Student journalist and researcher, Muhyideen Kolawole writes on the insights at a panel discussion on how news websites can earn sustainable revenue
If there is one major issue the media in Africa has been trying hard to find a solution for following the digitization of their operations, it’s how to make enough sustainable revenue.
While there are many more media platforms now beyond the traditional ones, monetization remains a hard nut to crack for corporate and individual investors in the sector.
A panel discussion on the topic “Digitalization Without Monetisation: Tech and Media Sustainability in Africa” at a conference organized by the Media Foundation for West Africa provided some insights on how to monetise online news websites to ensure financial sustainability.
Understand the Tech
One major problem the media faces, observed by Dapo Olorunyomi, CEO and Publisher, Premium Times is that they moved into digital without understanding the knowledge behind it.
He said mastery of the usage of technology beyond the basic level is required for media organisations to earn possible revenue.
The Director, Digital Strategy, Pulse, Ghana, Sena Quashie explained that the technology used by his company are in-house built.
Although many media houses are sceptical about becoming tech-based, this is inevitable but to earn enough from digital.
What this means is that any media house that plans to migrate from the traditional operation to digital should have a full technological background to survive in the long run.
Subscription
Subscription, as a digital tool for revenue generation, should also be considered very important.
“There are varied payment methods at the disposal of persons who seek to monetize their content.” Olave Orawo, Digital Marketing Strategist, Mdundo, Kenya stated.
“The best way to monetize is through subscriptions though few usually sign up, said Quashie, Director who explained an African based subscription option.
Knowing that service provider companies like MTN, GLO, Airtel and others have many subscribers for their daily messages, a media industry could negotiate to provide the news needed and have some percentage of the revenue.
Same applies to Google, Facebook and Amazon. The reality is “whilst digitizing,” says Sena, ‘most traditional media houses have not paid much attention to circulation; a method they use in making money”.
Monetising news
Monetising news on the website is another tech method for revenue generation. This is because the “media consumers do not mind paying for something valuable”.
Leonce Gamai, Manager, Banouto Media, Benin said, “we have to take into consideration the importance of quality content production in order to hold tight to our audience”.
This will require knowing your audience, understand their needs and work towards providing them with the right content.
