As I read a lot of articles about how media organizations strive for success in the digital era, I found out that they are trying to grasp audiences’ attention in unique ways and serve their needs as an ultimate goal. Here are some strategies media outlets are using:
- Creating the digital identity
As mentioned in The Christian Science Monitor is betting big on constructive, non-depressing (but paid-for) news, the Monitor pursues a daily, digital, subscription product for the audience. They would like to portray the news in a much more positive way by not only maintaining fact-based integrity but create a legitimate sense of possibility in order to make readers feel empowered but not depressed.
- Getting revenue from digital advertising
Quartz is working on a subscription product which charges money for some of its contents, however the main site will remain free. So how to get enough revenue? According to Business news site Quartz is getting ready to launch a subscription business, Ad Age pegged this four-year-old company’s annual revenue at $30 million. So digital advertising is really a huge revenue stream for online news sites.
- Building unique product value
Under its new CEO, New York Magazine is branching out into more “voice-y news products” talks about how New York Magazine is trying to revolutionize their business. They are thinking about providing unique value in creative ways. For example, they have a private Instagram account for members and they did an Ask The Strategist thing, where The Strategist can solve your local shopping needs. More importantly, they are trying to expand their podcast services and New York Magazine’s writers and editors are passionate about doing it so the product is going to be wonderful and connect with audiences well.
- Thinking about your target audience
How BuzzFeed’s Jonah Peretti Is Building A 100-Year Media Company points out as an internet startup, it should be focusing on what specific groups of people it serves for and what impacts it brings to the society. There are several questions about how BuzzFeed measures the impact of its work:
- Does the asset work across platforms?
- Does it click internationally?
- Does it help people connect with one another?
- Does it improve their lives?
- Does it inform the public and change institutions?
- Does it make the world more open and diverse?