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Chronicle Reporter
THE Zimbabwe Newspapers Group (Zimpapers) is pursuing new strategies to grow its business while exploring ways of reducing its costs in view of the deteriorating liquidity challenge the country is experiencing, Group Chief Executive, Justin Mutasa, has said.
In a statement yesterday, Mutasa said Zimpapers was on course to becoming a fully fledged integrated media house with diversified corporate units that create synergies for each other and which are more competitive in the market.
Zimpapers remained confident that the full implementation of the Zimbabwe Agenda for Social and Economic Transformation (Zim-Asset) would result in economic growth and that liquidity challenges would soon be overcome.
It was therefore positioning itself to fully exploit the opportunities that had been created by the migration of readers to the digital platforms and the forthcoming movement from analogue to digital broadcasting which was expected to open space for greater participation in radio and television broadcasting.
Mutasa said Zimpapers was vigorously implementing strategies to consolidate its grip on the newspaper and commercial printing markets.
He said Zimpapers had fully embraced the digital age and now had a vibrant online news platform that breaks news for its readers, attracting more than 1,8 million visitors a month for its flagship, The Herald. It had also taken an aggressive social media approach with active participation of its journalists on Twitter and Facebook.
Mutasa expressed satisfaction with the support the digital platform is getting from advertisers, despite the challenging economic conditions. Its new digital business publication, BH24, was now among the most trusted sources of business news.
The broadcasting division led by Star FM was set for expansion as Zimpapers was the only company shortlisted for a local commercial radio broadcasting service in Mutare. It was also going ahead with plans to bid for a television licence.
Its newspaper division remained strong following a major recapitalisation of its operations which saw it invest in a new printing press and production system at a cost of over $4 million. Zimpapers was also investing in the training of its journalists to write across all platforms to keep abreast of the technological changes in the media.
Mindful of the tightening liquidity challenges, the group had introduced a raft of cost cutting measures, which would see it producing and distributing its products more cost effectively, taking advantage of the investments made in machinery.
Mutasa noted that Zimpapers was not immune to the economic challenges facing the country. Most of its clients were now struggling to settle their advertising accounts in time, making it difficult for the group to meet in time its obligations to its workforce of more than 1,000. The group was now negotiating with its workers to explore the possibility of a shorter working week which would result in a downward adjustment to its wage bill to avoid job cuts.
Zimpapers publishes three daily papers, The Herald, Chronicle and H Metro; four weekly English newspapers, The Sunday Mail, The Sunday News, Manica Post and B Metro; two national languages newspapers, Kwayedza and Umthunywa and a monthly magazine ZimTravel.
It also publishes a regional newspaper, the Southern Times in a joint venture with New Era of Namibia. Its radio station, Star FM, is now in its third year of broadcasting while its commercial printing arm, Natprint, is a market leader.
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