- This year’s Africa Business Media Innovators forum will focus on key themes, including the impact of new technologies, AI, and the future of newsrooms.
- Forum comes at a time when social media platforms X, Instagram, and TikTok have become top sources of information.
- The Africa Business Media Innovators is returning to South African for the first time since 2015.
The media industry in Africa has been significantly impacted by the ongoing digital transformation, which has made information readily accessible with the click of a button. As a result, many media outlets have been compelled to transition to digital platforms. Regrettably, despite the numerous advantages of this transformation, the African media industry has been under the influence of various entities seeking control for an extended period.
The significance of information is well understood by governments, politicians, organizations, and even terrorist groups. The full control of a nation often necessitates gaining control over its media outlets. Consequently, steps have been taken by Bloomberg to ensure the availability of free, accurate, and accountable speech in Africa. To achieve this goal, Bloomberg has established the Africa Business Media Innovators, a platform dedicated to addressing the diverse challenges that have plagued Africa’s media industry.
In the latest developments, the forthcoming Africa Business Media Innovators conference will take place in Cape Town, South Africa, from October 30 to November 1. The primary focus of the conference is on the various disadvantages that the digital transformation in Africa has imposed on the media industry.
2023 Africa Business Media Innovators forum
The distribution of information across nations, counties, and continents, is a remarkable achievement of humankind, with the first telephone line introduced in 1877 significantly revolutionizing industrialization by facilitating information sharing. This breakthrough later gave rise to one of the most influential industries, the media sector.
A notable instance of the media’s influence was the FTX crash, one of the most severe financial disasters in the 21st century. It was precipitated by a report from a reputable media outlet that exposed the exchange’s misappropriation of user funds, prompting many investors to withdraw their capital. Regrettably, the organizations were ill-prepared to handle the sudden influx of withdrawals, leading to their ultimate collapse.
Such power wielded by the media can influence presidential elections, debilitate organizations, and incite coups. Simultaneously, it has the potential to significantly impact the socio-economic dynamics of the continent, with both perilous and constructive consequences, compelling many organizations to proactively safeguard the integrity of the media industry.
Bloomberg, a leading media organization, took the initiative to establish the Africa Business Media Innovators (ABMI) forums, aimed at highlighting the shortcomings within Africa’s media industry. Since 2014, the ABMI forum has been instrumental in shedding light on critical areas for enhancing the continent’s overall role and influence in the media sector.
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The ABMI 2023 Edition
In its latest announcement, the ABMI forum has been officially announced by Bloomberg. The forum will be co-hosted by several prominent individuals, including M. Scott Havens, CEO of Bloomberg Media, Matthew Winkler, Editor-in-Chief Emeritus of Bloomberg News, and Erana Stennett, Corporate Philanthropy Middle East and Africa at Bloomberg.
Leaders from around the world will be convening to highlight the progress of Africa’s media industry amidst its digital transformations. The event will also feature a comprehensive examination of innovative business solutions aimed at reshaping and fortifying the future of media and journalism in Africa and globally.
The gathering will focus on providing a unique, forward-looking platform for fostering actionable dialogue and facilitating peer learning. It will also involve Africa’s foremost media leaders, who will collaborate to develop strategies for preparing journalism to thrive amid Africa’s digital transformations.
Scott Havens, CEO of Bloomberg Media said, “Against the backdrop of a fragmented global media landscape and challenges to business models at both a local and global level, this forum provides an opportunity for fresh approaches, ideas and solutions to building sustainable media business models in Africa and beyond.”
Matthew Winkler, Editor-in-Chief Emeritus of Bloomberg News, said, “ABMI comes at a time of growing optimism around Africa’s economic potential and aims to act as a platform for action to catalyze investment, growth, and development by contributing to the strengthening of business and financial reporting on the continent. ”
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Key Areas of Focus
Africa’s media industry has been significantly impacted by its digital transformation. Nowadays, platforms like X, Instagram, and TikTok have steadily emerged as the primary sources of information. While these platforms offer a broader reach for marketing, an overreliance on them has given rise to several issues.
The distribution of false information has reached its peak today, with many citizens relying on these platforms for news. Consequently, concerns have grown regarding the integrity of Africa’s media sector. As Africa’s digital transformation continues to grow at a rapid rate, there may come a time when a politician’s digital reputation significantly influences their overall success. The 2023 Africa Business Media Innovators Forum has set out to prevent such a future from materializing.
Key themes for the forum include the impact of new technologies, AI, and the future landscape of work in newsrooms. Additionally, the Bloomberg forum aims to identify more sustainable methods for preserving legacy media throughout the continent. The 2023 ADMI will also assess the current state of Africa’s media industry to determine whether previous reforms have made a difference.
Bloomberg News has played a significant role in reshaping Africa’s media sector by offering resources for sustainable growth. In addition to the ABMI forum, Bloomberg has expanded its executive education program, BMIA Financial Journalism Training (FJT), in Côte d’Ivoire and Senegal. The FJT aims to enhance the quality of Africa’s journalism by providing high-quality education to the continent’s youth.
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Digital transformation in Africa’s media industry
In addition to confronting significant challenges during Africa’s digital transformation, the continent’s media industry has faced considerable criticism. The dissemination of information plays a pivotal role in upholding government authority. Unfortunately, this reality has motivated many African politicians to pursue complete control over their media outlets.
According to the Reuters Institute’s 2019 report on journalism, mobile and social media are disrupting traditional journalistic approaches and media operations. These platforms and devices tend to fragment the audience’s attention in various ways. Further, these developments have eroded advertising-based business models, leaving many outlets struggling. Nowadays, businesses stand to lose millions if they lack a digital presence.
This has substantially ruffled the role of journalistic gatekeepers in enabling the dissemination of any information. Consequently, trust in Africa’s media industry has declined to a point where the authenticity of news is questioned.
Governments, organizations, and influential figures have manipulated the concept of freedom of speech, diluting its essence. The 2023 ABMI forum aims to tackle this issue and explore solutions to preserve the integrity of Africa’s media industry.
