For years, the debate was presented as a battle between traditional media and social media. However, the heads of the largest media organisations in Cyprus recently presented a different picture.
As they explained, the era of “old” and “new” media is now over. Publishing organisations, television stations, digital brands and content platforms now operate within the same ecosystem, constantly adapting their operating models to the new habits of the audience.
The challenge is now less about the medium and more about the quality of content, its distribution capacity, the reliability of information, attracting talent and creating sustainable sources of revenue. In a small but highly competitive market, evolution is a one-way street and adaptation determines who will be the protagonists of the next media day.
These challenges dominated the discussion 'Mainstream Media in the Age of Social Media: Reinvention, Influence and Commercial Survival,' within the framework of the recent 23rd Marketing, Advertising, Media & Communication Conference in Nicosia, where top executives of the Cypriot media ecosystem presented their views on the future of the industry.
Tasos S. Anastasiou: "The biggest investment is people"
The CEO of Phileleftheros Media Group, Tasos S. Anastasiou, raised the issue of human resources from the beginning as the most important success factor for any content organization.
As he noted, whether it is journalists, creators or other communication professionals, talent remains the most valuable asset of a media organization.
At the same time, he explained that traditional publishing organizations are undergoing a transformation process with the aim of evolving into modern digital storytellers that respond to the new demands of audiences and platforms.
Referring to the sustainability of SMEs, he was particularly frank: "In purely mathematical terms, the Cypriot market and the number of players operating in it can hardly be considered an investment opportunity."
As he explained, anyone who decides to invest in the media needs to love the subject, believe in journalism as a profession, and wish to contribute to the community.
He added that producing quality content requires strong teams and competitive remuneration, emphasizing that major media brands are built through a long-term investment in quality and professionalism.
Demetris Lottides: "Talent chooses environment, not just salary"
The CEO of SppMedia Group, Demetris Lottides, focused on the radical change observed in the priorities of younger professionals.
As he mentioned, the new generations now evaluate much more than just the amount of a salary. The work environment, the level of trust, the functionality of an organization and the development prospects play a decisive role in their decisions.
"Talent cannot be bought," he noted characteristically.
Referring to the information overload environment that prevails today, he argued that as the noise increases, the value of reliable information also increases.
According to him, when citizens are overwhelmed by an excessive amount of information, they return to the brands they trust.
He placed particular emphasis on the importance of journalistic responsibility.
"A story needs a signature. It needs someone who takes responsibility for what is published. This is the value we are bringing to the new era."
George Michael: "Social media content is now a separate product"
IMH CEO, George Michael, noted that the issue of talent has many dimensions.
As he explained, Cyprus has significant human resources, but competition for attracting capable professionals now comes not only from other media but also from content production companies, technology organizations and businesses operating in related sectors.
At the same time, he emphasized that every technological change forces organizations to innovate in order to maintain audiences, revenues and commercial value.
Referring to social media, he clarified that the presence of media on platforms such as TikTok and Instagram is a strategic necessity.
IMH, as he said, systematically invests in the production of content created exclusively for these specific platforms and not simply in republishing material that has already been produced for other channels.
However, he noted that the biggest issue remains the commercial exploitation of this investment.
"We produce quality original content. The next step is to find effective ways to monetize it and convince the market that this work is worth the corresponding investment."
Theodoros Middleton: "The game is now judged on distribution - Regulation is the issue"
The Executive Chairman of Digital Tree Group, Theodoros Middleton, argued that the distinction between traditional and digital media is gradually losing its meaning.
As he explained, all organizations now function as content producers.
The real difference lies in how the content reaches the consumer.
"Five years ago, we thought the consumer would come to us. Today the opposite is happening. We have to find the consumer."
For this reason, he noted that proper distribution is just as important as creating quality content.
At the same time, he described social media as a valuable ally and not as a competitor to traditional media.
He also placed particular emphasis on the issue of disinformation and shoddy journalism circulating on digital platforms.
In his view, the greatest opportunity for organized media is to bring the public back to serious, documented and responsible information.
Finally, he referred to the need to modernize the regulatory framework governing the Cypriot media, arguing that the market needs rules that respond to today's reality.
A market small in size, big in challenges
The discussion concluded with references to the impacts of artificial intelligence, the sustainability of media businesses and the particularities of the Cypriot market.
Participants agreed that Cyprus has an impressively large number of media organizations, advertising companies and creative teams relative to its size, which intensifies competition for audiences, advertising revenue and human resources.
Despite the challenges, the common conclusion was that media that invest in quality content, strong brands, technology and talent will continue to play a decisive role in the new digital era.
The discussion was moderated by Constantinos Daltas, President of Board of Directors, Cyprus Communication Agencies Association (SDEK).
(Source: InBusinessNews)
