Online Newspaper Industry in Hong Kong - Research Paper Example

?Online Newspaper Industry in Hong Kong Table of Contents Online Newspaper Industry in Hong Kong Table of Contents 2 Introduction 3 Research Question and Objectives 4 Literature Review 5 Data Analysis and Interpretation 12 PESTLE Analysis 12 Porter’s Five Force Analysis 17 Ansoff Matrix 18 Results and Findings 19 Conclusion and Recommendation 20 Reference 23 Bibliography 26 Introduction “Hong Kong is home to many of Asia's biggest newspapers. The territory has one of the world's largest press industries and is a major centre for print journalism” (WorldLingo, 2011). In 1980, Hong Kong has around 114 newspapers (Lau, 1994). However, as of now, the number has reduced considerably as many newspaper companies have been vanished due to intensive competition. Majority of them are daily newspapers in various languages including Chinese, English and some other languages. Some of these newspapers are meant for some specific topics. For an instance, some newspapers flaunt news regarding the horse racing. These newspapers are not published daily as there may not be racing meetings hold, for example during the summer vacations. Around 6 % of these newspapers are in Chinese. Some of these newspapers are Hong Kong Commercial Daily, Ta Kung Pao, Hong Kong Economic Journal, Apple Daily, Hong Kong Daily News, Oriental Daily, Tin Tin Daily, Hong Kong Economic Times, Ming Pao, Sing Tao Daily, Sing Pao and Wen Wei Pao (Li, 2006). On an average the pricing of a Chinese newspaper is around $ 5, however, some of them like Oriental Daily cost less than that, around $ 4. Before the year 1995, there was an agreement that the newspapers would be sold at a uniform pricing. However, since the price war started off in that year, the agreement does not exist anymore leaving the newspaper companies to be free to adjust their own pricing. The introduction of online newspaper, which is an outcome of technological advancement, has emerged as a significant event in the newspaper industry. Back in the year 1995, Ming Pao introduced its online press, followed by several others introducing their online newspapers within a short span of time (European Institute for Communication and Culture, 2002). Some of the significant online newspapers in Hong Kong are Apple Daily, Ming Pao, Sing Tao, Ta Kung Pao, Hong Kong Commercial Daily, Oriental Daily, Wen Wei Pao and Tin Tin Daily. With the advancement of internet, electronic businesses have boomed in the recent years. Online newspaper has been beneficial not only by proving news and information for the internet users, rather providing the same for the overseas readers (SooperArticles, n.d.). Electronic press has the ability to attract the readership from both the domestic and the overseas readers leading to no geographical limitation for the online newspapers. With the increased internet usage, the newspaper has also become online to attract the customers by getting involved with some popular technical ground such as internet. This reports aims to offer an insight into the online newspaper industry of Hong Kong. Research Question and Objectives The research aims is an effort to look into the online newspaper industry in Hong Kong. The following are certain research questions which are required to be investigated in this paper. 1. What is the present status of newspaper industry in Hong Kong? 2. Has online newspaper emerged as an opportunity for the newspaper industry? 3. What would be an effective and successful marketing strategy for the online newspapers? To investigate the above questions, one would require setting his or her research objectives which are related and linked with the above research questions. While framing up the objectives care has been taken to frame up the objectives to be either measurable or observable and at the same time, these must be limited to the scope of the research arena. The research objectives are realistic and viable to offer effective recommendations for successful marketing strategy framework for the online newspaper industry in Hong Kong. The objective of this research paper is to offer an effective marketing strategy for the Hong Kong online newspaper industry with an appropriate analysis of the industry, the customers and the prevailing marketing strategies. Literature Review As discussed earlier, this project will analyse the online newspaper industry in Hong Kong and on the basis of this analysis, some recommendations for the marketing strategy will be formulated. Before conducting the research, a literature review has been done to gather some basic information regarding media industry in Hong Kong, different types of online marketing models suggested by the researchers and its advantages as well as limitations. In the later part of the literature review, some of the strategic models will also be discussed as these will be used in later part of the project while analysing the data. The media industry is well developed in Hong Kong, in spite of a comparatively small geographical area, 52 daily newspapers and 864 periodicals are published. These papers are available in different languages. As per the data collected in 2003, “28 Chinese language dailies, 11 English language dailies, 8 bilingual dailies, and 5 dailies in other