The digital revolution in newspapers is a world of opportunity, according to a major Portuguese media executive who has launched a print insert to support a digital product.
Controlinveste Media group head of marketing and new business Alexandre Nilo Fonseca says newspapers can look to other industries to see how they have handled the shift.
“A lot of industries have already gone through the digital revolution,” Mr Fonseca said. “Industries like music and banking have come through the other side even stronger.”
Mr Fonseca’s own company has had a tougher time than most, with the shift to digital coinciding with Europe’s financial crisis, with Portugal particularly badly hit.
However even in the most trying of times, Mr Fonseca said there was opportunity.
“More people in general are now interested in economic and financial information, but they don’t like the way economic newspapers are written and the type of news they address,” Mr Fonseca said.
“So we saw an opportunity to create a product, a different product that was only launched in digital.”
Dinheiro Vivo was launched with a digital only strategy at first, aiming to provide more accessible economic news to a wider audience.
It was a success by any measure, growing from just digital to a newspaper insert into the media group’s daily stable, which was able to be monetised as well.
Yet it was not without its challenges, with the media group having to undergo a major transition to optimise content creation.
“People don’t like change but I think that the majority of the people saw the opportunity in creating a new product,” Mr Fonseca said.
“We have incorporated the majority of the people from all the economic and editorial areas, and have actually recruited some new people because we wanted to add some new flavours to our economic news.”
Mr Fonseca attributes the products’ success to a concept he calls SoLoMo: keep it social, local and mobile.
His product had all of these things.
It was accessible, it was tailored to his market and it was optimised for digital and mobile.
“Newspapers and news publishing companies can really take advantage of it,” Mr Fonseca said.
“They have the local relationship, the advertising capabilities, they have the content, and these really can provide a really strong SoLoMo strategy that addresses the market needs.”