Finnish media has played an important role in Finland’s rise among other nations, as well as the 100-year story of independent Finland. Pluralistic media has been a key factor in the development of the world's most stable democracy. Over the decades, Finnish media have produced news, information, entertainment and experiences for Finns. Through press and the electronic media channels, professionals have reported on local, national and global events and phenomena, reliably and competently. Literature has secured education and learning. Media has also offered culture makers channels to use their freedom of expression, as well as given consumers access to cultural content in their own language.
Finns have multi-voiced and pluralistic media – and acknowledge its value.
The media industry is a major employer
Media has a socially significant task, but it’s also important for the Finnish economy. Media companies operate in publishing and printing, as well as radio and television broadcasting, among others. The entire private media industry employs about 20,000 people and has a turnover of 4.3 billion euros. Despite the challenges, the media industry has also been a major pioneer in the development of digital business.
The media has a significant impact on the Finnish economy, also through advertising. By providing a channel for advertisers to advertise their products and services, the media industry keeps the wheels of the market economy turning.
The shift in media challenges the industry
The operational environment for media has changed rapidly. With digitalisation, Finnish media time competes with international giants who are playing with different rules. The media consumption habits of consumers have shifted towards online outlets, where traditional business models do not work as such. The position of Finnish media has also become more difficult with further regulation.
In addition, the economic downturn has also thrown a spanner in the works for the media industry.
The shift in media has challenged the industry in an unprecedented way to develop their business, to innovate and to network in order to find new sources of growth. Media companies are required to carry out constant development, flexibility, a new kind of agility and the ability to adapt to changing situations, and, above all, renewal and new competence.
In addition to media companies, responsibility for the vitality of this socially important sector also lies with the decision-makers. Political decisions can help Finnish companies succeed in the competition with international players and public service. In addition, decisions can accelerate digital business growth and encourage media companies to invest and employ more people.