Business China Dialogue by Mr Anthony Tan How Singapore Press Holdings Keeps Abreast of the Times
In the technology era, smart devices and gadgets have become part of our daily life. The whole business environment is changing fast , thus traditional enterprises must bring forth new ideas into their businesses and most importantly think beyond the box and implement timely business approaches.
Mr Anthony Tan, Board Director of Business China and Deputy CEO of Singapore Press Holdings Ltd (SPH), was guest speaker for the seventh Business China Dialogue, which was held on 19 April 2018. He shared his perspectives on the revolution of the media industry and actions taken by SPH to adapt and expand in this disruptive era.
SPH has been enthusiastically spending efforts in innovations, adaptation and business revolution. Not limited to just involve and become a player in the sector of digital media, SPH also leverages new platforms to attract new groups of target audience, at the same time they diversified their businesses, spreading their wings into different fields such as properties and healthcare. However, he emphasized that SPH is taking cultural and languages inheritance as corporate mission, therefore media will still be SPH’s core business. “We could see the revenue and profit generated from core business will be decreasing, despite how well we are doing by going digital, we have to compete with strong players such as Google, Tencent and Alibaba in terms of obtaining market share. We have to find alternate stable sources of income.”
Anthony noted that online media is undeniably popular; but the quality of its news content is not consistent. Considering the aging demographics in Singapore, traditional media i.e. newspapers still serves its purpose and has its advantage in the market, even though digital media is trending. Furthermore, the content manipulation through big data is very much relying on readers’ preferences, therefore it could be monotonous.
Digital media definitely has its advantages in brand promotion whereby the desired outcome is measurable. Mr Tan reminded corporates to choose the most effective platform to promote branding by identifying the nature of products as well as target audience in order to maximize the effect of advertisement, instead of going digital blindly. One of SPH’s successful examples is the U1000 Music Countdown which was held at Chinatown Point days ago. Through the collaborations across multiple platforms, SPH has achieved favorable outcome for clients.
63 invited guests attended the dialogue. Starting in mid-2017, Business China Dialogue series featured experts from the business sector and government to provide insights into current issues of the day. Members of Business China are invited to the monthly sharing and networking sessions.