In partial fulfillment of the requirements of the course

Written Analysis and Communication ||

A report on
Dainik Jagran (Jagran Prakashan)
Submitted to
Prof. Gita Chaudhuri

By
Group A2
Beena N Patel (166104)
Karan Bajpai (166064)
Mithun P V (166081)
Pankaj Panwar (166103)
Shubhi Jaiswal (166167)
Date: 04-12-2016

Business Study of Dainik Jagran

A report submitted to
The CEO, Dainik Jagran

By
Group A2
Beena N Patel (166104)
Karan Bajpai (166064)
Mithun P V (166081)
Pankaj Panwar (166103)
Shubhi Jaiswal (166167)
Date: 04-12-2016

Preface
We Beena Patel, Karan Bajpai, Mithun PV, Pankaj Panwar and Shubhi Jaiswal- members of
group A2 chose Dainik Jagran for our WAC-2 project. We are the consultants to the top
management of Dainik Jagran who wants to know how they should approach towards their longterm goal in the current market situation of newspaper industry.
The purpose of doing this project is to analyze the challenges faced by the company and methods
to overcome these challenges. This report includes all the current issues regarding the company
and how the company will be able to overcome the challenges to grow in the future. We found
out various bottlenecks in the growth of the company. We discussed various strategies which can
be applied to remove those bottlenecks. All of the research led to a deep understanding of the
newspaper industry and with that how a consultant should move towards the problem solving
which was the rationale behind this project.

Executive Summary
Purpose
The main purpose of the project is to discuss what kind of business strategies can be adopted by
Dainik Jagran to maintain its current growth momentum and market share. We discussed various
strategies in the report on how the company can go with the current market situation and can
work towards its future goal.
Approach and Methodology
The data for the project was collected from many sources including the companys website and
industry reports published by IRS, FICCI-KPMG, Nielsen etc. Other sources include Bloomberg
professional service, CMIE databases, moneycontrol and annual reports published by the
company.
Findings
One of the most important findings was that there is a potential in the area of vernacular dailies
which can be captured by Dainik Jagran. Other findings included the excess production capacity
of big dailies and the need of adopting innovations in distribution and logistics to have more
efficiency, increased penetration and cost realization. We also noticed the importance of
integrating digital technologies as a part of the overall strategy of company to control the rising
operational costs.
Recommendation
Dainik Jagran should expand its operations in the area of vernacular dailies as they have huge
market potential. They should employ 'capacity sharing model' to improve the capacity
utilization and add another source of revenue. In this, the excess capacity of the company will be
shared with other small regional dailies to earn revenue. They can also employ 'Partnership
Model' so that the group can make its distribution and logistics network more reliable. In this
model various publishing houses and rural entrepreneurs, who are responsible for effective
distribution of newspapers, work together. They should also employ Integrated Newsroom
model. In this model, all the new digital technologies will be integrated with the traditional
technologies so that the rising operational costs can be controlled.

Table of Contents
1. Introduction
6
1.1

Industry Profile..6

1.2 Company Profile9

1.3 Purpose of Project..10
1.4 Assumptions10
2. Approach and
Methodology11
3. Observations and
Findings.11
4. Conclusion and
recommendations..18
5. Exhibits
.19
6. References
.21

1. Introduction
As part of WAC 2 course, our group A2 has analyzed Indian newspaper company Dainik Jagran.
We have analyzed the performance of the company and identified key opportunities which
Dainik Jagran can seize in the booming newspaper industry. Students involved in this study are
Beena Patel, Karan Bajpai, Mithun P V, Pankaj Panwar and Shubhi Jaiswal.
Industry definition
The Indian Media and Entertainment industry has been growing at a rapid pace. As per Indian
Brand Equity Foundation (IBEF), the industry is expected to clock a CAGR of 14.3 % valued at
$33.7 billion by 20201. This segment consists of sub-segments of print, television, radio and
movie industry. The company under analysis Dainik Jagran falls under print media subsegment.
Unlike in the West, Indian newspaper Indian has been growing rapidly. Indian literacy rate has
been growing, thanks to various initiatives by various governments to promote education in the
country. India is the 2nd highest populated country in the world and it has 1652 official
languages18. So the demand for news and media has gone up recent years despite decline in
worldwide newspaper industry.
GOI classification index
As per NIC 2008- National Industrial Classification for India publishing of newspapers has the
classification code 5813116.
1.1 Industry profile
Size and growth

