BusinessWorld @ 38: Strengthening the legacy of print media and beyond

By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor

For decades now, legacy media companies around the world have been confronting a flurry of challenges from declining print revenues, shifting audience behaviors, and disruptive technologies. Survival in this industry, let alone growth, is something of an anomaly.

And yet, against this backdrop, BusinessWorld has not only withstood the pressures reshaping the media landscape, it has emerged bigger and better than it ever was during the heyday of print.

As President and Chief Executive Officer Miguel G. Belmonte noted, “It may sound unusual, but BusinessWorld is actually doing better post-pandemic than during the heyday of newspapers.”

“What is good is that in terms of net profit, we are actually showing better bottom lines now than during the pre-pandemic years. Clearly, in terms of success as a corporation, BusinessWorld is possibly even top three now among the print companies. I believe we’re doing a good job.”

Mr. Belmonte explained that the publication’s continued relevance has been the result of deliberate strategy based on a sharpened understanding of the business community it serves. On its 38^th year, BusinessWorld still puts significance on the value of print newspapers, but the brand itself has gone beyond that as a multi-platform provider of business information, insight, and analysis — a platform still trusted by decision-makers, yet one steadily adapting to reach the next generation of readers.

“I think that we’re still pretty much using the same strategy as before a few years prior to the pandemic. We’ve diversified our mix with other revenue streams such as digital and events, but our print has held its own,” he said.

In fact, to speak on BusinessWorld’s print readership, Mr. Belmonte noted that the company “continues to have a considerable readership and even more so have maintained influence on society.”

“Fact is, decision-makers of today are still reading BusinessWorld,” he said. “We acknowledge that print is under great pressure, so we really have to do our best to come up with the best product we can come up with. The challenge for us is to be better than our competitors, and again, I believe that we are doing very well in the race and that we’re doing better than all our competitors.”

Lucien C. Dy Tioco, executive vice-president of BusinessWorld, explained that as today’s media landscape becomes more muddied with the proliferation of disinformation, toxicity, and closed-minded biases, print media retains its value as a beacon of integrity.

“If you assess where this is headed, there comes a point where you start to value things that have been lost along the way. Newspapers bring a needed relevance in the mix because of its presentation of news, unbiased reporting and journalistic integrity,” he said.

Vice-President for Sales and Marketing Jay R. Sarmiento further noted that while digital media offers immediacy, interactivity, and widespread accessibility, print media maintains certain advantages such as a physical, lasting experience that digital isn’t able to fully replicate.

Ms. Sarmiento said print can provide “credible and trustworthy content especially for in-depth journalism, academic content, or official documentation and serves as a crucial source of information where internet access remains limited.”

Navigating ever-changing landscapes

Still, acknowledging the enduring value of print is not the same as resisting change. BusinessWorld’s leadership has their eyes open to the demographic and behavioral shifts shaping the future of media consumption.

While its print edition remains a trusted source for policy makers and executives, the next generation of decision-makers who are digital natives shaped by algorithmic feeds and mobile-first platforms require a different approach.

Cathy Rose A. Garcia, editor-in-chief of BusinessWorld, pointed out that according to Reuters’ latest Digital News Report, video has overtaken print and radio as the preferred medium for news in the Philippines, as more people now prefer to watch than listen or read the news.

“This shift compels us to rethink the traditional model for print media. In recent months, BusinessWorld has been introducing more video reports,” she said. “Our online team has come out with more video reports about small businesses as well as legacy businesses. We have also increased our presence in YouTube, Instagram, Facebook and TikTok, as a way to boost our multimedia offerings.”

Mr. Dy Tioco shared his insights: “Digital transformation is a continuum, as newer technologies enhance the things we do and consume. It is therefore expected that this progression has a perpetual effect on the media landscape as technology always changes behavior.”

“With rapid digitalization and evolving audience behaviors, BusinessWorld is also reshaping its vision to leverage these changes and solidify its position as the leading source of credible business news and analysis, not just in print, but across all platforms. This involves adapting its business model, content strategy, and technological infrastructure to remain relevant and sustainable for the future,” Ms. Sarmiento also explained.

According to Ms. Garcia, the goal then is for BusinessWorld to become a multi-platform media brand.

“We have to focus on meeting the audiences where they are. BusinessWorld has to embrace digital formats while leveraging our legacy of credibility,” she said.

Rethinking in an AI-driven future

Emerging technology like generative artificial intelligence (Gen AI) pushes the future of media further into ambiguity. The rapid proliferation of deepfakes and fake news, alongside growing public distrust in journalism, presents yet another challenge that publications like BusinessWorld must confront.

In this environment, relevance demands so much more than credibility. To find purchase in the minds of the new generation, a publication must be accessible, agile, and have a voice that can cut through the noise. For BusinessWorld, that has meant rethinking not just how news is delivered, but who it is ultimately for.

“I believe journalism should still be reported and written by humans. AI tools can be used in aid of journalism, like summarization and transcription. However, we have to make sure there is always human oversight and review when it comes to using AI in the newsroom,” Ms. Garcia noted.

“There’s no doubt that Gen AI is disrupting the media landscape. AI is a tool that has the potential to boost productivity of journalists. But I do not think AI will replace journalists.”

At the same time, she pointed out that Gen AI has made it easier to spread misinformation and disinformation over the internet, highlighting the role of integrity and transparency in journalism more than ever to maintain the audience’s trust in the media.

“Generative AI is groundbreaking because it can drastically improve systems and processes on the way we do things in a more efficient and scalable manner. We are right now at the cusp of another major digital transformation because the augmentation of AI into business and media is going to change our behavior and actions. It is therefore important for us to recognize these inevitable changes and how will we manage them,” Mr. Dy Tioco said.

Ms. Sarmiento added that the advent of AI brings with it both exciting opportunities and significant challenges for the industry as a whole. For its positives, she sees AI enabling more personalized content delivery, faster news generation, and innovative storytelling formats. It can also enhance productivity and help media organizations analyze large datasets to better understand audiences.

However, these advancements also raise concerns about misinformation, deepfake misuse, bias in algorithms, and the potential for job displacement. “Overall, AI serves as a powerful tool that, if managed responsibly, can greatly enrich media experiences and democratize information access,” she said.

“It’s very hard to predict exactly what the future holds, but we have an idea of where we’re headed given where we’ve come from and what we’re experiencing today,” Mr. Belmonte said.

“But for the short term, and maybe up to midterm, I think BusinessWorld has the right strategy moving forward. Given what we’ve achieved thus far and the plans we have in line, BusinessWorld will continue to be a force to reckon with.”

At 38, that strategy of being the ever-reliable provider of trusted business and industry news in the Philippines remains tried and true. Towards the nationwide effort of recalibrating the Philippines’ path forward, BusinessWorld’s part has become indispensable.

Even as its platforms evolve, BusinessWorld’s commitment remains the same: to solid and reliable economic journalism that helps the Philippine business community nav­igate what comes next. Whether in print, on-screen, or through new formats shaped by AI and data, that mission endures.