languages” are available in Hong Kong (Ha & Ganahl, 2007, p.280). The top three famous newspapers in Hong Kong are Oriental daily, the Apple daily and the Sun. These three newspapers occupy almost 70 percent of the total market share of the total newspapers circulated in Hong Kong. The broadcasting media in Hong Kong comprises of two terrestrial commercial TV companies, five subscription of television licensees, 12 non-domestic television programmes licensees, one government radio station and two commercial radio stations” (Ha & Ganahl, 2007, p.280). The broadcasting method and the print media run parallel in Hong Kong. From 1990 onwards internet become prevalent in Hong Kong and several media company started establishing their online counterparts. The growing accessibility of internet and the low cost of operation made web based media services more popular. As per the data revealed by Nielsen/Net Rating in 2004, an average individual online audience spends approximately 14 minutes per single site. Again, M. Chow, personal communication published in 2005 that the prime online surfing hours in Hong Kong is from 11pm to 1:00am. This research was done on ten most popular webcasters in Hong Kong (Ha & Ganahl, 2007, p.284). The growing popularity of online newspapers can be measures with increasing number of online advertisements. In the country on y-o-y basis the online advertisement grew by 20 to 25 percent during 2004-2005. According to chairman of Audit Bureau of Circulation (ABC), most of the advertisers spend almost 10 to 12 percent of the total media budget on online advertisements. Such advertisements are growing up as good sources of earning for the online media (New Straits Times, 2005). Considering the popularity of online newspaper in Hong Kong, The Wall Street Journal launched a new section of WSJ.com in December 01, 2010. This online site has been introduced to cater specific requirement of the people in Hong Kong (News on news, 2010). As per the information provided by a survey conducted by “the Pew Research Centre for the people & the Press” in 2008, 40 percent of the information regarding national and international issues is collected through internet; whereas contribution of newspaper was 35 percent. People admitted that they rely more on the information published in internet. However, television occupied the largest share of 70 percent. Figure 1: Use of different media for getting information (Source: The Pew Research Center for the people & the Press, 2008) While conducting the survey it was found that popularity of internet is growing as a major rival of television. High attraction towards internet and online newspaper is more among the youngsters. 63 percent of the young participants in the survey voted for internet as prime source of information; whereas quite small number of adults accepted that internet as main source for collecting information regarding national and international issues (The Pew Research Center for the people & the Press, 2008). Figure 2: Internet v/s television (Source: The Pew Research Center for the people & the Press, 2008) Considering the popularity of online newspaper among young generation, the scholars are motivating journalists to make more contribution in the growth on internet based media industry. Factors like multimedia, hyperlinks, interactivity and background information adds up in the popularity of online newspapers. However, earning revenue is a major threat for the newspaper publishers. Chyi & Lasorsa in 1999 argued that readers get the news free of cost on internet, so the newspaper publishers should search for some other source of revenue. Hartman & Sifonis in 2000 suggested use of internet and other digital technology improving the performance of print media. A newspaper publisher can use internet in different form to make the online business more effective and profit making. As for example, if a company use internet to improve performance of the secondary activities (which are not directly related to the core products) then the new business model remains more or less similar to the prevailing one. This change results in improvement of the prevailing business. On the other hand, when internet is used to transform the function of the main product or the core characteristics of the product, a new business model immerge. According to this new business model the news publisher can transform from print media to multimedia delivery of the products. Considering these changes in the core or secondary business and improvement or transformation, 6 main business modes can be designed. The simplest use of internet by the newspaper publisher is for marketing purpose. They can use internet to attract potential readers. Generally, the magazine publishers prefer to use this business model because neither they are interested to invest much of online publication nor they have any desire to emerge out as the most popular portal. In the second business model internet can be used by the newspaper publishers to develop a strong relationship with the readers. Basically, internet should be used as a tool for customer relationship management (CMR). Through such marketing and CMR approach, revenue from the print media increases. Such business model is more preferred by newspaper publishers who are interested to attract