Somali Magazine October 14, 2023- There have been numerous claims that the media industry in Africa is going down, but experts argue that most people are mistaking the changing consumer patterns to mean people are not interested in media.
While newspapers may reduce circulation and radios lose listeners, people have not stopped reading, listening, or watching news.
What has changed is when, where, and how they consume media content. With huge leaps in technology including the advent of Artificial Intelligence (AI), machine learning, and automation, which have allowed for breakthrough insights and applications that may truly change the world forever, media content gathering, production, and dissemination have changed and altered the media industry in the continent.
Digital transformation has revolutionized the media industry in Africa, which has made information readily accessible with the click of a button. As a result, many media outlets have been compelled to transition to digital platforms. Regrettably, despite the numerous advantages of this transformation, the African media industry has been under the influence of various entities seeking control for an extended period.
The significance of information is well understood by governments, politicians, organizations, and even terrorist groups. The full control of a nation often necessitates gaining control over its media outlets.
Consequently, steps have been taken by Bloomberg to ensure the availability of free, accurate, and accountable speech in Africa. To achieve this goal, Bloomberg has established the Africa Business Media Innovators, a platform dedicated to addressing the diverse challenges that have plagued Africa’s media industry.
In the latest developments, the forthcoming Africa Business Media Innovators conference will take place in Cape Town, South Africa, from October 30 to November 1.
The primary focus of the conference is on the various disadvantages that the digital transformation in Africa has imposed on the media industry.
The distribution of information across nations, counties, and continents, is a remarkable achievement of humankind, with the first telephone line introduced in 1877 significantly revolutionizing industrialization by facilitating information sharing. This breakthrough later gave rise to one of the most influential industries, the media sector.
A notable instance of the media’s influence was the FTX crash, one of the most severe financial disasters in the 21st century. It was precipitated by a report from a reputable media outlet that exposed the exchange’s misappropriation of user funds, prompting many investors to withdraw their capital. Regrettably, the organizations were ill-prepared to handle the sudden influx of withdrawals, leading to their ultimate collapse.
Such power wielded by the media can influence presidential elections, debilitate organizations, and incite coups. Simultaneously, it has the potential to significantly impact the socio-economic dynamics of the continent, with both perilous and constructive consequences, compelling many organizations to proactively safeguard the integrity of the media industry.
Bloomberg, a leading media organization, took the initiative to establish the Africa Business Media Innovators (ABMI) forums, aimed at highlighting the shortcomings within Africa’s media industry. Since 2014, the ABMI forum has been instrumental in shedding light on critical areas for enhancing the continent’s overall role and influence in the media sector.