The pandemic temporarily increased audiences, %
Half of the surveyed media outlets indicate that their audience grew by 25-65%. They also note that by the end of May, excitement over coronavirus-related content began to subside and, accordingly, website traffic also began to return to normal.
But most media did not have a strategy to retain new audiences and turn them into loyal regular readers or viewers. Only a small proportion of respondents noted that increased readership (mostly from new audiences) was converted into Facebook, Telegram or other social network subscribers.
This is similar to previous crises. For example, the Euromaidan revolution or the annexation of Crimea served as catalysts for the growth or launch of regional media. Audiences were hungry for media projects that were independent of oligarchs and ready to support them. At present, however, there are no such tectonic shifts.
While the number of readers on sites grew significantly, the price per impression decreased. In other words, traffic became cheaper and did not bring in the expected level of income.
Most media have seen revenues collapse, %
Special projects or native advertising have also taken a hit, with businesses asking for discounts, deferred payments, or delaying planned projects. As a result, editors have offered easier and cheaper formats of native advertising, including ones targeting small and medium-sized businesses (thereby expanding their customer base).
“
We had to cancel the pre-ordered videography for new video projects, salary bonuses, costsfor freelancers, reduced the cost of promoting content, administrative costs. Some advertisers have stopped cooperation with us, others are delaying payments.
- one of the editor
The lockdown accelerated media workflow digitization, with a process that would typically take two years being implemented over a period of two months. The transition to remote work was relatively straightforward, as media set up algorithms for online planning and workflow management.
Zoom conferences, planning in Slack and Trello are already business as usual for most newsrooms, although the efficiency and coherence of their work remain a big challenge. Moveover, mental health support and employee motivation are a challenge.
“
To a large extent, there is no longer a major need for all team members to gather in the office space, including for meetings. This can be said in regards to production processes, although there remains a real need on an emotional level,
- another survey participant
Remote work helped media managers review their organization structures from a helicopter view and determine what they lack, which new departments they need to create, and which departments to optimize. For example a TV company from northern Ukraine redesigned its makeup department to SMM and cut freelance expenses.
23% of the media had to lay off some employees
Many media abandoned complex multimedia products and the professionals who created them, trying to preserve the "core of the team." They left only their main products (such as text news and articles, or main program blocks). Also retained were employees involved in monetization models, with a portion of the budget to create a high-quality visual component for partnership projects and native advertising.
