Media experts have emphasized the need for innovative revenue models to ensure the sustainability of media platforms in the fast-changing digital landscape.
They made this known on Tuesday, October 15, during the official launch of ‘Pinnacle Daily,’ a flagship news platform powered by Pinnacle Digital Resources Limited.
Delivering the keynote address titled “The Economics of Media Business: Understanding Revenue Models and Profitability,” Isiaq Ajibola, co-founder and former Managing Director of Daily Trust, noted that the media business has evolved significantly from the traditional print era.
Ajibola explained that before the rise of digital platforms, newspapers relied mainly on copy sales and advertisements as predictable revenue streams. However, with the advent of digital media, audience behavior has changed, creating a need for new, adaptable business strategies.
“With online platforms, readers no longer wait 24 hours to read the news. They now want breaking news, analysis, videos, commentary, and conversations in real time,” Ajibola said.
He stressed that the media must “evolve or risk going into oblivion,” highlighting models such as digital advertising, sponsored content, subscription and premium services, brand partnerships, and events and conferences as viable revenue streams.
Ajibola also advised media organizations to invest in human capital, deploy technology strategically, and manage profitability effectively to ensure long-term viability.
In his welcome address, Mr. Abimbola Adeseyoju, Chairman of Pinnacle Digital Resources Limited, reflected on the transformation of the media industry over the past three decades, driven by internet and telecommunications advancements.
“Both the Internet and telecommunication innovations have drastically altered the way we produce and consume news,” Adeseyoju said. “What media organizations must do is focus on consumers—not the technology itself.”
He explained that the creation of Pinnacle Daily aims to serve as a digital media outlet that positively impacts a new generation of readers by delivering quality content across sectors such as employment, health, education, business, and entertainment.
Adeseyoju paid tribute to the late DIG Ibrahim Lamorde, former Chairman of the Economic and Financial Crimes Commission (EFCC) and a pioneer director of Pinnacle, for his vision of transforming Nigeria’s media landscape through technology.
Representing the Minister of Information and National Orientation, Mohammed Idris, Dr. Dili Ezughah, Executive Secretary of the Nigeria Press Council, commended the Pinnacle team for its commitment to journalism and pledged the government’s support for media development.
Chairman of the occasion, Chief Olusegun Osoba, represented by Chief Eric Teniola, applauded the initiative, noting that the launch comes at a critical time for journalism amid challenges such as fake news and misinformation.
“As professionals, the onus is on us to show the light and lead the way in preserving journalism standards,” Osoba advised.
The event also featured a panel session on sustainable media practice in the digital age, moderated by Adedeji Adekunle, Programme Director, West and East Africa, MDIF.
Panelists included Azu Ishiekwene (Leadership Media Group), Musikilu Mojeed (Premium Times), Simon Kolawole (The Cable), Zainab Okino (former Kogi Commissioner for Information), and Angela Agoawike (Omalicha Media Network).
Their discussions underscored the importance of innovation, audience trust, and ethical journalism in navigating the digital future.
