By Jabulile Mbatha
Nick Efstathiou, CEO of the Central Media Group, references media convergence as the reason behind his company’s success.
The company was established in 1986 as a regional radio station known as OFM. Its focus was on central South Africa, with a particular interest in the white demographic. It later opened doors for expansion into publishing. The growth of the two companies inspired the roping in and of an events company named Red Star. Finally, the latest addition to their family was Digital Platforms, a digital company.
Efstathiou outlines that the converging of different media streams is simply the merging of various mass media, such as print, radio, the internet along with interactive technologies.
He added, “We live in a digital world and to be able to achieve convergence, we need to do this through a strategy of digital marketing.” Inasmuch as digital media is taking over, Efstathiou argues that print is not necessarily dying, but rather evolving.
The main reason behind convergence is to drive sales. Multiple media companies can manage increased revenue and many other things all under a single company. The audience engaged with the convergence mastermind, asking why the radio station does not broadcast in African languages. He responded extensively on how the station is licensed to only communicate in English and Afrikaans and it is restricted because of the licensing conditions.
He concluded by saying he aims to own the global media landscape with the radio station being the most successful out of the four companies and the events company being the least successful.
Edited by: Bridget Lepere