This week saw the swift closure of the Trinity Mirrors “New Day” newspaper with the question being asked, “Is this the beginning of the end for print media?” This was a bold move from the media corporation who aimed to deliver a newspaper with no political alliance, just one that would deliver daily news articles across the United Kingdom. However by just producing a mere 50 editions it has been a project doomed from the outset.
The question that has to be asked is “what’s next for print media?” The more established newspapers will always have a role to play in the future of news reporting, but in the 21st century we have greater access to news at our fingertips so who will exactly buy into this new product?
The publishing of the newspaper has come at an odd time and I believe that any future projects to deliver informational and decisive news should come on the online platform. It’s much easier to sit behind a laptop and produce a piece of writing that with minimal effort can tell a tale to anybody anywhere across the globe.
Take blogging for instance. This article I write has taken inspiration from an article I read on the BBC NEWS website. The fact that I’ve never held a copy of the “New Day” in my hand and now never will backs up the concept that for the younger generations in society we now tend to receive our news from our technical devices rather than paying for an actual newspaper.
So what can business owners take from the tale of the “New Day?” It’s a tale of a failed business venture simply due to poor forward planning. To know your industry is the key to achieving success. The fact that we have instant access to news through online platforms makes breaking into the heavily saturated newspaper business harder than before.
We all need to have a clear understanding of our target market and assess their every need when making the leap of producing a new product. In this instance the foresight was lacking to see there isn’t a need for this product in the market yet should be applauded for the efforts they made to take news reporting back to its roots.