EUROPEAN PRESS BARONS SET THEIR SAILS FOR THE RICHES OF INDIA
January 10th 2008 00:42
More and more, European press barons are figuratively setting sail for India where they hope to pick up untold riches and wealth in that country’s media boom.
The Independent newspaper this week retraced the recent trend, which isn’t likely to end, of European press publishers increasingly turning towards India to launch new publications and create new revenue streams, in today’s most promising newspaper market.
Mail Today, launched last November, is a joint venture between the India Today Group and Associated Newspapers. Its coverage of stories is very similar to that of the British Daily Mail.
There have also been rumours that News Corporation is planning on an Indian version of The Sun.
The International Herald Tribune actually publishes in India, through a collaboration with the Deccan Chronicle started in 2004.
The Independent reported, “As newspaper readership stagnates in the US and Europe, India's newspapers are enjoying the kind of golden age the US saw at the end of the 19th century.”
Timmy Kandhari, head of the entertainment and media practice at PricewaterhouseCoopers in Mumbai, estimates 12 to 15 per cent annual growth in the market, and this is a conservative outlook.
The Economist aims to triple its Indian readership from 18,000 to 50,000 by the end of 2009, and ad rates in India have risen 30 to 40 percent in the past six months alone.
But, it is inevitable that the print boom in India will eventually slow down.
"What we've seen in 2007 and maybe will in 2008 is probably the peak of this boom. I think in 2008-09 you'll see a fair amount of consolidation. People forget that in this business you burn money very quickly," said Raju Narisetti, editor of Mint.
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