the local customer base. In the third business model, internet should be used as marketing tools and also as a source of increasing additional distribution channel. In the forth business model, a newspaper publisher can use online news replicas for attracting long distance customers. The fifth model represents a more ambitious model that uses internet to develop a portal for the specific users who are willing to pay for getting personalised or customised services in form of news and specific information. This model is more popular among financial and business newspapers. As per the last business mode, a newspaper publisher may use other media channels along with the existing print media as well as online channels to cater needs of the prime audience. This business model assists in entering in multimedia delivery of news. As specified by De Aquino, Bierhoff, Orchard & Stome in 2002, a news publisher can initially introduce SMS, e-mail, I-mode and online services along with the print media of the news (Wurff & Lauf, p.20-21). Figure 3: Topology of Online Business Model for print newspaper publishers (Source: Wurff & Lauf, p.22) In 2006, Rupert Murdoch in his speech in London mentioned “great journalism will always attract readers” (Walravens, 2006, p.29). Therefore, news that is well arranged and presented will always attract the readers. Again, the main focus should be on the target customers, in majority of the cases it is local reader base. For example, The Washington Post’s online site attracts 40.2 percent of the adult audience in the immediate market (Salwen, Garrison & Driscoll, 2005, p.206). To further attract the readers, an online news paper must take advantage of hypertext as well as hypermedia which are of non-linear nature. While presenting the news, in spite of depending solely on text and images, some other media should also be used (Bidgoli, 2004, p.758). Internet provides a creative platform for the newspaper publishers to directly communicate with the audience. Therefore, there must be a platform where the reader can provide his or her feedbacks, suggestions and can share some more information related to the news topic. Such interactive platform will make the online news more attractive for the readers (Li, 2006, p.246). There are many risks involved in running any newspaper. In the post colonial era, the risks include the changing economic environment which resulted from both sinicisation and decolonisation. Market forces emerged as restrictive to Hong Kong newspaper industry because the market was assumed to be the Chinese market. In the process, Hong Kong could not establish its unique identity; rather, it had to find ways to identify itself with China. The Hong newspaper industry has been trying to keep the best relationship with China. However, in the process, the interaction with the global community became less frequent and more of indirect relationship (Lai, 2007, p.162). With the advent of online newspaper, the Hong Kong newspapers can now reach to the extended global community. The research has revealed that Hong Kong has 1013 newspapers which are free for the readers; however, another 2050 newspapers are paid and would incur a cost for the readers. In one media conference held in Hong Kong, it was expected that more amount of information than before would be available to the customers of this industry (Tan, 2010). In the recent years, the newspaper companies started using promotional methods to capture a larger market share. For an instance, the newspaper companies in Hong Kong have cut their costs to capture more readers and retain them. With the subscription of these newspapers, the readers sometimes get free magazines or some discounts on the subscription rates. These all are done to attract more customers and to survive the intense competition in the industry. As per a survey done in 2005 on seven online newspapers, it was found that all of them used either archive or search engine to assist the readers in searching required news from the website. This customised form of presenting news result in a user friendly portal. The newspaper website also offers on e-mail address through which reader can make direct communication with the publisher (Gunter, 2003, p.84). Apart from attracting readers, the online newspaper publishers are also keen in searching alternative revenue generating options. Two of the world’s most famous newspapers, “The Wall Street Journal” and “The New York Times” make use of advertising-subscription mixed revenue model. These newspapers used traditional advertisement form where by paying a subscription amount, one can occupy some space for advertising. This same concept has been applied in the online newspaper (Schneider, 2008. p.125). Many a time, the online newspaper publisher introduces some products and services that may be related or may not be related to the readers. This is called brand extension and this strengthens the brand image of the newspaper (McKay, 2006, p.198). After considering all these information provided by different scholars, the research design will be made and the actual research will be conducted. Data Analysis and Interpretation PESTLE Analysis The following is the PESTLE analysis of online newspaper industry in Hong Kong. The macro environment of the newspaper