Radio Jamaica Limited (RJR), the holding company for RJRGLEANER Communications Group, hereby announce that Mrs. Karla Stephens-Hall assumed duties as Chief Financial Officer of the Group, effective Friday, November 1, 2024.

The Board of Directors One on One Educational Services Ltd advise you of the resignation of Ms. Nicole Foga as Company Secretary of the Board, effective August 31, 2024. Additionally, we are pleased to announce that Mrs. Donnisha Brooks has been appointed as the new Company Secretary effective August 31, 2024.

TransJamaican Highway Limited announces the appointment of Directors John Bell and Steven Gooden to the Corporate Governance Committee, effective November 7, 2024.

Carreras Limited (CAR) wishes to advise of the resignation of Mr. Raoul Glynn from the Board of Carreras Limited effective Friday, November 1, 2024.

We wish to formally notify you of the resignation of Mr. Chadwick Bennett as Chief Financial Officer (CFO) of iCreate Limited, effective September 30, 2024. During his time with us, Mr. Bennett played a pivotal role in helping the business navigate through some of its toughest times. His dedication and expertise were invaluable, and we are beyond grateful for his support. We wish him all the best in his future endeavors. We are also pleased to announce the appointment of Mr. Andrew Wildish as the new CFO of iCreate Limited, soon to be Kintyre Holdings (JA) Limited, effective October 2, 2024. Mr. Wildish brings a wealth of experience in corporate finance, accounting, commercial banking, and investment management, having worked across the United States, Panama, and Jamaica.

The Caribbean media landscape is facing a critical financial crisis, intensified by a sluggish response to digital innovation and global media trends. Reports from sources like Jamaica Gleaner and BusinessuiteOnline highlight how companies such as Guardian Media Limited in Trinidad and RJRGLEANER in Jamaica are reporting substantial losses, driven largely by outdated revenue models and limited engagement with digital audiences. This lack of innovation has left them vulnerable in a competitive media market, prompting urgent calls for strategic shifts to prevent further declines​

 “The Caribbean media landscape is facing significant financial challenges, exacerbated by a lack of innovation and adaptation to digital trends. Reports indicate that companies like Guardian Media are experiencing substantial losses, with management criticized for not addressing revenue declines effectively.”

Key Issues Affecting Caribbean Media

 Mounting Financial Struggles and Cost-Cutting Pressures: Advertising revenue, once a primary income source, has drastically decreased as advertisers increasingly allocate budgets to digital platforms like Google and Facebook. Many media organizations are also cutting costs without sustainable strategies for recovery, leading to operational downsizing.

“Nothing in the report suggests that top management has any plans to address the persistent decline in revenue. The only solution seems to be cutting fat. They are down to the bones now, looking to cut or shorten limbs, with no plans for long-term sustainability. Covering their incompetence with lots of fancy words and adjectives, that don’t mean anything.”

Guardian Media Limited in Trinidad reported a $10.2 million loss, emphasizing the extent to which the drop in traditional ad revenue has impacted its operations. Guardian Media has attempted aggressive cost-cutting but, as analysts note, cuts have reached a critical point where further reductions would threaten the company’s operational capabilities and quality of journalism​

Meanwhile, RJRGLEANER Communications Group in Jamaica has also experienced the challenges of this shift, as they acknowledge the need for a more agile digital transformation but are constrained by legacy models that are difficult to abandon.

“Caribbean media has failed to invest in content that resonates internationally, limiting expansion opportunities”

Limited Global Appeal: Caribbean media companies have been slow to produce content that resonates with international audiences, particularly the Caribbean diaspora, which remains an untapped market. A narrow focus on local stories, while essential, has limited these companies’ ability to expand globally. This has resulted in missed opportunities for international partnerships and distribution deals, which could have diversified revenue streams.

Unlike international counterparts that have expanded into the Caribbean through acquisitions, local companies have yet to establish a footprint outside the region

Content and Engagement Limitations: A significant barrier to Caribbean media growth lies in content strategies that focus narrowly on local audiences. Critics argue that Caribbean media companies have largely neglected the potential to produce content with global or diaspora appeal, missing opportunities to enter international distribution channels.

Trinidad Express points out that global media companies have thrived by creating content that appeals beyond their national borders, allowing them to secure international distribution and build larger audiences. Caribbean media has yet to capitalize on this, partly due to a lack of investment in global storytelling and digital analytics​

Slow Pace of Digital Transformation: The Caribbean media industry’s hesitancy to adopt a digital-first approach has hampered its competitiveness. While international media have embraced digital transformation, incorporating digital subscriptions and paywalls, most Caribbean media companies have been slow to shift.

