An increasing number of people are getting their news updates from Facebook and other social media platforms. The UK news industry is beginning to feel the impact of losing users. According to latest reports by a leading strategy consultant, the news industry could lose up to £450 million in the next 10 years as more and more people rely more on social media sites for their news needs.
Social Media as News Source for Younger Generations
According to the latest report, news producers (which include newspapers) haven’t yet suffered the full impact of the growing influence of social media. The report claims that most of these users switching to Facebook, Twitter and others social sites are the young.
The report states that over 41% of people under the age of 34 are getting most of their news from social sites and platforms. Over 65% of those above 55 however still continue to stick to their traditional news sources.
Many other platforms are already suffering 30% reduction in their ad sales to content like Apple News, Instant Articles (Facebook) and subscriptions.
As the social influence grows, the news industry will have to innovate. This is also a sign for businesses to focus more of their ad spend on social media sites where a growing young user base comes to get more and more news and information about the world. Newspaper print advertising will no longer be able to help you reach a large percentage of your target audience.
Impact in Last 10 Years
The report states that the platforms have already caused a major disruption in the UK news industry. The need for switching to digital has already cost the industry around 50% of its overall revenue, which comes down to £ 3.5 billion over the last 10 years.
Reinventing News Industry
With this change, many brands in the industry will have no option but to reinvent. There are many things news publishers can do to make the shift smoothly:
- Ensuring that the brand remains prominent
- Driving more people to their websites
- Building stronger partnerships with social media sites and other similar platforms
The changing marketing dynamics can also force news publishers to come together and collaborate.
Advantages to the Advertiser
For the advertiser, it can be relatively good news as more and more of their target audience shift to the online platform. Advertising on social media and other online platforms is much more cost-effective. You can reach more people in a smaller budget.
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