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The positive changes that the pandemic brought to publishers from @INMAorg PLUS how publishers are tweaking their events and commerce strategies as inflation bites

The positive changes that the pandemic brought to publishers from @INMAorg PLUS how publishers are tweaking their events and commerce strategies as inflation bites
I’m going to lead off with a piece from INMA in which the group looks back on positive business outcomes for publishers as a result of the pandemic. It has often been said that the pandemic accelerated digital trends so a decade of change happened over this period. INMA looks at what that means in a practical sense. One observation of note: Subscriptions became an important source of income but were not enough on their own to sustain the business.
Also, now in-person events are happening again, but this return to face-to-face also coincides with inflationary pressures on business so Digiday looks at how publishers are trying to deal with or offset these rising costs. And while e-commerce has become one of the new revenue streams that are supporting media businesses, it would seem that not all such efforts are meeting with success. Publishers will need to learn lessons from retailers on building brands. (It seems obvious but also important.)
We also have important industry news from Semafor and Buzzfeed plus a bumper crop of articles about social media, research into reducing news anxiety by purposefully missing out and questions about the NFTs after the crypto crash.

INMA: Many pandemic changes were helpful to the media industry, INMA
It accelerated digital transformation at many publishers and they became less concerned about confronting legacy issues. Moreover
How publishers are circumventing the rising cost of in-person events
Before the pandemic, events had become such an important revenue pillar, especially for B2B publishers, that it became the core of their businesses. But with higher rates of inflation, they are finding higher costs for in-person events than before the pandemic. Digiday reports on how publishers are trying to cut costs, just as everyone is.
Publishers are struggling to keep commerce shops open, but creating brand identity in products holds promise
Commerce has been one of a clutch of new sources of revenue for publishers, but it would appear that some of these efforts are struggling. As media companies become retailers, they will have to learn lessons from retail businesses.
For local publishers seeking to boost monetization, is email the key? | What’s New in Publishing | Digital Publishing News
As the major tech platforms - Google and Apple - start to eliminate third-party cookies, companies will need to develop closer relationships with their audiences, and newsletters are one important way to do that.
Industry News: Semafor, BuzzFeed and the end of the crypto craze
Behind Semafor’s ‘radical’ digital news offering | Digital | Campaign Asia
One of the more detailed reviews of what Semafor will be and what it’s launch strategy will be. They will be looking to sequence their launch with their premier product being Flagship, an aggregator and ‘distiller’ of news from other sources. They will also not be covering regions for a Western audience but covering regions for news consumers in that region.
DPS Day 1: How BuzzFeed’s Marcela Martin is helping to prepare the publisher for its next phase as a public company - Digiday
BuzzFeed is looking for smaller companies to acquire, which continues the trend of consolidation in the digital media space. However, there is a hint that all of these plans are contingent on an increasingly uncertain economic outlook.
After the Crypto Crash, Has Hollywood Given Up on NFTs? - Bloomberg
Now that crypto assets are crashing back to earth with rising interest rates and less capital to invest in riskier asset classes, media companies and news organisations are also pulling back from issuing NFTs and covering them.
Is TikTok Going to Replace Google? - Moz
This piece follows Betteridge’s Law, which says that if a headline asks a question that the answer is usually no. However, even if TikTok isn’t going to take over the search crown from Google, it still is competing with a lot of existing services for attention.
The Knight Foundation in the US has announced a multi-million dollar investment in groups that are supporting local news groups including LION Publishers, the Institute for Non-profit News and the Center for Community Media at CUNY. The hope is that these groups can help scale efforts to rebuild local media.
The relief of missing out: Anticipated anxiety is a big reason why more people are avoiding the news | Nieman Journalism Lab
This research resonates with me. A younger me felt that knowing more about news gave me some control over it or empowered me to do something about it. An older me is much more sceptical about this point of view.
More data about the softening media economy at least on the ad side.
As the general ad market softens, there will still be areas - like search - that are resilient.
Did you enjoy this issue?
Kevin Anderson, Consulting Services Director, Kaldor/Pugpig.

Digital transformation and product development with a media focus.

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