Embracing innovation, expanding reach through digitalization
By Mhicole A. Moral, Special Features and Content Writer
FOR DECADES, traditional media — comprising print newspapers, magazines, television, and radio — served as primary channels for information dissemination and entertainment. However, there has been a recent shift towards digital media consumption, facilitated by the rapid proliferation of smartphones, the availability of the internet, and the rise of social media platforms, which have redefined how audiences engage with content.
As a result, traditional media, which once dominated the information and entertainment space, has had to evolve to remain relevant as digital consumption becomes the norm.
BusinessWorld, the oldest business newspaper in the Philippines and the first business daily in Southeast Asia, has been a trusted source of business news and analysis for over three decades. Founded in 1967 as BusinessDay by the esteemed journalist Raul L. Locsin, its mission was to provide “competent and responsible reporting on the news.”
In 1987, BusinessDay was rebranded as BusinessWorld, signifying a significant change in its identity. This change occurred during political and economic disruption in the Philippines as the country shifted to a more democratic government after years of Martial Law. The new identity symbolized a renewed dedication to serving as a public trust, emphasizing the provision of precise and timely news to business leaders and decision-makers.
Over the years, BusinessWorld has weathered various challenges, particularly with the rise of digital media and shifting consumer habits. In response, the publication has embarked on a digital transformation journey, striving to maintain its reputation as a leading source of business news in the country while adapting to the demands of an evolving media environment.
Today, BusinessWorld operates as a multimedia company, providing news and content not only through print but also through digital platforms, continuously aiming to bridge the gap between traditional and new media by effectively engaging audiences and maintaining the integrity of information dissemination.
“The very inspiration that helped BusinessWorld transform into a multimedia company is understanding its audience, which is the business community, from what information they would like to consume and what they need,” said Lucien C. Dy Tioco, executive vice-president of BusinessWorld and its umbrella organization, the PhilSTAR Media Group (PMG).
According to BusinessWorld Digital Services Head Jose Niño D. Nicolas III, the integration of multimedia content into traditional news workflows has been one of the most significant challenges for BusinessWorld as the digital age demands a multi-platform approach where content must be engaging, interactive, and available in various formats.
“Print is very conscious of the physical space occupied, while television worries about airtime,” he explained. “Multimedia, by definition, is the ability to relay information or produce content that utilizes different forms of media cohesively. In effect, multimedia journalism has to take into account not just the written literature, but also the visual and audible content. With digital, it adds more layers to the complexity of multimedia, which include interactivity and engagement.”
FUTURE-PROOFING BUSINESSWORLD
Even before the pandemic drastically altered the business environment, BusinessWorld had already laid the groundwork for digital transformation.
“During the pandemic, we were able to come up with digital-only projects. All of these are done in order for us to be present and accessible to our audience. Wherever they are, we continue to be available for them,” BusinessWorld Digital Sales Lead Jao A. Malapo shared.
For instance, BusinessWorld Insights, which initially launched as an online-only initiative, expanded into in-person events once restrictions eased. The flexibility of BusinessWorld’s digital platforms allowed the company to remain agile, swiftly adapting to changes in the media landscape while maintaining consistent engagement with its audience.
Mr. Malapo said that the company’s adaptability has proven crucial in addressing the evolving needs of clients, particularly those looking for multimedia and digital solutions to traditional print campaigns.
Meanwhile, digital sales have become a viable and significant revenue stream, supplementing traditional print-based revenue. Mr. Malapo mentioned that the company’s ability to offer comprehensive digital services, such as sponsored content, video production, and online events, has broadened its appeal to clients.
“These platforms allow for deeper collaborations between BusinessWorld and its clients, moving beyond simple advertising to more integrated solutions that meet specific business needs,” he added.
As mentioned, a key factor in BusinessWorld’s digital expansion is its emphasis on partnerships and collaborations. Collaborations with clients, sponsors, and partner organizations are not just important but crucial to the success of the company’s digital platforms. These collaborations promote BusinessWorld’s capabilities and enable the company to stay in tune with industry trends and the evolving needs of the business community.
“By working closely with clients, we gain valuable insights into market trends and challenges, which in turn helps shape our future offerings. For example, through our collaborations with various industries, we were able to develop more relevant content, programs, and platforms that resonate with our target audience,” said Mr. Malapo.
