Media giant to shut down some publications as COVID-19 hits Media24
The impact of the COVID-19 pandemic continues to be felt across the media industry.
Media24 has on Tuesday announced that it is considering the closure of several big name newspapers and magazines titles, reducing the frequency of some and also moving some publications to online only.
Mandy Wiener on the Midday Report chats to Media24 chief executive officer Ishmet Davidson to give more on insight on the decision to close some publications.
He says the pandemic has accelerated the pre-existing and long-term structural decline in print media which has resulted in a devastating impact on an own already fragile print media operations with significant declines in both circulation and advertising since April.
What we are seeing is the acceleration of the declines in print media that we have seen for over a decade. Most of these titles that we are closing were marginal with a small profit.Ishmet Davidson, CEO - Media24
He says the pandemic has brought a decline in the company's print revenue.
There is absolutely no way that these titles will survive the current conditions and it is unlikely that they will survive conditions post the pandemic.Ishmet Davidson, CEO - Media24
He says the company has no other option but to close these publications.
Listen below to the full conversation:
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