Goafest 2023: 'By embracing digital platforms, traditional publications could experience significant growth'

Day two of Goafest kicked off with a panel comprising Geet Lulla - vice president, sales and head Asia Pacific, Comscore; Pankaj Krishna, founder and CEO, Chrome DM; Salil Kumar, CEO, ITGD. The trio spoke about the changing landscape of media consumption and the challenges and opportunities it presents. The session was moderated by Rajdeep Sardesai, consulting editor, India Today Television. 

Change in media consumption and measurement

Krishna started off the discussion by emphasising that consumption is rapidly becoming device-agnostic. He highlighted, “There are three primary categories for media measurement - browsers, mobile phones, and connected TVs. As viewers continue to consume content across various platforms, it has become crucial for traditional media outlets to adapt and deliver their content on different devices to reach wider audiences.”

Kumar shared that there's adoption of the integrated trend of consumption. “We need to recognise the audience's desire to consume news wherever they are. There is potency in creating a mobile-first environment. To cater to this demand, we launched a connected device channel, which proved instrumental in scaling their operations. By embracing digital platforms, traditional publications could experience significant growth,” Kumar expressed. 

Lulla highlighted the shifting consumption patterns in cable and satellite TV. He voiced, “There is a decline in viewership for traditional TV and the rise of connected TVs, particularly for popular news channels like Aaj Tak and Zee News. This shift of CTVs has provided incremental reach and opened up new opportunities for content distribution.”

Measurement of social media impact

The panellists agreed that while multiple data sets exist, there is a need to incorporate the social media element for comprehensive analysis. They stressed that data without context is meaningless and called for the use of first-party data to make informed predictions about future trends. 

Kumar shared, “CPMs (cost per thousand impressions) are declining, with viewers showing loyalty towards specific programs rather than OTT platforms. Satellite TV could benefit from adopting a programmatic approach to advertising, thereby unlocking new revenue streams.”

Lulla highlighted the need for increased collaboration between devices to address the fragmented nature of media consumption. “With viewers spreading their consumption across multiple devices, the industry must find ways to deliver content seamlessly and provide a unified user experience," said Lulla.

Industry players must adapt and cater to changing audience preferences by delivering content on multiple platforms. “While challenges such as monetising data and integrating social media insights persist, opportunities for growth and collaboration continue to emerge, paving the way for a dynamic and evolving media landscape," concluded Lulla.