BusinessuiteOnline observes that many regional media companies are still bound by traditional operational models, limiting their ability to tap into new markets and digital revenue opportunities. These challenges were intensified by the pandemic, which accelerated the global shift to digital media consumption, but many Caribbean media companies were unprepared to pivot quickly​.

Potential Pathways to Recovery and Growth

Despite these challenges, several strategic avenues could foster a resurgence in Caribbean media if adopted with urgency:

“Embracing digital-first strategies is crucial, as highlighted by industry leaders advocating for agility in adopting new technologies”

Digital Transformation: Embracing a digital-first strategy is crucial. Industry leaders and media analysts suggest that Caribbean media must adopt new technologies, such as digital subscriptions, paywalls, and mobile apps, to attract and retain audiences. The pandemic accelerated the global shift to digital, but Caribbean media has struggled to keep pace. RJRGLEANER’s leadership has recognized the need for agility in this area, yet implementation has been slow and hampered by existing legacy structures​.

Digital Subscription Models and Paywalls: Many global media groups have succeeded with subscription-based revenue models, a strategy Caribbean media could emulate. Implementing paywalls for premium content or creating tiered access could tap into both local and diaspora markets, providing a consistent income stream from audiences willing to pay for quality, exclusive content.

Content Innovation and Global Appeal: Developing unique, globally appealing content is essential for Caribbean media to stay competitive. By tapping into Caribbean culture, history, and current affairs that resonate on a universal level, these companies could attract international interest and potential partnerships. Content that appeals to both local and international audiences—particularly the Caribbean diaspora—would not only expand reach but also create new revenue streams through licensing and distribution deals.

“Content Innovation: Developing unique, globally appealing content could attract international partnerships and revenue streams.”

Developing Caribbean content with universal themes that resonate internationally can attract both audiences and distributors. Unique Caribbean stories and cultural narratives have substantial potential in the global content market, and with the right marketing and distribution efforts, these stories could appeal to Caribbean diasporas and beyond.

Technology and Distribution Partnerships: Caribbean media can explore partnerships with tech giants like Google and Facebook, which could help increase content reach and tap into ad-sharing revenue. Such partnerships could also help overcome local infrastructure challenges, providing regional content with a larger, global platform.

Investing in Data Analytics: The use of audience data and analytics could transform content strategy, allowing Caribbean media to produce more targeted, relevant, and engaging content. Data-driven decisions not only improve audience retention but also increase ad revenues by offering advertisers better-targeted placements.

“Failed media in the Caribbean is now a crisis. Most major corporate companies over the last few months have announced international deals either on distribution or acquisition. Caribbean media have failed follow expansion in new markets. The management of these companies have displayed bankrupt ideas.”

Learning from International Media Successes and Local Implications

International media companies have responded to similar challenges by investing in multimedia content, restructuring for digital efficiency, and focusing on audience analytics. Caribbean media can adapt these strategies by training staff in digital media, creating multimedia content, and exploring additional revenue streams such as events, merchandise, and branded content.

“That’s because they have something to distribute. Caribbean media have failed to invest in content with global appeal, hence the absence of international deals. Leadership still stuck in traditional models, while the rest of the world is moving ahead.”

The response of international media companies has starkly contrasted with the approach of local Caribbean firms. Companies such as One Caribbean Media and Trinidad Express have witnessed international media players entering their markets through acquisitions and distribution partnerships, leveraging global capital to establish a strong presence in the Caribbean. This expansion underscores the potential for digital-first approaches in the region and highlights the urgency for local media to rethink their business models if they want to remain relevant. With global media’s entry into the region, Caribbean firms are now under pressure to innovate or risk being overshadowed by larger entities with stronger digital and financial foundations. ​

The challenges facing Caribbean media are complex but not insurmountable.

By embracing digital transformation and investing in globally resonant content, Caribbean media companies can position themselves to engage a broader audience, stabilize their revenue streams, and retain relevance in an increasingly digital world. This transition requires a commitment to both innovation and global engagement—an investment that could transform Caribbean media from struggling local institutions into influential platforms that capture and convey the region’s unique stories on the global stage.

“This shift emphasizes the need for Caribbean media to rethink their business models and strategies to remain competitive in a rapidly evolving market,”  

Is The Jamaica Gleaner Too Big And Important To fail?

