The global news industry has been complaining about the decline of print for too long, but efforts should focus more on customers and R&D.

Instead of focusing on marketing and customers, media companies have been centred on production costs, meaning that in many countries print news arrives at least four hours late due to the centralisation of ever more expensive machinery.

As a result, editorial deadlines have been tightened, which puts more pressure on the quality of the journalism, which in turn pushes customers away. It is obvious that newspapers have struggled to react when faced with squeezed profits, excessive management bonuses and technological change.

Profit and loss accounts have two sides: income and expenditure. Restricting costs while doing nothing to increase sales in a changing marketplace ensures a long-term decline.

Read Innovation Media’s interesting take on what it will take to innovate the media industry here.