Covid pandemic has hit almost all businesses in some way or the other. Times Group recently announced that it will stop the print publication of Pune mirror. Let’s take a look at the media business of Times Group and how the pandemic has affected its business.
Crux of the Matter
Times Group has decided to stop print publication of both Pune Mirror and Mumbai Mirror. The decision comes after the financial stability of the company worsened due to the pandemic. However, Mumbai mirror will be published as a weekly and the company will continue to have a digital presence. The company has not made any official comment on Bangalore Mirror and Ahmedabad Mirror.
Bennett, Coleman and Company Limited is the legal name of Times Group. Founded in 1838, its headquarter is situated in Mumbai. Indu Jain is the current chairperson of the company and Raj Jain is the CEO. Time Group runs 45 dailies and periodicals.
Let’s take a look at the financial position of Time Group and how it has been affected by Covid-19.
The infographic below compares the segment wise revenue earned by the Times Group.
As per the ‘India Digital News Report 2019’, 68% of those surveyed were using smartphones as their main device for online news with Facebook and WhatsApp as the primary sources of news for 52% of them. Whereas Instagram, Twitter, and Facebook Messenger contribute 26%, 18%, and 16% respectively.
Concerns Of Newspaper Industry
Print media is facing problems such as decreasing profit margins, slump in demand, high import tax for materials, etc. Covid-19 has worsened the situation as people switched to digital news platforms for news. However, on digital news media, people are concerned about the authenticity of the news and rumors, say experts.
- Tabloid journalism is a popular style of largely sensationalist journalism that takes its name from the format: a small-sized newspaper. The size became associated with sensationalism, and tabloid journalism replaced the earlier label of yellow journalism.
- A broadsheet is the largest newspaper format and is characterized by long vertical pages, typically of 57 cm. Other common newspaper formats include the smaller Berliner and tabloid–compact formats. Broadsheet newspapers were developed after the British in 1712 placed a tax on newspapers based on the number of their pages.
- The Times Group is India’s largest media conglomerate. The Audit Bureau of Circulations reported in May 2014 that The Times of India had the largest circulation of any English-language newspaper in the world.