Local Media Association Chief Innovation Officer Jed Williams spoke last week at LEAP Media Solutions Summit, offering dozens of examples how media companies are creating consumer revenue diversification strategies.
Here are some of the highlights of his slides, many which serve as best practices for those trying to figure out their digital subscription strategies.
First, the tough news. Local display advertising is falling and falling fast.
But there is good news. Digital subscriptions are showing impressive growth. Just look what’s happened at The New York Times.
Subscriber programs have been one way that media companies are having success with digital membership. This program from the San Francisco Chronicle is pairing subscriptions with these neat programs like farmers market classes and guided wine tastings.
The Information’s subscription model includes worldwide live events, direct access to its newsroom, and deep connection with its subscriber community.
And then there’s open membership, like what’s happening at the Voice of San Diego. Companies like this are offering benefits at different levels to be a paying member.
And then there are those that are owning niches. This is an example from the Dallas Morning News which has built out its high school sports vertical to become a paid-for-product.
And there are other successful niches, this one delivered through a newsletter for $40 a month. It’s from the Texas Tribune which has built a reputation on strong, enterprise-level politics content.
Events, of course, continue to be a successful channel. At The Gazette in Cedar Rapids, Iowa, they have launched Iowa Ideas, which features nonpartisan ideas designed to spur creativity and growth. They even have a print magazine connected to the event and brand.
And then there are those direct to consumer success stories like what’s happening at Entercom. They sell tickets and merchandise right off of their website.
These ideas have you excited about consumer revenues? You can still sign up for our upcoming New York Innovation Mission, completely dedicated to digital subscriptions and consumer revenue diversification.