Another traditional media, has decided to down-size. According to hk01, New Media Group has decided to merge travel magazine Weekend Weekly and entertainment magazine New Monday with Oriental Sunday.
The move involved 100 people accounting for about half of the company’s headcount. Oriental Sunday is also cutting 40% of its editorial staff.
Under impact of the digital media and the internet, traditional print media continues to plummet, with the New Media Group being the latest print media to cut budget and jobs.
Chinese language newspaper newspaper Hong Kong Daily News under Emperor Group stopped publication last July, Entertainment magazines Sudden Weekly and Face under Next Digital also stopped publishing in August last year and March this year respectively. Also under the same group, print magazines Next Magazine, Eat and Travel Weekly and ME! had merged.
Another Chinese language newspaper newspaper The Sun (Hong Kong) under Oriental Press Group shut down in April this year.
Professor Anthony Fung from the School of Journalism and Communication at the Chinese University of Hong Kong told hk01 that the advertising income for print media has fell to a five year low.
He added that the fall of traditional media has given rise to new media but advertisers are not yet adapted to investing in the media, he expects it will take three years to gain the trust of advertisers.