There are a lot of opportunities in Africa media space for companies which embrace technology that compliments the traditional channels while taking on emerging platforms, industry experts have said.
The experts were speaking during the three day 2018 Bloomberg Africa Business Media Innovators forum, in Livingstone, Zambia, which came to an end on Tuesday.
Mohamed Nanabhay, the Deputy- chief executive officer (CEO) of the Media Development Investment Fund said the declining revenues were now forcing the traditional industry to embrace technology.
His sentiments were shared by Mapi Mhlangu, the Managing Director and Editor-in-Chief of South Africa's 24-hour television news broadcaster, eNCA.
While admitting that it took some time for traditional media to feel the heat brought about by the changing media landscape, Mhlangu said it is increasingly becoming difficult for companies to update their strategies in line with modern trends.
"The biggest challenge for independently-owned media is the inability to adopt new technologies because of limited resources. It, therefore, becomes difficult to risk the now-shrinking revenues on projects that may not pay off," she said.
Andile Khumalo, CEO of the Brodkast Group, a pan-African investment holding company targeting assets in the technology, media and telecommunication industries, said only media firms which embrace new technologies are assured of longevity. "For us in the radio business, we believe radio and social media are cousins. Social media is the innovation of the best form of marketing — word of mouth– and it works well when paired with radio, a platform that has been confirmed to resonate well with the people...,”
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