SHARING CREDIBLE BUSINESS NEWS IN THE DIGITAL AGE
BusinessWorld is one of the first news organizations in the Philippines to ever have a website, recalled Mr. Nicolas. In fact, this foresight of the late Mr. Locsin enabled the company to acknowledge the importance of digital in the future.
The launch of BusinessWorld Online (www.bworldonline.com) marked the beginning of the publication’s digital journey, providing readers with easy access to its rich archive of articles and up-to-date news in real-time.
To further extend its reach, the media company has effectively leveraged social media platforms such as Facebook, X (formerly Twitter), Instagram, and — recently — Threads. These channels serve as key mediums for engaging with a broader audience, sharing timely news updates, and driving traffic to other platforms.
Aren Mae M. Cayetano, social media specialist at BusinessWorld, said, “We continue to use various social media platforms to connect with our target audience. By customizing our content to fit our audience’s preferences, BusinessWorld maximizes its reach and influence across different social media channels.”
“BusinessWorld is unlike any other mainstream news media organization. As most live and die by social media, BusinessWorld enjoys a very good niche of professionals and entrepreneurs, which is evidently shown in the organization’s web analytics. Direct and organic search traffic make up 90% of BusinessWorld’s web analytics,” Mr. Nicolas said.
However, maintaining its niche while producing quality content presents a challenge, according to the Digital Services Head.
“Social media has always been influenced by algorithms on trends and relevance, but organizations such as BusinessWorld cannot sacrifice their identity just to be able to go with the flow,” he stressed.
“A delicate balance between identity, relevance, and engagement has to be struck,” he continued. “That is what BusinessWorld is relentlessly trying to achieve, and it will not resort to brute-force strategies just to be noticed.”
Meanwhile, the addition of digital services requires not only a change in how content is produced but also how it is presented and consumed. BusinessWorld has embraced various digital platforms, including explainer videos on YouTube, podcasts on Spotify, and interactive multimedia content on its website and social media platforms, to engage with its audience in new ways.
DIGITAL MEANS FOR EXPANDING REACH
One of the standout initiatives in BusinessWorld’s digital strategy is the BusinessWorld B-Side podcast. Launched as a way to reach professionals who may not have time to read or watch the news, B-Side has become a popular source of business and economic information.
“BusinessWorld’s niche is composed of highly educated professionals and entrepreneurs who have a natural hunger for information. However, being always on the go, it is a reasonable assumption that these people do not have the time to read or watch the news. Podcasts fill in that void since it only entails the audience to consume information by just listening,” said Mr. Nicolas.
To date, the B-Side podcast has almost 6,000 listeners, usually from the Philippines, Singapore, India, Canada, and Saudi Arabia, who mostly found the podcast through searches.
Another way that BusinessWorld demonstrates its multimedia capabilities is Launchpad, a weekly section dedicated to micro, small, and medium-sized enterprises (MSMEs). It covers business advice, market trends, funding opportunities, and relevant government regulations, among others. Launchpad releases a story published in print, coupled with a video published on BusinessWorld’s website and social media channels expounding further on the subject featured in the story. With such content, Launchpad aims to be a valuable resource for entrepreneurs looking to stay updated about the country’s MSME industry.
Moreover, BusinessWorld has wielded the power of multimedia through multimedia reports that bring together written content, images, and videos to deliver a more engaging reading experience. These can be seen in the publication’s multimedia report back in 2022 titled “The Promise of Power,” which looked into the Bataan Nuclear Power Plant. Last year, BusinessWorld has also presented “Letters to the Mountains: A day in the life of a Cordillera mailman,” a multimedia report on the postal service challenges in the country, highlighting the Philippine Post Office.
Aside from BusinessWorld Online, the multimedia content provider has extended its reach in the digital space through a subscription-based e-commerce site BWorldX (www.bworld-x.com).
Serving as a one-stop shop for BusinessWorld’s library of content, from print and digital publications to access to BusinessWorld’s events, BWorldX collates the print and e-paper versions of BusinessWorld; print and digital copies of the Top 1000 Corporations in the Philippines; the BusinessWorld In-Depth digital magazine; BusinessWorld Insights webinars; live access and videos from BusinessWorld One-on-One interviews and BusinessWorld Economic Forum; episodes of the BusinessWorld B-Side podcast; and access to BusinessWorld’s Viber community, The Lounge, into a single site.