In 2015, overall Indian newspaper revenue stood at INR 269 billion and is projected to reach
INR 399 billion by 2020 at a CAGR 8.2% (2015-2020). As of 2015, the total number of
registered print publications is 105,443 compared to 60,400 in FY05. Of this figure, there are
15,000 registered dailies in India (as of March 2015) compared to 6,500 dailies in FY05 growing
at an annual average growth rate of 9.78% during this period 2. Circulation of Indian dailies
reached 296 million in FY15 from 264 million in FY14 increasing at a rate of 12.1%2.
Growth in newspaper dailies is accompanied by increasing literacy rate, diversification of
newspaper dailies in local vernacular languages and low Internet penetration. Indian literacy rate
has gone up from 12% in 1947 to 74% in 2011 which is aiding expansion of newspaper media 3.
Indian dailies earn majority of their revenue through advertising (65%) and not from
subscription. As per KPMG, by 2017 the total revenue earned by Hindi and vernacular
publications is expected to overtake the revenue earned by English newspapers. The reason for
higher revenue of Hindi and other regional language newspapers is mainly because of increased
footage in tier 2 and tier 3 cities.
Readership of top 10 dailies, readership of top 10 English dailies and top 10 dailies on
circulation basis are listed in exhibits 1, 2 and 5 respectively.
Impact of technology
Over the years, the Indian newspaper industry has evolved in terms of their offering in colorful
pages, multiple local languages and high quality print because of the modern innovation in
printing solutions. They have transformed themselves from black and white newspapers to
colorful newspapers.
But the advancement of technology comes at a price. Today India has been witnessing huge
increase in Internet penetration. Today India has surpassed the United States to become number 2
in terms Internet consumption. By 2020, Indian Internet penetration is estimated to spread its
tentacles deep into rural areas creating massive Internet revolution in the country. As per
NASSCOM and AKAMAI, by 2020 India is expected to have 730 million Internet users and
75% of growth is expected in rural areas. Also it is estimated that 75% of Internet users would
use Internet in local languages19.

Availability of cheaper smartphones, disruptions due to the entry of new players like Reliance Jio
and the Central Governments ambitious program Digital India has caused a massive Internet
revolution in India. Jio has already crossed a subscriber base of 50 million in a period 3 months
due to low Internet tariff20. Internet penetration has posed a serious threat to newspaper media.
Due to high Internet penetration and availability of Internet content in local languages will result
in drop in subscription of newspapers. Drop in subscription of newspapers will result in drop in
advertising revenue which is a major source of revenue.
But most of the newspapers are already airing their content through dedicated sites and mobile
applications. Newspaper media can leverage this technology effectively to remain in sync with
technology change.
Socio-economic factors
Today, the Indian economy is growing at fastest pace in the world. Buoyed by investments in
manufacturing sector, booming service sector and rise in the income level of middle class families, the
whole economic landscape of the nation has changed over a decade. Exhibit 6 shows the GDP per capita
of India and it has been increasing over many years. Currently, India allows 26% FDI in print media and
this is expected to increase in the coming years 21. All these factors have increased the growth of
newspaper media.
Product categories
Indian newspapers are classified on the following basis:
1. Language:
Hindi
English
Kannada
Malayalam
Telugu
Tamil
Other local languages
2. Timing of the distribution:
Morning dailies
Mid-day dailies
Evening dailies

Weekly
Monthly

3. Geography
International
National
Regional
4. Content
Sports
Politics
Lifestyle
Entertainment
Finance and markets

Players in the industry

With over 15,000 registered dailies (2014), India has been witnessing a boom in newspaper
dailies. As stated earlier increased literacy rate, booming economy and low cost offering of
newspapers to general mass have aided this boom. Dainik Jagran, a Hindi daily has topped the
list of Indian dailies with readership of 16.6 million in 2014. Exhibit 1 and 2, lists the ten top
newspapers on the basis of readership.
Exhibit 5 lists the top 10 newspapers (on circulation basis) in India between January-June 201617.
Suppliers
Indian newspapers procure raw material paper and also specific equipment for printing from
variety of manufacturers and suppliers.
End users
Large percentage of English daily readers in the country is from tier-1 cities.
Hindi and local language dailies mainly focus on tier-1, tier-2 tier-3 cities and rural places. In
most of the rural places, consumers mainly consume newspaper media in local languages.
Distribution

Typical distribution channel of newspaper dailies is given in Exhibit 3.

