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Article

Open Access

The Economics of Decline in the Media Industry: Survival Strategies of American Print Media Firms and Implications for a Diminishing Print Media Industry in Nigeria

Author(s)

EKEANYANWU, Nnamdi Tobechukwu, BATTA, Herbert, OYOKUNYI, Jon Ita

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DOI:10.17265/2160-6579/2017.08.001

Affiliation(s)

University of Uyo, Akwa Ibom State, Nigeria

ABSTRACT

The media industry plays a central role in the emergence of a politically, socially, and economically conscious citizenry. This role has elevated the industry as a major stakeholder in the political, socio-cultural, and economic development of the people. This essential role, however, has come under serious threat following the emergence of the Digital Age, changing social trends, and a global economy that is in distress. This is the main reason this paper investigates the survival strategies adopted by the US print media industry to deal with the decline and see how the Nigerian print media industry that is facing similar decline can benefit from the strategies. The method of study is qualitative. We gathered data through in-depth interviews and on-site observation of the operations of the selected media organizations. We also reviewed literature provided by the media firms and the ones that are already in the public domain. Our findings confirm recent projections that the American and Nigerian media industries are truly facing economics of decline and that the Nigerian industry is worst hit. The study identified some of the strategies adopted by the American print media industry to deal with the economic recession to include introduction of online editions, use of pay wall, free online views, Search Engine Optimization, Micro-funding, etc. After thorough interrogation of the literature and results, we conclude that the Nigerian print media industry could apply similar strategies used in the US to address its own negative economic situation. We also recommend an upgrade in the media training curricula to address some of these concerns effectively leading to the emergence of “Media Entrepreneurship” as a course in Communication/Media Departments in Nigerian universities.

KEYWORDS

economics, decline, survival strategies, Print Media Industry, Nigeria, America

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