So, it’s 2021 and time to get your techno news out on the web. The days of relying on print and broadcast media are gone for good. In fact, if the web came along, then many of those once-dominant media companies would have lost their stranglehold in, not only their own country, but throughout the world. So, it’s time to make the move and embrace the new media landscape that is ripe with opportunity.
But what kind of opportunities does the web present to media organisations in Australia? It certainly offers a plethora of possibilities. As online advertising revenue has increased and online audience size has grown, so to has the need for in-depth analysis and comprehensive reporting from any and all sources. It used to be that the major news media businesses in Australia could command around 95% of the available online advertising revenue, but that number has certainly been closed to a number of them over the years.
The emergence of online advertising revenue has opened up a wealth of opportunities for the major news media companies in Australia. They now sit at a position where they can potentially make a killing off of ad revenue generated by content posted on their websites. The biggest of these giant tech giants – namely Google, Microsoft, Yahoo and Australia’s largest ISP, Telstra – have already started flexing their muscle in this regard, having invested substantial amounts in online advertising revenue-generation companies such as Google AdSense and Adbrite.
Perhaps the most significant of these giants’ moves towards online advertising revenue generation is their attempts to set the table for an orderly and competitive marketplace where they can collectively pool in online advertising revenue and win a bigger share of the market. This is something that the smaller tech companies in Australia could not do. As it stands presently, there is no real mechanism for these smaller companies to go ahead and challenge the dominance of the giant tech companies. Only the larger players have the ability to do this. They have the money to fund the huge research and development budgets required to ensure that they maintain a technological advantage over their smaller and lesser regional competitors.
But while there are definitely opportunities for the smaller players to go ahead and challenge the dominance of the giant tech companies, one should never forget the need for the giant players to stay on top of the game. After all, they currently hold the lion’s share of the available advertising market – and they will continue to control a large chunk of it for as long as they can. For this reason, big news media companies in Australia should never underestimate the importance of maintaining tight marketing budgets when it comes to launching new products or services and trying to entice new customers. While it is true that the smaller players might eventually start racking up some revenue through their innovative advertising strategies, there will still be a limit to their potential.
In reality, the digital world is here to stay. The rapid expansion of information technology in this country has led to the creation of many new employment opportunities in the construction industry, the medical profession and the educational system. But for all its advantages, one thing that Australia has not been able to forget is its competitive edge – and that is the fact that the country has been the home of some of the biggest names in the industry. This includes names such as telecommunications giant Telcos, internet company iiNet and media outlets such as the Australian Broadcasting Corporation (ABC). If Australia wants to maintain its position as one of the top advertising agencies in the world, it needs to make sure that it develops a robust digital marketing strategy that focuses on maintaining its positioning in the world top 10.
As noted earlier, Australia has enjoyed a strong economic growth over the past decade and the past few years have also seen a significant spike in the number of people starting a business of their own. However, as businesses expand their market share in the physical world, they have to deal with other players that are rapidly coming up and establishing their place on the digital world. This is why companies such as the ABC have developed a bargaining code, which it operates under to ensure that it remains a viable business entity in the medium to long term. The current competition within the media industry, for example from digital network services and online video and podcasting services is forcing the ABC to look to streamline its operations and adopt a more nimble, flexible and responsive approach to marketing. By doing so, it ensures its survival in the digital world and allows it to continue to serve customers who prefer to interact directly with an actual human being over the Internet.
The current economic climate in Australia is quite uncertain and experts are predicting a recession in the economy. However, if the current problems with the banking sector are any indicator, then the recovery is on its way. For all the negative news that the media business endures, it still continues to be one of the most powerful brands in the world. With a strong reputation and a stable base of distribution and sales, this Australian company will likely be around for a while yet.