The money spent on the sector is yet to translate into profit, an expert said
The revenue provided by the social media will be the ultimate test of its survival, said Additional Commissioner of Income Tax P. Selvaganesh.
He was speaking at a panel discussion on ‘Is social media a threat to mainstream media’, held on the sidelines of the distribution of the 14th Annual Polestar Awards.
The function organised by Polestar Foundation saw awards given for excellence in Business and IT journalism .
He said that though several million dollars are put in at the moment by various companies on social media, doubts remain regarding its sustainability.
“I find that several companies may no longer be pouring in that much of money into this because though there is coverage, it has not resulted in increased sales revenue for them,” Mr. Selvaganesh said.
Journalist Sanjay Pinto who moderated the event wondered if there may be a time when the number of followers of a journalist on Twitter may exceed the circulation of a newspaper.
The other panellists included performer and choreographer Anita Ratnam, co-founder and CEO of Stepathlon Ravi Krishnan and television and theatre personality Varadharajen.
The chief guest of the 14 Annual Polestar Awards, Dr. C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister, said that the society expects both information and proper interpretation from the media.
“Journalism doesn’t stop with just providing the bare facts. There are some doubts about whether facts are bare themselves. What we expect from the press is not merely facts but also its interpretation,” Mr. Rangarajan said.
This year, the Polestar awards were given to four journalists: Best Feature in IT journalism to Hari Pulakkat from Economic Times, Business Journalism Award to Shrutika Verma from Business World, Jury’s Special Recognition Award to Jamshed Avari from Chip magazine and Jury’s Special Mention Award to Shelly Singh from Economic Times.