As print media declines, what does the future hold for photojournalism? Are prospects bleak? Or is there an opportunity for photographers to take control of their own destiny? Lars Boering, Managing Director of World Press Photo (WPPh) and Stephen Mayes, former Managing Director of photo agency VII and Executive Director of the Tim Hetherington Trust, give their views.

Since the early 20th century, photojournalism has been essential for our understanding of what's really going on in the world. Photographers' images have raised awareness of important issues, revealed shocking truths and prompted people – and even governments – to take action.

Stephen Mayes believes photojournalism has an important role to play in the new media world, too. "I think it's an amazingly good time for photojournalism, together with video and audio," he says. "What's throwing everyone is that it's not a good time for earning a living in photojournalism. We haven't quite worked out the business model in the new world."

"If you want to monetise visual journalism, video wins," Lars continues. "Big media organisations say video is five times easier to monetise than photography [because of all the different advertising formats that can be used in conjunction with it, such as in-stream or overlay video ads], which is very telling. Also, at this time, video plays a very big role in visual storytelling and visual journalism. That means photojournalism has to redefine its platform in many ways and has to find a place where the value of photojournalism can really shine."

Stephen says he realised how quickly photojournalism was changing when he started running VII photo agency in 2008. Old models such as day rates for photographers and licensing, from which the agency earned commission, were already gone. Yet at the same time, individual photographers were doing quite well – they were busy selling prints, leading workshops and getting grants. Stephen sees this as part of an overall shift in which value moved from the photograph to the photographer.

As Lars explains, photojournalism has historically been an industry of half-products, and now the end products have evolved, as have the producers of those products. "Until now, photographers shot the images and then the magazine, newspaper or website wrote the story around it," he says. "Now, being in control means that photographers are producing an end product [by also writing stories, shooting video or producing other media to accompany their stills], which is being acquired by others. It's a business, so photojournalists need to be business people, then they'll have a far better chance of making it than if they're just depending on an editor to call them. I think what's happening is the liberation of photographers – it's part of the growing up of this industry."

Photojournalism in a 'post-truth' world

While photojournalists face economic challenges and changing ways of distributing work, it's also a time when digital image manipulation is making it harder than ever for us to decide whether what we're looking at is real or fake. The ease with which images can be manipulated to support a particular viewpoint means our need for impartial reporting is greater than ever. So in a 'post-truth' era, how can photojournalism help combat fake news?

"I don't think we're actually in a post-truth era. I think we're close to entering an era where people long for trusted sources," says Lars. "We experience it ourselves at World Press Photo. Organisations and foundations want to support us because what we show to the audience has been verified and checked, and the way it's presented is trusted. If you have your brand connected to trust, it works. The more people talk about fake news, the more they will look for trusted sources, and if you do that right it will always pay off."

Stephen believes that value is moving from the photograph to the photographer, and so is the credibility. "You might look at a picture and not be able to tell if it's real or not, but you know photojournalist Ron Haviv, for example, and you know he's reliable.

"There are some very challenging situations out there, but if you can stick to your ethics and make that part of how you present yourself, that's where the credibility comes from – the person, not the image."

Photojournalism in the future

In a fast-changing media world, you have to adapt to survive, and photojournalism is entering a new era. "I see the future of photojournalism as very positive, and different in what it wants to achieve," says Stephen. "In the past, you were a photojournalist if you sold pictures to print publications. Now, if you only sell pictures to a print publication, you're not doing a great job. You should be doing other things with your life – maybe [take pictures for newspapers and magazines] four days a week, but on the fifth day you should do something else, such as making a documentary or doing some not-for-profit work. There are lots of ways of being effective in the world – it's not just about being in print."

Whether photojournalism will sink or swim in this new age remains to be seen. When asked whether he's optimistic about its future, Lars is realistic about the challenges that lie ahead: "I'm very optimistic about visual storytelling. The new technology we see is threatening the status quo for photojournalism and still photography, but if still photography connects itself to design and any creative means possible, then it can be the centrepiece.

"So, if you talk about visual journalistic storytelling, then the future is super bright. World Press Photo's tagline, 'connecting the world to the stories that matter', is always going to work, and we prove it on a daily basis. If, however, you only talk about still photography, be careful, I would say. I don't think it has a life of its own in the future. But if photojournalism is powerful enough and good enough, then it's something that will always be able to play an important role."