Core and Sustainable Values of Journalism

Journalism stands as a distinct commodity amid today's fierce competition for information and revenue. To thrive, the press must evolve into a more compelling product that resonates deeply with both readers and businesses.

Mr. Le Quoc Minh (first from right) and other leaders from the Party and State tour the exhibition booths at the 2024 National Press Festival

Despite increased expenditures by businesses on advertising and communications, there is a notable migration from conventional to digital platforms. This shift presents challenges for press agencies globally, including those in Vietnam. Prospects for substantial growth in advertising revenue for these agencies in the immediate future appear uncertain.

Transformation

Amid the dominance of new advertising methodologies by tech giants, major press and media agencies worldwide have swiftly adapted, experimenting with diverse business models to counteract the decline in advertising revenue. Recent reports have documented approximately 15 business models adopted by these agencies to bolster the press economy. Furthermore, leading press agencies have increasingly prioritized revenue from readers, recognizing it as an important income stream that adds significant value.

Various reader revenue streams have emerged, including subscription fees and membership models that offer exclusive benefits such as content previews, special publications, and participation in events. Some newspapers have also integrated offline activities to foster deeper engagement among loyal members, creating opportunities for partnerships with businesses to offer exclusive services at preferential rates.

In Vietnam, press agencies have embraced new business approaches such as organizing events and forums. Leveraging their expertise in niche markets, these agencies have effectively capitalized on opportunities stemming from well-executed events and forums, establishing them as a cornerstone capable of generating up to 20% of total revenue for companies specializing in niche sectors.

Politburo member and Chairman of the PPC Commission for Communication and Education Nguyen Trong Nghia visits Nhan Dan Newspaper on the occasion of Vietnam Revolutionary Press Day's 99th anniversary

Appeal enhanced by communication quality

In addition to drawing inspiration from innovative business models implemented by leading global press corporations, press agencies in Vietnam have diversified their revenue streams through various channels. These include engaging in policy communication, adapting to a shrinking advertising landscape, and introducing compelling new products such as exclusive magazines catering to niche markets like real estate and industrial parks, as well as special editions commemorating traditional occasions. Regardless of the chosen strategy, achieving sustainable revenue requires concerted efforts from every press agency and their journalists. The quality of journalistic products and communication effectiveness are important factors in this pursuit. Amid intense competition for both information and revenue, the press must position itself as an attractive commodity in the market, appealing equally to readers and businesses alike. This requires journalistic products that not only deliver high impact through captivating topics and compelling writing styles but also foster partnerships with businesses that prioritize genuine value rather than resort to the so-called ask-take ways.

Nevertheless, the evolving context of the press economy presents challenges influenced by both objective market conditions and internal dynamics. Many press agencies continue to heavily rely on advertising revenue, which is diminishing. Without diversifying revenue sources, they are bound to face substantial difficulties. Research shows that it is important for each press agency to adopt at least 3-4 distinct business models to ensure financial stability and operational success.

Moreover, while studying business models from global practices, some press agencies have hesitated to implement them due to apprehensions about potential failures and unanswered questions. For example, if we set up a pay wall, will readers run to other newspapers? Or am I too small and not strong enough to negotiate cooperation with platforms? Regarding event organization, some press agencies have gained success but others have thought that they have no advantage to make a start.

Both Vietnamese and international experiences underscore the importance for the press to leverage social resources in cultivating sustainable revenue streams. In these tough times, the proactive efforts of each press agency are important. While governmental support, such as tax incentives and funding, can bolster agencies promoting Party and State directives, the press must also actively evolve as a societal institution. Embracing bold, dynamic, and flexible approaches in revenue generation is essential. This includes fearless experimentation with new business models; not every endeavor will yield immediate success, yet failures provide invaluable lessons that pave the way for future achievements.

Le Quoc Minh

Member of the Party Central Committee (PCC), Vice Chairman of the PPC Commission for Communication and Education, Chairman of the Vietnam Journalists’ Association

Nguồn: Vietnam Business Forum