"First, continue to innovate in business processes to maintain competitiveness. Media (companies) should utilize new ways to increase its subscribers and attract more users by premium access," Setiadi stated during the 2024 National Press Day commemoration event here on Monday.
During the "National Convention of Mass Media" agenda, the minister remarked that mass media currently faced the third phase of digital disruption due to AI development.
Setiadi then elaborated that the second strategy for media companies is to embrace AI technology that can help them optimize and develop their business and produce more creative works.
He highlighted that media companies can use AI technology to diversify their channels and services, such as instant messaging or videos.
"Media companies should carry out up-skilling of their employees, preparing them (by equipping them) with capabilities required to overcome challenges and opportunities posed by technological advancements," the minister emphasized.
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According to the minister, media companies should also innovate to create products from new mediums, such as podcasts, to catch up with the trends in digitization. It will help residents access trusted and credible journalistic products more easily, Setiadi stated.
If media companies carry out all of the four strategies, digital disruption posed by AI technology will provide new opportunities instead of impeding growth, he affirmed.
Meanwhile, the minister drew attention to the World Association of Newspapers and News Publishers (WAN-IFRA) statistics that showed the revenue of the global press industry in the 2021-2022 period had reached US$112.4 billion and increased by 13.55 percent to US$130.02 billion in the 2022-2023 period.
The revenue increase proved that despite the ongoing digital disruption, the global mass media industry continues to grow, he emphasized.
"Hence, I expect our mass media to be more optimistic, especially as media companies have many strategies at their disposal to face the digital disruption," Setiadi stated.
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Translator: Livia Kristianti, Nabil Ihsan
Editor: Yuni Arisandy Sinaga
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