Media24 the company which destroyed several articles on South African jazz history whilst unlawfully misappropriating my own byline and corruptly rigging proceedings before the Labour Court of SA in 2010, is having a cadenza about the dominance of Google and Meta in the online advertising and search industry.
Last time I checked, Media24 did not have a search engine nor any social media of its own. Their online portal is behind a paywall (read Boere-Mafia Laager), and the loss of advertising revenue has absolutely nothing to do with Alphabet (the parent company behind Google) nor Meta and everything to do with the changing habits of its readers, many of whom have dumped the site’s partisan editorial and its “Kerk bazaar” for greener pastures.
With pay television falling prey to Internet streaming companies like Netflix, and Media24’s Multichoice spun off more than two years ago, (now the subject of a takeover by Canal+), executives at the company must be feeling the pinch, with very little left after tax — a sum of the parts analysis of the company might just provide an astonishing headline: Boetie, where are the parts?
The easy answer is Media24 is Takealot, South Africa’s number one online retailer, but with Amazon, Shein and Temu competing with the platform, executives must have had a groot skrik looking at projected revenues, seeing what is coming at them?
I suspect none of this verdriet impacts upon holding company Naspers and its ‘Jekyl & Hyde’ shenanigans at Prosus, both behemoths who collectively control billions of revenue from Tencent (and the Chinese certainly aren’t complaining about SA ownership of Wechat?) — that ancient bastion of Afrikaner kragdadigheid at the Heerengracht must be sensing they either need to throw in the towel, or buy into the new Web3 economy ?
That would be too easy, instead they have become the eternal whining aunties feasting on scalped whales harpooned by their parent company, so accurately portrayed by Daniel Defoe in his epic tail of capitalism, Moby Dick?
Anyone care to spear a whale?
The media company that refused to participate in the Truth & Reconciliation Commission, disputing the outcome and status of the special report on the role of the media during apartheid, apparently told the Competition Commission that ‘Google is abusing its “dominance” and threatening the viability of the Fourth Estate in South Africa,’ what a joke.
Since when did they ever care about the “Fourth Estate”?
Ishmet Davidson the self-same liar who claimed the company had been given ‘a clean bill of health at the TRC’, is reported to have told the Competition Commission on Tuesday that “Google is sucking advertising revenue out of South Africa, making it increasingly difficult for local publications to survive. He said even News24, despite its size, is loss-making – and he pointed the finger at Google and rival Meta Platforms, the owner of Facebook, for the dire situation facing local publishers.”
Davidson said News24 was “forced” in 2020 to implement a paywall around much of its content, but even though more than 100 000 paying subscribers have signed up, the revenue from subscriptions “has not nearly been sufficient to offset the decline in advertising revenue”.
If this sounds like the man is angling for another bail-out from government, in much the same manner as the sole pay-channel license awarded by former director PW Botha during the 1980s, they suck and you probably on track.
You can read the full story on Tech Central
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