As Nigeria’s media industry grapples with the realities of a fast-changing digital ecosystem, experts have called for a radical rethink of revenue strategies to ensure the sustainability and profitability of journalism in the country.
This was the focal point of discussions during the official unveiling of Pinnacle Daily, a flagship online news platform powered by Pinnacle Digital Resources Limited, which held in Lagos. The platform is positioned to redefine digital storytelling and empower a new generation of media consumers with reliable, diverse, and impactful news content.
Redefining Media Profitability in the Digital Era
Delivering the keynote address titled “The Economics of Media Business: Understanding Revenue Models and Profitability,” Mr. Isiaq Ajibola, Co-founder and former Managing Director of Daily Trust Newspaper, traced the transformation of journalism from the era of print dominance to today’s dynamic digital ecosystem.
Ajibola observed that before the internet revolution, print media thrived on predictable income streams derived from newspaper sales and advertising. However, that model, he said, has been upended by the rise of real-time, on-demand digital news consumption.
“Readers no longer wait for 24 hours to read news on paper,” Ajibola said. “They want instant updates, live analysis, videos, commentary, and social conversations. This new demand has fundamentally disrupted traditional revenue models.”
He emphasized that the shift to digital media, while challenging, presents vast opportunities for innovation and growth. He urged media entrepreneurs to explore diversified income channels such as digital advertising, sponsored content, premium subscriptions, brand collaborations, affiliate marketing, and events or conferences.
“For any newsroom to thrive today, it must invest in human capital, deploy cutting-edge technology, and implement sustainable profitability models,” Ajibola advised. “The choice is simple—evolve or face extinction.”
Adapting to a New Audience-Centric Media Landscape
In his welcome address, Mr. Abimbola Adeseyoju, Chairman of Pinnacle Digital Resources Limited, said the global media landscape has been reshaped by rapid advances in internet connectivity and telecommunication technologies, forcing traditional media organisations to innovate or risk collapse.
“Both the Internet and telecommunications have revolutionized how news is produced and consumed,” Adeseyoju remarked. “The media industry has had to go back to the drawing board to design new survival strategies.”
He cautioned against a technology-first approach to innovation, urging media organisations instead to focus on understanding their audiences.
“Technology is only a tool,” he said. “True innovation comes from understanding the needs, habits, and preferences of consumers.”
According to him, Pinnacle Daily was conceived to fill the gap in credible, relatable, and audience-driven journalism. The platform aims to deliver high-quality content across sectors such as business, finance, employment, health, education, entertainment, leisure, and wealth creation.
Adeseyoju also paid tribute to the late DIG Ibrahim Lamorde, former Chairman of the Economic and Financial Crimes Commission (EFCC) and one of Pinnacle’s pioneer directors.
“Lamorde was passionate about transforming Nigeria’s media landscape using new technologies,” he said. “Today, Pinnacle Daily stands as a testament to that vision—a commitment to shape the future of digital news delivery in Nigeria.”
A minute of silence was observed in honour of Lamorde, as attendees reflected on his lasting impact on media development.
Government Endorsement and Professional Ethics
The Honourable Minister of Information and National Orientation, Mohammed Idris, represented by Dr. Dili Ezughah, Executive Secretary of the Nigerian Press Council, commended the Pinnacle team for launching a platform that aligns with national efforts to strengthen democratic governance through credible journalism.
“The Tinubu administration is committed to working with the press to build a secure, informed, and prosperous nation,” the minister said.
He reminded media practitioners of their responsibility to uphold truth, fairness, and social responsibility, emphasizing that credibility remains the foundation of journalism.
Similarly, Chief Olusegun Osoba, former Governor of Ogun State and veteran journalist, who was represented by Chief Eric Teniola, described the launch of Pinnacle Daily as “timely and visionary.”
“This initiative comes at a time when journalism faces the twin challenges of fake news and misinformation,” Osoba said. “Media professionals must protect the ethics and standards of the profession while embracing new technologies.”
Charting the Future: A Panel on Sustainable Media Practice
The highlight of the event was a thought-provoking panel discussion on sustainable media practice in the era of online journalism, moderated by Mr. Adedeji Adekunle, Programme Director (West and East Africa) at the Media Development Investment Fund (MDIF).
The panel featured distinguished media leaders, including:
- Azu Ishiekwene, Editor-in-Chief, Leadership Media Group
- Musikilu Mojeed, Editor-in-Chief, Premium Times
- Simon Kolawole, Founder and CEO, TheCable Newspapers
- Zainab Okino, former Kogi State Commissioner for Information
- Angela Agoawike, Founder, Omalicha Media Network
Panelists explored how digital media can balance profitability with editorial independence, leverage analytics for audience insights, and build trust in an era of widespread misinformation.
They agreed that media sustainability in Africa depends on innovation, transparency, ethical leadership, and continuous adaptation to changing audience behaviour.
A Bold Step for the Future
The Pinnacle Daily launch concluded with a networking session that brought together journalists, policymakers, digital entrepreneurs, and media executives. Attendees expressed optimism that the platform would become a credible voice and a benchmark for excellence in Nigeria’s evolving digital media space.
With a blend of innovation, ethics, and consumer-focused journalism, Pinnacle Daily signals the dawn of a new era—one where quality journalism meets digital transformation.
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