How to Minimize the Impact of the Covid-19 Crisis on Your Media Business

"The threat posed to media businesses globally by the coronavirus is existential."

In light of the COVID-19 pandemic and its impact on independent media, the Media Development Investment Fund (MDIF) suggests there are steps news executives can take to limit the losses they are facing and to give direction to their business decisions. Drafted by MDIF and supplemented by the direct experiences of their clients of dealing with the COVID-19 crisis, these recommendations were created for independent media operating in a range of countries where access to free and independent news and information is under threat.

MDIF offers detailed lists recommending, in short:

• Cut costs; focus on cash collections - For example, start working on plans for contraction as revenue streams such as advertising dip and others, such as events, come to a complete standstill.
• Be transparent with staff and readers/listeners/viewers - For example, engage with audiences to showcase the value of the content and information you provide. However, be aware that the current increase is likely to stall as consumers further tighten their budgets.
• Know your purpose (content) - For example:
  • Focus and grow your core audience; they are most in need of reliable information at this time.
  • Consider introducing stricter editorial rules and be even more careful with wording so as not to create more fear and panic.
  • Stay ahead of what your audience wants and needs to know about the pandemic.
  • Be inventive: experiment with explainers, data and infographic visualizations, Instagram Live Updates, or audience participation efforts such as surveys and live Q&A on Facebook.
  • Prepare for dramatically heavier online use by your audience, such as by ensuring your systems and bandwidth are adequate and strengthening your information technology (IT) department and workflow.
  • Consider retention, data mining, and understanding what areas of your content will garner the highest cost per thousand impressions (CPM) if you are part of a programmatic advertising model.
  • Ensure internal efficiency and content delivery and critical care with search engine optimisation (SEO) and engagement.
  • Tap into existing communication budget streams to counter the spread of misinformation.
  • Create alliances with other media organisations to enhance coverage.
  • Consider a "pop up" newsletter balancing regular COVID coverage with the need more positive news.
• Plan ahead for how the pandemic will impact your team - For example, have a team working at home ready to come in and take over should one person on site be diagnosed and everyone there be required to quarantine. Check in on your team often and help them find time to disconnect; if possible, provide them with health support, including counsellors.