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News Corp Australasia Executive Chairman Michael Miller today said while technology was informing news priorities, printed newspapers still formed the financial backbone of the industry.
At the QUT Business Leaders’ Forum, Mr Miller said while technology had “significantly changed” how News Corp managed the business, and had allowed expansion into a large number of multi-media platforms, print was still vital.
He said three and a half million newspapers, including The Australian, The Herald Sun and The Courier-Mail, were sold throughout Australia last week.
“A lot of print is still profitable, and that print is paying for our digital transition,” Mr Miller said.
He said 40 per cent of News Corp revenue was now digital, with digital revenue growing 42 per cent in the last two years.
“Digital is growing very quickly and our audiences are growing, but it doesn’t pay at the same rate [as print], particularly for clients as opposed to consumers because there are a lot more digital options out there.”
Mr Miller said News Corp had diversified into podcasts, YouTube videos, and digital products such as subscription television, digital real estate and travel and lifestyle products.
Mr Miller said digital technology was also informing how journalists were allocated and how stories were assigned, as managers could track real-time reader data from online publications.
“[It] tells us who is reading and for how long, the topics which are sparking interest and driving subscriptions. Journalists and editors now know what success in 2023 looks like.”
Mr Miller said News Corp had been forced to make hard decisions “to plan for the unknown” during the COVID pandemic, which resulted in many smaller papers moving online.
“In the case of many community and regional papers which were free, those clients – the councils, the local car yard – were moving some of their money online and we had to accept that over the coming two years they probably wouldn’t come back.”
However, he said while many printed smaller newspapers had gone digital, he did not see that happening for the major dailies.
“People are paying for them and the clients are getting good results…I’m confident that for the foreseeable future, the printed word will be there,” Mr Miller said.
He said printed newspapers gave people a chance to switch off.
“We are seeing a pick up especially on weekends: we’re digitally connected during the week and we want a break, so particularly Saturdays are doing better.”
Mr Miller said the transition to digital was driving demand for employees with new skill sets.
“We need more people on video which pays very well, and generates an audience. We need to redevelop some skills and bring some new skills and perspectives in to keep yourself evolving,” he said.
Robyn Denholm, Chair of Tesla, will speak at the next QUT Business Leaders’ Forum on 12 July 2023.
For tickets or more information, visit: QUT Business Leaders’ Forum.
Image: from left to right, Michael Miller with QUT Chancellor Ann Sherry AO and Vice-Chancellor Professor Margaret Sheil AO. Photographer: Nicholas Sterkenburg
Media contact:
Sally Dillon, QUT Media, 07 3138 8666, s.dillon@qut.edu.au
After hours: media@qut.edu.au