industry also puts considerable effect on the online newspaper industry. Political and legal analysis In Hong Kong, it is easy to get the registration for the newspaper company. The authorized official department which is responsible for the registration is known as the Newspaper Registration Section. The responsible department is under the Television and Entertainment Licensing Authority (TELA). The section was authorized to offer licenses to the newspaper distributors and responsible for the registration of the local newspapers and news agencies. Two significant Local Newspapers Ordinances, Cap.268 and Cap. 390, which relate to the enforcement of the control of the obscene and indecent article ordinance. According to the Local Newspaper Ordinance, Cap. 268, publications which have contained news, information and commentaries which have been published at the intervals not more than six months are required to be registered. There is this Ordinance, Cap. 390, which has been used to regulate the content of the newspapers. According to that, the newspaper companies must restrict and control the obscene and indecent articles to protect the well being of the young people by not allowing them to access to those undesirable materials while still allowing the adults to have freedom of information and access to the same. According to the law, as newspapers are meant for the mass market, these must display no "obscenity" and "indecency” including violence, immorality and abhorrence. Apart from the above mentioned ordinances, the publication of newspaper must comply itself with the requirements of Equal Opportunity Ordinance and Privacy Ordinance. Economic analysis It seems that the global recession had not so hard effect on the sales of the newspapers in Hong Kong. A certain percentage of the readers are them who would not stop reading newspapers just because of the economic turmoil. As the newspaper only costs a few dollars, for the reader this takes a minimal portion of expenditures. With the online newspapers the cost has gone lesser. Moreover, reading newspapers has been emerged as a habit to many people. Adding to it, newspapers do not fall in the category of luxury goods where it does not require planning much before taking up the subscription of online newspaper. As a consequence, it has been made out that economic downturn has diminutive impact on the sales of newspapers. However, the recession has not been doing soft on the organizations in Hong Kong; rather, the economic turmoil brought in some serious financial problems for the Hong Kong companies. As a result, a large number of companies significantly reduced their operating budget. One significant way to cut off the cost was reducing advertisements on the newspapers. In the wake of such situation, it has been tough for the newspaper companies to maintain their revenues to operate the business, as advertisement can be looked upon as the major source of revenue for the newspaper companies. Advertisement is expected to reduce to a considerable amount specifically for the property and real estate market. Due to the recession, a number of companies have put small size advertisements and that too with longer intervals. As a result, the newspaper companies would have to suffer because of the decreasing expenditure on the advertising by the other companies. Even, it can be seen that the mostly affected newspaper companies are the small size ones as while cutting down the cost, companies prefer to give advertisements to a small number of large newspapers only. Social Factor Analysis Society can be seen as composition of people and their respective behaviors. As the newspaper is targeting to the mass market, it is pretty significant to analyze the social factors before marketing of the same. It has been noticed that Hong Kong people are sensitive to social topics. If someone finds that every other person is talking about a specific event, they would be eager to fetch the news immediately. The Hong Kong people are not at all willing to lag behind others; rather they like talking to others and sharing their opinions. This must be the reason why they usually require gaining the first-hand information through the media, including online newspapers. Newspapers, available on internet, have just made this information gathering easier. Majority of the people are usually concerned about the incidents which have involved public interests. For an instance, faulty medical treatments and outbreak of specific diseases can all raise the public interest since the events would have certain impact on the common people. Adding to it, news articles displaying the information about famous people including pop star and film stars are of great interests of the people and have also become the social topics quickly. Hong Kong people are more influenced by the attractiveness of a news article. As mentioned above, social topics have more attractiveness which raises the public interest. Reporting pattern has also become as a significant factor. Different incidents can be reported in different ways to raise the public interests by making them more attractive. Even as a large number of people are concerned about the attractiveness of the news, they might not mind the exaggerated way of reporting. News articles regarding the immoral