1.2 Company profile
Jagran Prakashan (JP) is a listed company. The Hindi daily Dainik Jagran (DJ) is the flagship
product of JP. Besides DJ, JP has diversified its portfolio in print media (10 titles, 13 states, 5
languages7), Radio broadcast (Radiocity 91.1 FM), digital (Jagran New Media) and Jagran
Solutions.
As of 4th October, total market cap of JP is INR 5930 crores trading at INR181/share with a good
valuation 13.34 (P/E) against the industry P/E 19.26. In FY16, the total debt of the company is
512 crores which is reasonable compared to its reserves 1515.86 crores. JP has maintained
reasonable current ratio of 1.52 and its debt/equity ratio is 0.43 which tells that it is not operating
in a leveraged environment. Operating cash flows have been good, but in the year ending FY16
net cash flows have turned negative which is a worrisome.
DJ has the highest readership in India as per IRS 2014. SWOT analysis of DJ given below:
Strengths:
1.
2.
3.
4.

DJ has been offering its content through web version www.jagran.com.

Significant presence in North India will help to retain its market position.
Strong presence in social medias like Facebook and twitter.
In print media segment, the parent company JP offers the content in various languages

and has its reach in 13 states which DJ can leverage to expand its network.
5. DJ reaches its audience through dedicated mobile application.
Weakness:
1. DJ has its footprint only in North India
2. People in South India are not well acquainted with Hindi and hence DJ cannot penetrate
South Indian market easily using Hindi language.
Opportunities:
1. DJ has not explored untapped market in South India where it can expand its footprint
using local languages.
2. Increasing literacy rate and appetite for information and news among Indians is a positive
thing.
3. DJ can diversify its offering in financial news segment (like economic times).

10

4. Airing news content through Radiocity (the subsidiary of JP).

Threats:
1. Increased Internet penetration in India will lead to high usage of online media. So DJ may
lose its revenue earned through subscription and may face decrease in advertisement
revenue from print business.
2. The major portion of DJs revenue comes from advertising. Due to Internet expansion,
advertising using social media has become cheap. So going forward revenue from
advertising may be at risk.
3. Content of DJ is available on Internet which may prompt its loyal print subscribers to
avail free content on Internet and hence will result in loss of revenue.

1.3 Purpose of project

Project discusses strategies which DJ may adopt in the future to maintain its growth momentum
and market share. Project also discusses various growth avenues which DJ may use in the future.
1.4 Assumptions

Literacy rate of India will increase.

New entrants in South India will be well accepted by people in South India.
Advertising in print segment is not disrupted due to booming Internet expansion.

2. Approach and Methodology

The data gathering for this report started with the company's website. A thorough research of the
website revealed information about how the key areas in which the company operates, recent
Mergers and Acquisitions and the company's vision. A more detailed data set about the company
was available on Wikipedia which was used in conjunction with the information obtained from
the company website.
To develop an overall understanding of the print media industry reports published by IRS,
FICCI-KPMG, Nielsen etc. were obtained from the internet and then these reports were analyzed

11

critically to juice out critical information from them. We also used Bloomberg professional
service, CMIE databases and Motilal Oswal Financial reports to get the data.
All the information obtained regarding the company and print media industry was then collated
and arranged in a logical sequence to derive a meaningful conclusion from them.

3. Observations and Findings

Dainik Jagran is the flagship daily of Jagran Prakashan but apart from Dainik Jagran several
other dailies and tabloids are published that covers different languages and regions of India.
These are listed below:
I-Next: It is a compact daily in bilingual format and covers 12 major cities in 4 states of India.
The Inquilab: It is India's No. 1 Urdu Newspaper and has 12 editions covering Maharashtra, UP
etc.
Nai Dunia: It is a Hindi daily published from Madhya Pradesh and Chhattisgarh.
Sakhi: It is a premium women's magazine for the women in the top segment of the socioeconomic class.
Mid-Day(English): It is India's No. 1 afternoon paper and targets YUMPI (Young Urban Mobile
Professionals across India) and it is printed from Mumbai and Pune.
Mid-Day(Gujarati): It is a Gujarati tabloid that caters to the affluent Gujarati community of
Mumbai. It is a complete family newspaper which also has a dedicated segment for share market
as majority of this community trades in these markets.
Punjabi Jagran: It is a daily in Punjabi language as this language has great acceptance in
Punjab.
City Plus: It is a weekly English Tabloid with 38 editions targeting premium geographic
localities. It covers a variety of topics from fashion, food, lifestyle etc.
Khet Khalihan: It is a popular agricultural magazine that gets circulated in Uttar-Pradesh and
Uttarakhand.
Apart from the dailies and tabloids, Jagran Prakashan also provides Line marketing solutions and
value added services through the below mentioned divisions:

