By National Record, with Agency Report
THE URGENT need for media organisations to adapt and evolve in the digital age dominated discussions at the inauguration of a new online newspaper, Pinnacle Daily, on Wednesday, with industry veterans issuing a stark warning: innovate or face extinction.
The warning was delivered forcefully by Media Executive, Chief Isiaq Ajibola, in a keynote address titled “Economics of Media Business: Understanding Revenue Models and Profitability.”
Chief Ajibola, a veteran of nearly three decades, stated that the internet and social media have fundamentally transformed the global news industry. He stressed that the old models are no longer sufficient for survival.
“Information now moves at the speed of light. Readers no longer wait for tomorrow’s paper. They want breaking news, analysis, video and conversation in real time,” he said. “Media organisations must innovate or risk extinction.”
The call for innovation was echoed by other speakers at the event, which launched the new platform established by Pinnacle Digital Resources Ltd.
In his remarks, former Governor of Ogun State and veteran journalist, Chief Olusegun Osoba, acknowledged that the internet and artificial intelligence have redefined journalism.
Represented by Chief Eric Teniola, Osoba commended the resilience of both legacy and new media, but emphasised that ethical standards remain the hallmark of credible practice amidst rapid change.
Chairman of Pinnacle Digital Resources Ltd., Mr. Abimbola Adeseyoju, outlined the new outlet’s strategy, stating it was driven by a need to create a value-driven platform tailored to modern consumers.
He stressed that understanding audience preferences is more critical than the technology itself.
“Technology is only a tool. What matters most is understanding the preferences of the modern news consumer,” Adeseyoju said.
The Minister of Information and National Orientation, Alhaji Mohammed Idris Malagi, represented by the Executive Secretary of the Nigerian Press Council, Dr. Dili Ezughah, also congratulated the platform.
While focusing on the need for adherence to ethical codes like truth and social responsibility, the minister described the launch as a demonstration of faith in journalism’s role in national development.
The consensus among the media leaders was clear: the launch of a new media venture in a challenging economic climate is an act of innovation in itself, but the continuous evolution of content, delivery, and business models is non-negotiable for long-term survival.
