Even before the economic upheaval of COVID-19, times were tough for traditional print media. People are increasingly consuming their news and other media via digital platforms rather than newspapers and magazines, and digital content is simply not as profitable in most cases. This has upended the business model of traditional print media companies, with readership and revenue in a general industry-wide decline.
This reality recently caught up with Singapore Press Holdings, the publisher of the countrys flagship English-language newspaper The Straits Times, and the dominant print media player since 1984. With the onset of the pandemic, Singapore Press Holdings posted a pre-tax loss of SGD $85.3 million in 2020. And while…
Read the full article at: https://thediplomat.com/2021/05/why-singapore-press-holdings-is-restructuring/