12

Jagran New Media: This division works in the Internet segment through jagran.com which is
the largest Hindi portal in its category. The group has entered in a strategic alliance with Yahoo
India to launch a co-branded site. Jagran.com has 60 million page views per month with a unique
user base of 1.6 million per month.
Jagran Engage: It is a division of Jagran Prakashan that specializes in Out-of-Home solutions to
customers through offerings of billboards, transit and mobile media, unique street furniture.
Jagran Solutions: This division works in the area of experiential marketing area.
Jagran Research Centre: It is an independent research and consulting arm of the group. It
publishes reference books and magazines such as Jagran Yearbooks, Jagran Josh monthly
magazines etc.
J9 Ventures: It is in the business of Web based value added services for consumers and
corporate customers.
Potential of Vernacular Dailies
India is one of the fastest growing newspaper market in the world and a close study of newspaper
readership reveals that there are more readers for language newspapers. This is mainly because
English newspapers are confined to big cities while regional newspapers are widely circulated in
smaller cities and rural areas.
We also observe that the operations of Jagran Prakashan is mainly limited to the Hindi reading
population of Northern India and somewhat covers the Central region too. But, the reach of the
group is limited when the population reading English and language newspapers is taken into
consideration.

Fig. 1: Top 10 language dailies in India (All figure in '000s, IRS 2014)

Fig. 2: Top 10 English dailies in India (All figure in '000s, IRS 2014)
We can see from Fig. 1 that none of the language dailies from Jagran Prakashan group is in the
list while from Fig.2 we can observe that Mid-Day is at number 8 in the list but lag far behind
from the top players.
The three big market for language dailies are discussed below:

13

Southern India: In regional print industry of south India, Kerela contributes 37 percent while
Tamil Nadu and Andhra Pradesh contributes 23 and 26 percent respectively. The Hindu, one of
the most established group in this region has launched a Tamil daily. Categories like Banking,
Education, Auto and Aviation are major users of print in this region. The key players have also
started to monetize the digital presence effectively. The market of online regional newspaper is
also bigger in southern India because of higher number of expats from this region of the country.
West Bengal: This state is a stronghold of regional dailies as it is an integral part of all the
classes of the society. ABP and The Times Group have already launched Bengali dailies, Ei Bela
and Ei Samay respectively. Unlike most of the regional dailies who receive a large part of its
revenue from local brands, Bengali dailies get a major chunk of advertising from national brands.
Financial institutions are the major contributor of revenues from advertisements for the regional
dailies of Bengal.
Maharashtra: The regional print media is expanding in Maharashtra and new entrants in this
sector can make a huge impact. This can be seen through the entry of Maharashtra Times and
Divya Marathi which has impacted the leader Lokmat. In this state Jagran has started to make
its presence felt by acquiring Mid-day.

14

Thus, we can conclude that a huge untapped market potential exists in regional dailies as this
sector is one of the fastest growing segment in the print media industry.
Excess production capacity
Technology up-grades is not always viable for smaller players. Except for a few regional dailies
which have installed technologically advanced machines a large section of regional dailies run on
low-cost model.
Leading publishing houses use technologically advanced machines and has a huge production
capacity. Thus they can employ 'capacity sharing' model by partnering with regional dailies
having lack of production capacity. This will ensure a higher utilization of its existing production
capacity and also as a source of extra revenue generation. For example, Lokmat has started to
print for its competitor, Maharashtra Times at its production facility in Aurangabad.
Distribution logistics and inventory management
Adopting innovations in distribution and logistics is important as it leads to more efficiency,
increased penetration and cost realization.
One such model that leading print media companies could employ is 'Partnership model': a
revenue sharing model in the newspaper distribution sector. In this model there exists a
partnership between publishing houses and rural entrepreneurs who are responsible for effective
distribution of newspapers across rural communities, smaller towns and cities.
Besides this, an effective inventory management system that is practiced by big print media
players can be adopted. This practice involves placing the newsprint stock in such a way that it
does not have to travel more than a few kilometers to reach the printing houses.
Jagran Prakashan group circulates its dailies in the deep rural areas of Hindi belt and thus require
a reliable distribution and logistics systems in place.
Integrated Newsroom Model
There has been unprecedented growth in digital media in the last couple of years but traditional
media still provide advertisers a huge mass, scale and reach of audiences. In the future successful
companies will be those which integrates digital technologies as a part of their overall strategy.

