KUALA LUMPUR: TMR Media Sdn Bhd is ceasing the print edition of The Malaysian Reserve, with the last publication to be on April 29.
Group editor and managing director Mohamad Azlan Jaafar, in a statement on its website yesterday, said the decision to stop the print edition would allow TMR Media to evaluate and restructure the company's overall business, including introducing new propositions to readers in the future.
"Like in many parts of the world, the newspaper industry in Malaysia is not shielded from similar challenges.
"Dwindling circulation, high newsprint prices, low advertising revenues and digital migration have made the printing of a niche newspaper like The Malaysian Reserve in its current form no longer viable from the cost and revenue perspectives," he said.
The Malaysian Reserve is a business news and information provider, owned and published by TMR Media.
Started in May 2007, TMR has expanded from solely a print-based medium to a multiplatform media company.
Azlan also said the Covid-19 pandemic added another severe blow to the already difficult business environment.
"Content and news creation, like the production of any product, is a business that requires substantial revenues. Despite a spike in digital readership, pageviews and unique visitors, advertisement revenues for digital platforms have been negligible.
"Large corporations in Malaysia channel a substantial portion of their advertisement and promotion spending on US tech search engines, social media, video channels and related services.
"They are more supportive of these tech giants than local legitimate media organisations which have contributed to their business' success."
Azlan said governments in Europe have instituted laws that force US tech firms to share a percentage of their advertisement revenue generated from the region with legitimate content and news organisations.
Such laws, he said, were aimed to protect Europe's news and media industry and the regulations also ensured the independence of their media.
In Malaysia, however, there are no such laws.
"The consequences will be for all to see in the years to come. Irrespective of all the challenges, TMR Media would like to extend its gratitude to our readers who pick up the newspaper every day from our news vendors.
"Our appreciation to our subscribers who continue to have faith in the coverage of the newspaper. We will contact you to discuss the refunds."
Azlan said despite the cessation of the print edition, TMR Media will channel all its resources to its website themalaysianreserve.com and deliver the same quality of news to its readers.
"We will provide the latest updates on general, political, business, market, stocks and global events every day, seven days a week.
"To our advertisers our gratitude for your belief in the print edition and the reach The Malaysian Reserve provides in communicating your business narrative. We hope you will continue to support us on all our digital platforms and in our future ventures.
"Nelson Mandela once said: 'I never lose. I either win or I learn'," the statement read.