Let me begin by acknowledging the fact that the media industry in Nigeria and, indeed globally, is experiencing existential challenges. These challenges are both internal and external. They border on credibility, funding, technical capacity, quality content, safety of media workers, as well as changing audience’s tastes and expectations.
Like many other sectors of the economy, the media industry is feeling the impact of the COVID-19 pandemic. The pandemic saw almost a quarter of the world’s population on lockdown. The broadcast and media industry was no exception and like every other sector, is still feeling the impact of the virus, be it in terms of activities related to broadcasting, financing, production, marketing/distribution, sales, advertising revenues or media technology investment.
While innovation represents a way out of the industry-disruption-facing news media today, innovation also requires resources, something many media companies find in short supply. Because democratic states rely on a functioning infrastructure that can facilitate information circulation and open public debate, regulations aimed at sustaining the news industry have generally been institutionalised, to ensure that there is diversity of ownership, voices and topics in national media systems.
Increasingly, only innovative media organisations with great content will attract – patronage, funding and by extension, ensure financial independence. We have observed the emergence of small newsrooms or boutique newsrooms where very few practitioners multi task in a converged environment. This way they keep their overheads down, rely more on technology, some form of “pay-as-you-go” journalists – or stringers, as legacy media outfits would prefer to call them.
In essence, my analysis concerns the policy conditions for media innovation. And these rest on three strands of enquiry: strategic management theory, media economics and policy analysis.Enquiring about future media policy scenarios prescribes conceptual multiplicity, especially in cases where policy aims to sustain the media as a business, as well as a public good in a rapidly changing environment.
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