15

Integrated Newsroom is one such concept where digital and print will grow together as an
integrated solution over a platform consisting of Internet, Out-of-Home, events, radio etc. This
model helps in controlling the rising operational costs, and gives stimulus to stagnating revenues.
For example, India Today has shifted its office to new building with the aim to integrate its TV,
radio, print and online news.
Benefits of implementing Integrated Newsroom model (as per FICCI-KPMG report) are listed in
the below table:

Benefits

Degree of Impact

Reduction in operating costs

8-25 percent

Reduction in manpower costs

~ 10 percent

Reduction in time required to launch a news 4-5 months (time goes down from 6-7 months to 2channel
3 months

From the above table we can see that there is a potential of huge savings in terms of operational
and manpower costs and also there exist a benefit in launching a news channel.
Jagran is the largest print media group in India and also has forayed into digital space through
Jagran New Media. The group has also acquired Radio City 91.1 FM and provides cutting edge
Out-of-Home (OOH) marketing services through Jagran Engage. Jagran Group can integrate all
the mentioned services through Integrated Newsroom model and enjoy the savings it provides.
Pan India coverage to advertisers
In 2014, six major dailies The Hindu, The Hindu Tamil, The Telegraph, Hindustan, Ananda
Bazar Patrika (Bengali), Hindustan Times formed a unified group 'OneIndia'. This group was
formed to provide coverage to the advertisers throughout the country. OneIndia provides a
common platform to sell ad spaces for the platforms owned by member companies. The member
companies also sell ad space individually. This business model provides an unduplicated reach to
the advertisers while print players do not miss demand for a nationwide coverage.
4. Conclusion and Recommendation

16

As there exists a market potential in vernacular dailies, the group should expand its operations in
this area. The expansion can also be done by acquiring small vernacular dailies operating in
South India, West-Bengal and Maharashtra, specially.
Expansion in vernacular dailies does not mean there is no opportunity of expansion in English
dailies. New projects like i-Next can be undertaken but instead of combining Hindi and English
language, this new newspaper can combine English and other vernacular languages.
The group is a leading publishing house and has a huge production capacity so it can employ
'capacity sharing model' to improve the capacity utilization and add another source of revenue.
Jagran Publications has a reach in 50% of 543 Parliamentary constituency and by employing
'Partnership Model' the group can make its distribution and logistics network more reliable.
Jagran Prakashan Group has presence in both the print and digital media and has various
multimedia platforms such as Jagran New Media, Jagran Engage and recently acquired
RadioCity FM over which the Integrated Newsroom model could be implemented. Also,
currently there is no new channel that is run by the company, by implementing this model there
exists an opportunity for the company to start a news channel of its own.

17

5. Exhibits
Exhibit 1: Readership of top 10 publications
Newspaper
Dainik Jagran
Hindustan
Dainik Bhaskar
Malayala Manorama
Daily Thanthi
Rajasthan Patrika
Amar Ujala
The Times of India
Mathrubhumi
Lokmat

Language
Readership in 2014 (000s)
Hindi
16,631
Hindi
14,746
Hindi
13,830
Malayalam
8,803
Tamil
8,283
Hindi
7,905
Hindi
7,808
English
7,590
Malayalam
6,020
Marathi
5,887
4
Source: Indian Readership Survey 2014

Exhibit 2: Readership of top 10 English dailies

Newspaper
The times of India
Hindustan Times
The Hindu
Mumbai Mirror
The Telegraph
The Economic Times
Mid Day
The Tribune
Deccan Herald

Readership in 2014 (000s)

7,590
4,515
1,622
1,195
1,003
834
573
507
442

18

Deccan Chronicle
Source: Indian Readership Survey 20144

361

Exhibit 3: Distribution channel6

Printing press

Distribution
centers and
agents

Vendors

Delivery boys,
hawkers

Customer

Exhibit 4: Financial snapshot

Particulars
Revenue(crores)
Profit(crores)

FY16
2,144.76
444.76

FY15
1,801.82
308.09

Change%(Y-o-Y)
19.03
44.36

Exhibit 5: Circulation of top 10 newspapers

Title

Language

Dainik Bhaskar
Dainik Jagran
Amar Ujala
The Times of India
Hindustan
Malayala Manorama
Erenadu
Rajasthan Patrika
Daily Thanthi
Matrhrubhumi

Hindi
Hindi
Hindi
English
Hindi
Malayalam
Telugu
Hindi
Tamil
Malayalam

Average circulation
between Jan-Jun
2016
3812599
3632383
2938173
2731334
2399086
2372256
1841276
1813756
1714743
1461881

Exhibit 6: GDP per Capita

19

GDP per capita (USD)

2000
1800
1600
1400
1200
1000
800
600
400
200
0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: The World Bank

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