Although, the current COVID-19 pandemic has resulted in unprecedented risk to economies and businesses, this has also enabled us redefine our business model from the current advertising and circulation model to a hybrid of both advertising, circulation and reader revenue model including exploring other new revenue streams in the events and digital space. During this period, there has been a significant growth in online consumption of our content than what we could ever experience on the legacy platforms. Whereas the challenge has been how to monetise, we have put every effort, including working with experts from other media houses who have succeeded in this endeavor to upscale and accelerate the monetisation of our digital content. A number of Legacy Media houses which faced similar challenges have successfully transitioned and re-engineered from legacy platforms to the new digital first platforms and we are confident we are on the right path to do the same. We are alive to the declining value of our shares at the NSE. This business has been in operation for more than 60 years and in those years it has overcome a number of insurmountable challenges. Let me take this opportunity to reassure our shareholders that the board remains confident of weathering the current challenges to set this business on the path of sustainability and profitability. The Group will continue taking appropriate steps to safeguard the safety and health of our employees alongside ensuring business continuity. Our commitment is to deliver on our mandate to positively transform society, by consistently creating quality, differentiated and engaging content. We are cognisant that our relevance depends on understanding the new age consumers while remaining faithful to our compass of truth, independence, fairness and accuracy. The Board is confident that the actions being undertaken will translate into positive and sustainable outcomes.Download full statement
NMG’s strategic objective is to assume leadership of sub – Sahara Africa’s mobile publishing landscape in a fashion similar to our past dominance of the print business in Kenya. Mobile offers a transformational opportunity for growth in Africa. The technology overcomes barriers of distance, borders and social distinction, reducing Africa, and indeed the whole world, to one connected village which can be served cost-effectively.
The Group’s commitment to investing in journalism and upholding journalistic values and our continuing focus on sweeping digital innovation has helped us create a sustainable business model for news and other programming. As a result, it was another exceptional year for NMG journalism, from breaking news coverage of Poison River on print, Red Alert and Preying Missionaries across the Group’s print, broadcast, digital platforms. Quality journalism continues to strengthen the value of our brand as the leading media house in the region.
As we look to 2020, The Group is implementing comprehensive plans to leverage and exploit its current strength in the digital space towards delivering value both for the new age consumers and growing new revenue streams. In order to achieve this, new initiatives are in the pipelines to reach our existing and new audiences at home and across the region to sustainably grow the number of engaged users, grow digital circulation and advertising businesses and to accelerate development of mobile-first paid content business.Download full statement