Reinventing the publication industry for digital revenue? Many media companies around the world can’t stop print sales declining and increase digital revenue. The old model of costs and revenue streams don’t work in social media for readers and business needs.
The recent announcement of job cuts to Fairfax Media and News Corp separating into entertainment and publications businesses are the start. News Corp’s publication side is now fending for itself and shedding jobs will happen. How can they fund high quality journalism through digital revenues?
According to Colin Morrison’s blog Flashes and Flames, there are several media groups leading in this race. These include New York Times Media Group, Axel Springer, Schibsted Media Group and Gossweiler Media. They have provided innovative approaches to generate revenue for digital publication. Here are some of the ways that they are doing it.
- Expanding Online Classifieds – job boards, Ebay like, local community, etc
- Digital Alliances – businesses sharing content
- Increase Search Ranking – businesses in classified areas
- Micro-newspapers – papers read in 10-20 minute
- E-commerce & coupons
- Information Warehouses
- Digital Production – producing content, articles, etc for small & medium businesses
- Multimedia hub – has tv, magazines, classifieds, e-commerce, communities, etc
- Online Advertising – businesses subscription for base sites and extra charges for prominence (peak reading times, hot articles, etc)
- Digital Subscriptions – weekly ($1-2) or monthly ($5-7) reader subscriptions for base sites and extra charges for premium sites
Social media strategies takes 2-5 years time to bear fruit. It’s about channel building, identifying and refining areas of income. The next evolution step is print media being niche and media companies becoming an online multimedia hub. Where design production, retail sales, information warehousing, business advertising (like Google’s AdWords), content generation, online television and subscription channels integrated to generate revenue. Companies who delay will find it hard to survive. What will the industry be like in 3-5 years? What other ideas can generate income? Who will survive?
Related and Contributing articles
- Newspaper groups in 4 countries show how to win a digital future by Colin Morrison
- Is this little Swiss company the future of newspapers everywhere by Colin Morrison
- Is this “Secret” business the world’s smartest media company? by Colin Morrison