time. They good business plans and realistic revenue models. There is a need for strategic planning that will ensure that the platform grows and maximizes available opportunities to earn a profit.
They must understand the sector they are focusing on and be able to give value to their customers beyond just routine information. They have to be content providing organizations with the opportunities to offer various editorial related services.
Organizations can be profitable if journalists team up to set up strong platforms instead of one-man operations very common now. They must take relevant courses to develop their management skills and understand finance issues.
Specifically, what are the Nimble, solution-driven options and profitable news companies journalists can run?
I like the idea of nimble and solution-driven. This is the age when you should be seen as an expert in something instead of trying to a rolling stone that does not have a major impact.
They should think of niche publishing like Mr Taiwo Obe, the renowned media trainer stated at his recent birthday webinar. We should have more websites reporting the nuts and bolts of beats and topics people want more information about.
People want more information they can use and support services they will be willing to pay for. There is no point trying to report what we don’t have the capacity to produce original and premium content on.
Journalists should provide more solution-driven content which are more of service than just news. These are sections of the websites we can lock up and ask people to pay for and they eventually will do.
This will also be possible when we are aggressive with our marketing and engagement with readers and those who need to pay for what we have.
We should be able to showcase what we can do for people to be assured that they will be paying for the good stuff. Profit is not only money, but it can also be some exchange of value, opportunities and others that can eventually lead to some revenue.
What were your strategic plans when you wanted to start Media Career Services, – a media training, research and consultancy organization committed to promoting excellence in media practice in Nigeria?
Among others, my goal was to offer a continuous learning and mentoring platform for journalists. Over the years, I noticed that this much-needed support was not given the necessary priority in the media and so I decided to fill this gap.
I could have been interested in starting news operations, but I opted for what I was very passionate about that could be offered both as social service and business.
We stay focused on media career development and we have built the brand to the level that we are well-acknowledged and patronized for what we do.
What have been the success stories of starting Media Career Services as a media company so far?
Again, I would say that we have raised consciousness for media professionals to be very deliberate about developing their careers. We have contributed to institutionalising mentoring in the Nigeria media space.
We have organized training programmes, published books, have an active website and social media platforms on media issues, organized conferences and awards.
Despite being a hard sell, we are making steady progress in getting sponsorship and earning revenue for our services.
What I have learnt is that if you offer valuable services in whatever you do, people will eventually be able to pay for it in one way or the other.
What does the shrinking pages of newspapers mean to the news media landscape? Is the newspaper going into extinction?
It means that their reach and revenue are greatly threatened. The chances of survival of many traditional media companies are very slim if they don’t reinvent their operations and come up with a new business model.
Fewer people are buying newspapers and copy sales and regular advertising cannot sustain the companies. Newspapers may not fully go into extinction, but only a few can survive the disruption of the print sector.
What advice will you give to anyone who wants to start a media company on effective ways to use social media to optimize the growth of the media company?
My first advice is that journalists who have been used to only editorial operations and wants to start a company should get necessary training and counsel about what they want to do.
They should not just assume that all they need is to register a company and start. You can only use social media to promote a good brand, so the first task is to have a good organization that can deliver on the promise.
They must master the use of the various social media platforms and deploy them approximately. Social media is for engagement and not for dumping of content.
What are the best ways to inspire and support journalists to start a media business of their own?
More than ever, before journalists must understand what it takes to be an entrepreneur considering limited opportunities. They need continuous training and exposure to national and global practices.
They need to be inspired by what they are covering and learn how to start their own organisation someday when the time comes. They should be exposed to the business side of their company’s operations to appreciate what is required to run a business.
Practical entrepreneurship courses should be taught in media schools and internship has to be well supervised. Students should get more exposure to different aspects of media work to make the right decision.
Great. Incisive. Eye opening.