Questions that are food for thought.
1. Is the Jamaica Gleaner too big and important to fail?
2. Will the Government step in and inject public funds to “save” what many consider a national treasure.
3. Given market trends and developments those in the know say, what is currently been done to stop the bleeding is too little to late.

“Stephens-Hall said as much as the company would love it, advertisers have not come back to their pre-pandemic spending levels. She reported that revenues had a marginal increase of roughly $54 million or about one per cent for financial year ended March 2024. She said most segments showed improvements, with audio-visual showing an improvement of $55 million and the audio segment showing an increase of $44 million but that this was offset by a reduction in the print segment, which had a loss of $44 million.”

The Caribbean Media Crisis: Can Digital Transformation Save Regional News?

Minister of Finance and the Public Service, Hon. Fayval Williams, says auditors will be using more artificial intelligence (AI) tools to carry out their duties.

“The Government will accelerate its deployment of technology in auditing by leveraging artificial intelligence (AI) to improve efficiency, accuracy and insights into the organisational, financial and operational landscape,” Mrs. Williams said.

She was speaking during the annual Audit Committees’ Conference at The Summit in Kingston, on Thursday (November 7).

Minister Williams shared some of the ways in which she expects the technology to be used.

“It can be used to be predictive; it can identify trends and patterns in financial data that may signal potential risks or fraud. AI can be used to identify unusual transactions or deviations from established financial patterns, flagging them for review before they lead to significant issues. It can be used to automate the analysis of large volumes of financial and operational data, thus allowing you to perform deeper reviews without requiring intensive manual work,” she said.

Mrs. Wiliams added that, “AI tools can help to model various financial scenarios based on historical data and market trends, allowing Audit Committees to better understand the potential risks and impact on future financial health.”

The Minister emphasised that in a rapidly changing technological landscape, the Government must ensure that all the Audit Committees stay at the forefront of innovation, so that they can better anticipate and help to mitigate emerging threats, while enhancing the efficiency and transparency of the public purse.

Meanwhile, Mrs. Williams mandated the Audit Committees to include an environmental, social and governance (ESG) component in their reports.

She highlighted that reporting on ESG is the global trend, noting that it serves as an indicator that the Government is taking a wholistic approach to development.

“I’ve seen audit and financial reports from private sector companies, and they have a couple of pages talking about their environmental, social and governance audit that has been done, and it’s going to become real for us in the years ahead. So, I want to alert you to it,” Mrs. Williams stated.

An ESG Audit is a comprehensive evaluation of a company’s practices in relation to environmental, social and governance criteria.

It evaluates how a business manages and reports on sustainability and impact across the three key areas.

By: Andrew Laidley, JIS

Jamaica’s import expenditure for the first six months of 2024, between January and June, totalled US$3.68 billion.

This represents a 1.5 per cent decline over the US$3.74-billion spend for the corresponding period in 2023.

The Statistical Institute of Jamaica (STATIN) indicated in a bulletin on Wednesday (October 30) that the decrease was largely attributable to lower imports of ‘Raw Materials/Intermediate Goods’ and ‘Fuels and Lubricants’, which fell by 13.9 and 1.6 per cent, respectively.

The five main countries from which Jamaica imported goods were the United States of America (USA), the People’s Republic of China, Brazil, Japan, and Trinidad and Tobago.

STATIN reported that expenditure on imports from these countries fell by 6.3 per cent to US$2.19 billion during the review period, relative to US$2.34 billion recorded for the same period in 2023.

The decrease largely resulted from a 19 per cent decline in ‘Mineral Fuels’ imports from the USA and Trinidad and Tobago.

Meanwhile, Jamaica’s export earnings decreased by 8.4 per cent over the review period to US$944.8 million, down from US$1.03 billion recorded between January and June 2023.

The falloff, according to STATIN, was primarily due to a 64.8 per cent decline in the value of re-exports of ‘Mineral Fuels’. Earnings from re-exports dropped to US$114.7 million between January and June 2024.

Domestic exports, however, rose by 9.4 per cent to US$830.1 million, consequent on a two-percentage point spike in outflows from the manufacturing industry. Domestic export earnings accounted for 87.9 per cent of total exports.

Jamaica’s top-five export trading partners were the USA, Iceland, the Russian Federation, Netherlands and Canada.

STATIN reported that earnings generated from exports to these countries climbed by 23.7 per cent to US$657 million.

The Institute attributed this to higher expenditure on exports of ‘Crude Materials’, which rose in value by 76.3 per cent.

By: Douglas McIntosh JIS