Traditional media advertising model is failing – MFWA’s Kwaku Krobea

The traditional media advertising model is failing as advertisers increasingly turn to digital platforms that offer more precise audience targeting and greater flexibility, the Media Foundation for West Africa’s (MFWA) Programmes Manager, Kwaku Krobea, has said. He said platforms such as YouTube and Facebook allow advertisers to monitor audience figures in real time and target specific groups based on demographics, interests, purchasing preferences and other audience characteristics.

Speaking on Joy Prime’s Money Making Monday, Mr Krobea said these capabilities were putting traditional media organisations at a disadvantage in the competition for advertising revenue. “Frankly, sorry, frankly, that business model is failing. And there are no two ways about that,” he said. He explained that digital platforms also give advertisers greater control over when their advertisements run, offering a level of flexibility that traditional media outlets often struggle to match.

Media houses urged to rethink advertising strategies Mr Krobea urged traditional media organisations to make better use of their social media audiences to attract advertisers and generate revenue through their digital platforms. He also encouraged media houses to collaborate with content creators to secure advertising partnerships. However, he cautioned that such collaborations must be backed by proper due diligence to ensure that the products and services being promoted are credible.

Call for technology companies to support media sustainability The MFWA programmes manager also called on major technology companies to provide financial support to traditional media organisations, arguing that digital platforms benefit from content produced by established media outlets. He said media organisations should engage technology companies on ways to ensure that some of the value generated from their journalism is channelled towards sustaining the industry.

“We have gotten to a point where we should bring these tech giants to the table and say, people are on your platforms because of the content we are producing, and so you must also provide us some form of funds as a means of sustainability,” he said. Mr Krobea cited Australia as an example of a country that had taken steps to address the relationship between digital platforms and news publishers, adding that other countries were also taking similar steps.