issues can also be of public interest. People would like to have more information regarding such issues and talk about it, even they would tend to reprove the person involved in these immoral incidents. To illustrate the statement, the instance of Chan Kin-Hong can be considered as an example. People criticized his act, however, that could not make them stop reading his news every day. As of now, people want to enjoy the excited piece of news rather than show concern for the reliability of the information provided. However, the scenario changing with a considerable number of the population is now concerned about the true information rather than the exaggerated and sensationalized news articles (Gartner, 2009). A large number of Hong Kong people prefer simplified common types of words, which are easy to understand. So, it is preferred that the newspapers start using simplified wordings to articulate the news information. Moreover, in this era fast lifestyles most of people do not have much time to go through the printed newspaper; rather they may like to read it on their computers. Technological Analysis In the recent days, there has been an immense technological advancement for a number of years. Undoubtedly, the introduction of internet and increasing numbers of people using the same daily would be the most significant technological advancement in the newspaper arena. As the days have passed on, online newspapers have come up with advanced still convenient way to gather the required information to get connected with the recent events and happenings. This has surely been the most essential factors influencing the Hong Kong newspaper industry; however, there have been some other factors defining the changes in the online newspaper industry. Electronic press cutting is another significant factor to influence the online newspaper industry. In this, the press cutting is done through the use of internet and intranet rather doing that manually. The companies would offer the required news for the enterprises by gathering data and information beforehand from the local newspaper offices and arranging the same to meet the specific requirements of the clients. With the raid development in the electronic communication, it takes a very short time in data transmissions for the newspapers. It has made it easy to gather news and information from the outside reporters to shorten the time of receiving drafts for the publication. Environmental Analysis According to a study at the Royal Institute of Technology in Stockholm Sweden, “reading the newspaper 30 minutes a day on e-paper instead of a regular newspaper is environmentally preferable” (Moberg, 2007). In the wake of recent environment awareness, the readers prefer to read the e-papers rather than going for the paper newspapers. This helps to reduce the usage of paper and hence keeping sustainable environment development of the community. Porter’s Five Force Analysis This segment carries out the five force analysis of the online newspaper market in Hong Kong. Porter’s five forces include entry barrier, bargaining of buyers and suppliers, threat of substitutes and competitive rivalry in the newspaper industry. Barrier to Entry There are certain regulations which are required to be maintained while opening up a newspaper business. Apart from that, opening up the newspaper online demands less amount of capital leading to a low barrier for the new organizations to enter into the online newspaper industry. Bargaining Power of the Suppliers The content writers or the reporters can be seen as the suppliers of the online newspaper company. They supply the required information and news which are required to be put on the online newspaper site. Sometimes, the news agencies can also act as the suppliers for the company. The bargaining power of the suppliers seems to be low as access to information has gone cheaper these days. Bargaining Power of the Buyers The buyers of the online newspaper industry are the readers who have subscribed for the news articles. As the subscription rates are quite low and at the same time, buyers do not have to incur any cost while moving from one online newspaper to another one, the bargaining power of the buyers is moderate in this industry. Threat of Substitutes As of now there is no perfect substitute for the online news papers. However, there are many frees online sites offering certain news at a free cost, which can throw an issue for the traditional newspaper companies. Some other media like television, radio can act as the substitute source of information for the consumers. Competitive Rivalry With a number of players operating in this industry, the competitive rivalry is high among the newspaper companies. For an instance, the subscription rates are reduced heavily to instigate the price war in this industry (Shipside, 1998). Overall, the industry is pretty competitive with large number of companies getting into the business. Ansoff Matrix Ansoff matrix is one of the most commonly used matrixes while formulating the diversification strategy. It can be defined as “as a matrix that identifies the products and market options available to the organisation, including the possibility of withdrawal and movement into unrelated market” (Lynch, 2007, p.495). Figure 4: Ansoff Matrix (Source: