Llewellyn (pictured) explained that India has not been as affected by the economic recession as the rest of the world, and according to the August 09 Consensus Forecast on global GDP growth, “Asia slowed-down, but didn’t actually experience a recession, and in 2010 will be the fastest growth region in the world.”
Llewellyn said that India has the advantage because broadband will arrive in the country soon and when it does, it will change everything. He advised delegates to look and learn from their international peers and to find out now what works and what doesn’t in the digital space, so that they do not repeat the mistakes already made when broadband is readily available.
He said: “The opportunity is that we are in the infancy of change and there probably isn’t one single business model out there, but several, and once found they are probably not easily replicable. But they will be profitable.” He concluded by saying: “The point is it’s a great time to think the unthinkable – because the unthinkable has never been more possible, so prepare for a time of experimentation and innovation like we’ve never seen before.”
Aroon Purie, chairman and editor-in-chief of India Today Group, and FIPP’s chairman, then gave a keynote address to the audience, and shared his ten mantras for magazine publishing:
1. Invest in quality content
2. Look for new revenue and profit streams
3. The future lies in addressing the multi delivery platforms
4. Treat magazine brands as mediums of engagement
5. The time has come for this to be a frugal medium
6. Tap into the vast potential of the Indian languages – foreign investors should look at this too
7. Increase cover prices to sustain a healthy business model
8. Address the untapped potential of licensed titles and the quality that international brands offer
9. Address opportunities for outsourcing
10. Educate potential magazine advertisers on the potential of the medium
In another session, Kailli Purie, COO, The India Today Group Online, India, advised publishers to follow in their footsteps and be open to invest in all platforms, as what might not work so well today may be tomorrow’s most successful delivery platform.