Mr. Dy Tioco previously mentioned that BWorldX seeks to address the needs of its distinct audience for “a constant stream of timely, truthful, and substantial information that will further grow and nurture their learning,”
“As we bring all these (contents) together, and add much more, into a single accessible space, BWorldX is more than your typical subscription-based website. We intend it to be the place you turn to whenever you need the business intelligence that BusinessWorld excellently provides,” Mr. Dy Tioco added.
Part of BWorldX’s exclusive offerings, BusinessWorld In-Depth is an on-demand digital magazine that serves as a venue to take a closer look into issues and developments in business, for instance the country’s mall culture or the prospects of Clark as an emerging city, which were featured in recent issues. The digital magazine also brings timely information much closer to one’s fingertips, as regularly done with BusinessWorld’s Quarterly Banking Reports.
BusinessWorld has also created a Viber community for content promotion and event announcements, named The Lounge. According to Mr. Malapo, this initiative further illustrates how BusinessWorld is leveraging new media to stay connected with its audience.
AMPLIFYING BRANDS’ MESSAGES
Besides expanding BusinessWorld’s presence among its audiences beyond print, its digital channels have also served as a venue for brands to amplify their messages and get them further across their target audiences among BusinessWorld’s followers and subscribers.
Back in December last year, the BusinessWorld One-on-One interview series, in partnership with EastWest Ageas Insurance, helped audiences get to know Sjoerd Smeets, chief executive officer and president of EastWest Ageas Insurance. On that video, which can be viewed on BusinessWorld’s Facebook and YouTube pages, Mr. Smeets shared his vision for EastWest Ageas Insurance and how the Filipino customer is at the heart of it all.
In-Depth, meanwhile, had been putting the spotlight on organizations as they observe significant events in their industries. Together with the Trust Officers Association of the Philippines, BusinessWorld In-Depth released last March an issue celebrating the Trust Consciousness Week, which was then themed “Trust: Reshaping the Industry Through Innovation.” Bankers Institute of the Philippines, Inc. (BAIPHIL) also collaborated with BusinessWorld last March for an In-Depth issue commemorating both the BAIPHIL Training and Development Week and the institute’s 83rd anniversary.
Last March, BusinessWorld B-Side released a special edition in partnership with IBM Philippines, where Commercial Territory Sales Leader Christine Llanto-Ravelo shared the opportunities that generative artificial intelligence (genAI) opens to women in workplaces and boardrooms.
Most recently, last August, BusinessWorld’s Spotlight section featured a video interview with SukiGrocer as they discussed about the ease of doing business as a seller in the popular e-commerce platform Lazada.
LEVERAGING ANALYTICS, GENAI
BusinessWorld also leverages web and social media analytics to gain insights into its audience’s preferences and habits. For example, the organization has found that its audience frequently checks for the foreign exchange (FOREX) and stock market news before 9 a.m., prompting BusinessWorld to share relevant updates during that time.
“We use different key performance indicators (KPIs) to evaluate the success of our digital initiatives for BusinessWorld. By monitoring these KPIs, we can determine the effectiveness of our strategies, make data-driven adjustments to upcoming digital projects, and work on improving our presence online to meet our business objectives,” said Ms. Cayetano.
In addition to traditional analytics, BusinessWorld has begun to experiment with genAI to further refine its content strategy.
“GenAI is not meant to write stories in place of journalists,” Mr. Nicolas explained, “but it can help speed up analyzing relevant points and topics so that content is richer, more engaging, and comprehensive. BusinessWorld strives to combine web and social media analytics with the power of genAI to deliver the best experience and most relevant information to its audience.”
Looking ahead, BusinessWorld aims to expand its multimedia offerings, with plans to introduce more video content and interactive reports, striving to have a significant impact on the Philippine business community.
“BusinessWorld has the tenacity to thrive on each platform and to apply and leverage its strengths on them. This is how we refine our content. I believe what sets us ahead is creating an entrepreneurial culture, which is a key ingredient in our digital transformation. Innovation has the potential to generate exciting growth for the company that we have never imagined before,” said Mr. Dy Tioco.