Meldrum & McDonald, 2007, p.126) Considering the information available regarding online newspaper industry in Hong Kong, it can be said that with growing competition it is not possible for any newspaper publisher to expand its market share with the existing products and services. Again, to attract the local subscriber, the newspaper must pay attention to the existing market. Therefore, product extension appears as one of the most feasible option for the industry. Results and Findings After analysing the secondary data (both qualitative as well as quantitative), it has been found that the online newspaper industry in Hong Kong is gaining popularity at a faster rate. Especially the youngsters have more attraction towards online news portals. This is because in their fast lifestyle they cannot afford to go through physical newspaper and rely more on online news. Again, the online newspaper provides a platform where the readers can interact with the other through posting their suggestion and comments. To gain competitive position in the industry, the rivals are maintaining a sound price war in the subscription rate. Thus, it may emerge as an entry barrier for the new entrants. Conclusion and Recommendation The main aim of this research was to analyse the prevailing online newspaper industry in Hong Kong and to formulate the marketing strategy than can be effectively used. In the literature review section, information about media in Hong Kong has been revealed. It was found that the media is quite active in all its different forms. Researchers have conducted survey to analyse changing behaviour in the Honk Kong’s online newspaper industry. As per the information gathered, charm for internet as prime source of information is gaining popularity. Considering this change, scholars have suggested some business models that can be used to improve or transform the print media into an online platform. For the online newspaper publishers earning revenue is a major threat. Therefore, in the literature review section some methods to earn revenue have been discussed. Finally, a mixed research was conducted with secondary data to analyse the online newspaper industry in Hong Kong. It has been found that the degree of competition is increasing at a faster rate and the rivals are trying hard to gain price leadership. After taking this information into consideration it can be suggested that use of technology (multimedia and other digital technology) should be used to make the portal more attractive for the readers. Apart from the target customers, other readers should also be taken into consideration and thus different types of news as well as other reading materials should be incorporated. By maintaining a large reader base, an online newspaper publisher can easily attract the advertisers to increase the revenue base. The brand extension strategy should also be used to further increase source of revenue. Considering all these marketing strategies, an online newspaper can gain a leadership position in the industry. The news paper organisations must present their news in an attractive way, so the readers find enough interest in that. This will help the newspapers to extend its customer base further. Although, there are some ethics related to the newspaper industry. The news must not contain any misinformation. The people in Hong Kong may not mind vulgar way to present a news piece. However, it must be taken care of the fact that the preferences are changing with the days. The people are getting more responsible. As a consequence, the newspapers must present real news with attractive presentation. Moreover, the news regarding the immoral issues easily raises the interest within the public. People could not resist themselves to fetch this kind of information from the media. The newspapers can tap these kinds of news and display the same to the public. This would not only help the newspaper companies to extend their customer base, but also to carry on their social responsibilities by displaying such inequalities and immoral issues to the public. The newspaper readers also would like to read news regarding famous people, movie stars and pop stars. The newspapers can arrange some portion of the papers dedicated to these kinds of news. This would enable the companies to increase their customer base. In the recent years, the youth may be interested in some fashion related news or news from the campuses. The newspaper can have these kinds of new pieces published once a week. Certain other news related to sports, business can also target specific segments of the newspaper readers. So, overall, the companies can analyse the customer requirements and then come up with an appropriate arrangement of pages. The newspapers readers in Hong Kong prefer ordinary, simple types of words which are easily understandable. They may prefer an informal way of writing rather than formal writing styles. So, the newspapers must change their writing styles to simpler ones for better understanding of the topics. The newspapers must understand the customer requirements and change the articles and writing styles in accordance to the changing requirements. Reference Bidgoli, H. 2004) The Internet encyclopedia, Volume 2. John Wiley and Sons. 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