Confronting the wave of change - Greg Hywood


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64th World Newspaper Congress and 19th World Editors Forum

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Confronting the wave of change - Greg Hywood

  1. 1. Confronting the wave of changeGreg HywoodChief Executive and ManagingDirectorFairfax Media LimitedAustralia
  2. 2. Greg HywoodChief Executive Officer & Managing Director WAN-IFRA Conference Kiev, 3 September 2012 2
  3. 3. Fairfax is a leading multi-platform media company in Australasia 3
  4. 4. External factors MOBILE 4
  5. 5. Our strategic model Digital news media & transactions co. Independent quality journalism & content Horizontal Media coverage  Print/Radio Online Smartphones/ Tablets Smart TV/IPTV Cross-platform audiences Circ/Subs/pay Digital Data, events Advertising for content Transactions etc Monetise audiences through the day At the core of our strategy is the distribution of our journalism across converging multi-platforms, and the aggregation and monetisation of audiences via multiple revenue streams 5
  6. 6. In the last 5 years our metro audience reach has grown by 30%to over 7 million people Fairfax Audience by Media Type 30% % of population Market Total (000s in brackets) Growth 38% People who (7,173) access the Internet at least 33% monthly has (5,540) grown from 73% to 90% of the population Reach (000s) People who read a newspaper in the last 7 days has declined from 80% to 64% Source: Roy Morgan Data March 2012 v March 2007. Fairfax Metro Print = SMH M-Sun net & AGE M-Sun net, GW, SL, TSM, TMM. Fairfax Digital = Any Fairfax site visited in the last 4 weeks. Note: Online audience estimate is regarded as very conservative 6
  7. 7. New platforms also help us reach new users iPads sold in the Australian Market 2 Tablet apps - combined SMH/The Age 1 90,000 900,000 80,000 800,000 70,000 700,000 32% cumulative downloads 60,000 600,000av daily UB 50,000 500,000 40,000 400,000 30,000 300,000 20,000 200,000 10,000 100,000 - - 11 11 12 12 12 2 1 2 11 11 11 2 1 2 1 -1 l-1 l-1 r- 1 -1 -1 -1 v- n- n- n- b- g- p- c- ar ay ay ct Ju Ju Ap Ipads sold in Australian Market SMH/AGE apps downloaded No Ju Ja Ju Fe Au Se De M O M M Av daily unique browsers Downloads 1 Sources; AppFigures, Google Analytics Due to technical issues with Google Analytics tracking code, complete data for average daily unique browsers for May & June 2012 is unavailable. 2 Source: Frost & Sullivan May 2012 Fairfax have estimated this amount based on Apple download figures allowing for estimated removed apps. 7
  8. 8. Advertisers can reach our audience throughout the day First Look News in News Strong Mid ‘The Catch-up Downtime, Indulging in Late Night Headlines brief on through video afternoon Overnighter’ on the longer some ’me- Viewing: the go the day, behaviours break, strap day’s content, time’ with Prime Time short and around lighter directing you events on deeper inspiring, for Long- frequent lunch stories to longer the way engagement longer reads Form Video content home 8
  9. 9. We know that product usage varies by platform across the day Traffic Peaks Through the Day Home Travel Work Travel Home% of platform traffic 9:00 20:00 5:00 6:00 7:00 8:00 10:00 14:00 16:00 13:00 11:00 12:00 15:00 17:00 18:00 19:00 21:00 22:00 23:00 longform web, shortform mobile tablet radio newspaper 9 Sources: Web/Mobile/Video : Neilsen Aug 2011; Tablet Omniture Aug 2011; Print, Radio Roy Morgan June 2011
  10. 10. Metropolitan newsroom model: around the clock 10
  11. 11. Metro problems identified and solutions found Identified problems Solutions found Silos • Across geographies Change the way • Work in smarter ways to create we work audience-focused, quality • Across platforms independent journalism and more unique content for all platforms • Across days of the week • Create fully integrated newsrooms across geographies and platforms Duplication • Occurs in content creation Remove • Through better and more unnecessary transparent planning and • Occurs in production commissioning, and building duplication and improved organisational discipline • Occurs in editorial waste management • Preserve local voice of each platform and meet the needs of local audiences Print-first • Stories subbed many times Become digital • While still producing quality ways of first newsrooms newspapers • Stories held off web working unnecessarily • Online not included in planning 11
  12. 12. Changes to Metro Media newsrooms• Topics will be platform-neutral, delivering coverage for all platforms 24/7.• Topic Editors will roster journalists to ensure all platforms are serviced 24/7, meeting rolling deadlines.• Journalists who are subject matter experts will be expected to contribute their commentary or analysis to meet the needs of a digital audience.• Not all stories will be published digital-first, but many – including our exclusive journalism - will.• Duplication and over-commissioning will be eliminated.• We will adopt digital-first efficient ways of working that eliminate wasteful re-work, such as stories being subbed many times.• We will use reader feedback and audience analytics to help guide the journalism we do.• Video editors will be involved in all news briefings and planning meetings.• Social media will be integral to our newsrooms. 12
  13. 13. Strategic imperatives GROW DIGITAL 13
  14. 14. Fairfax of the Future project is transforming the way we do business 14
  15. 15. Metro Media: key transformation initiatives • A digital first editorial model implemented By July 2012 • Removal of ineffective circulation that offers no value to advertisers whilst maintaining readership market share • Integration of sales across channels • SMH and the Age to convert to contemporary compact print formats From March 2013 • Introduction of a digital subscription model for the Metro mastheads • Closure of the Chullora and Tullamarine printing plants, providing By June 2014 flexibility to convert to a digital only model 15
  16. 16. Building required capabilities is a critical first step • Move beyond historical platform-centric view of our audience Develop deeper understanding of • Develop strategic segments to provide focus and direction our audiences • Invest in understanding adjacent unmet needs that can be servedDrive performance through aligned • Replace traditional metrics such as circulationincentives and active performance • Provide incentives for collaboration across silos tracking • Develop a new ‘language’ for assessing and discussing success • Commit to understanding and valuing talent across the business Attract, retain and grow talent • Offer opportunities to learn new skills and take on new challenges across the business • Create an entrepreneurial atmosphere that promotes fresh thinking Invest in critical technologies to • Put systems in place to track and monitor performance support and enable strategy • Provide the means for working efficiently and effectively execution • Centralise and simplify the technology footprint 16
  17. 17. Changes to the organisational structure are required to ‘unlock’ whole-of-company opportunities Metro • Maintain ownership of core customer-facingMarketplaces activities in Business Units FRG Regional • Centralise common activities to enable a Ags whole of Fairfax NZ approach to unlock savings and variablise Radio costs Organised by BU Centralised Centralised Centralised (no centralisation today) (partially centralised today) (as is today) 17
  18. 18. In conclusion ONLINE GROWING COST PROFITABLE NEWS AUDIENCES DISCIPLINES PRODUCTS PLATFORMSWe’re focused on We’re focused on We’ve got rigorous We’re continuing tocontinued decisive growing audiences – cost disciplines develop profitableleadership in the already having the products – across printdevelopment and largest news and digital – with amonetisation of online audience in Australia focus on acceleratingnews platforms our online business which is seeing strong revenue growth 18
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