“It’s the only way forward”
“It’s the only way forward”
Damian Radcliffe on why media organisations must diversify to build resilience
Before we jump in, a quick thanks to this week’s newsletter partner, Flexpress, the DXP platform which offers superior infrastructure for high-traffic websites including SAVEUR, Field & Stream, FLYING magazine and Top Class Actions to name a few.
2024 has been a breakthrough year for Flexpress with the SaaS enterprise raising $10M of VC funds, the hiring of new CEO Ajay Rayasam, as well as significant client successes.
Bottom line: If you’re looking for a state-of-the-art AI enabled CMS, as well as proven audience and revenue uplifts of 20%, site speed increases of 25% and a reduction of engineering costs by 15%, then Flexpress should be on your list.
Coincidentally - honest! - Flexpress just happen to be based out of Austin, TX and you can meet them at our Revenue North America summit in the Lone Star State on Oct 9th, which includes Workweek’s Adam Ryan; Gannett’s Rick Baker; Dotdash Meredith & D/Cipher’s Lindsay Van Kirk; TMB’s Jacob Salamon; Firecrown’s Craig Fuller; Independent Media Consultant, Andy Burt; and more…..Early Bird tickets are just $199.
Right, onto Professor Damian Radcliffe who many of you know as one of the world’s foremost media analysts, although a few of you remember him from his time at British regulator, Ofcom (He was just doing his job, let it go…).
Damian is currently the Carolyn S. Chambers Professor in Journalism at University of Oregon and will be one of the key interviewers at Revenue North America on Oct 9th. In advance of the event we asked Damian for his views on current media and publishing trends.
On diversified revenue models: “The sudden impact of COVID-19 and shifts in tech algorithms have shown the risk of putting all of your eggs in one revenue basket.
“Diversification not only helps mitigate the risks associated with reliance on a single revenue source but it also allows media organisations to be more resilient in the face of economic uncertainties. Diversification, IMHO, is the only way forward.”
On which media orgs are impressing him most: “It's impossible for me to not talk about The New York Times, because its transformation over the past decade (and the leaked innovation report) is remarkable.
“The Atlantic continues to go from strength to strength - both in terms of its reporting, but also events, subscriptions and other efforts, and it's great to see that The Guardian has been able to prosper without introducing a paywall and instead relying on a voluntary contribution model.
“Semafor and Puck are interesting as relatively new players in a very busy market. I suspect they're always going to be quite niche, but that enables them to cater really effectively for their audience.
“Industry Dive always grabs my eye. And talking of niches, Skift is always one to watch. That said, it's interesting to see how Industry Dive, and other single-focused sites like The Points Guy, have been gobbled up by the likes of Red Ventures and Informa. The M&A discussion - as a tool for revenue growth and diversification - is one I'd like to see more about at industry events.”
On how Revenue Technologies might shape revenue growth and profitability: “Innovations in artificial intelligence and data analytics are the areas I am most interested in, specifically in terms of opportunities for monetization, content diversification and operational efficiency.
“I am curious to see how this impacts personalization and also opportunities for publishers to move into new spaces, as we've seen with FAST channels, for example.
“Additionally, given that what's old becomes new again, it's fascinating to see how micropayments and bundles seem to be on the table once more. Can technology support these efforts, by providing more flexible options for consumers?”
“Paywalls and subscriptions often feel so rigid, and I sense there's real subscription fatigue, so we do need to look at revenue technologies as a way to help us do things differently.”
You can read our full interview with Damian here.
Damian is joining us at Revenue North America in Austin on October 9th - it’s a great opportunity to hear him speak and ask all the questions. If you’re in US at the time, you should come along.
What we’re reading…
Google has signalled to publishers behind closed doors that it is not interested in negotiating AI licences: Toolkit’s Jack Marshall writes, “Publishers are in a precarious but familiar position: They can either grant Google access to their content and hope it will send them traffic down the line, or block Google entirely and risk cutting off a valuable stream of traffic to their websites.” *Sigh*
Mather Economics: Understanding Subscription Propensity: Propensity-based decision-making has become the new standard for subscription marketers. TL;DR: “Understanding marginal effects is crucial for publishers to refine their strategies, optimize user experience, and drive higher conversions.” An insightful piece.
ICYMI: NYT Innovation Report: Here’s the full, leaked, internal New York Times Innovation Report from earlier this summer. 97 pages of how NYT aims to propel its business forward. Investigative journalism medal goes to Amanda Wills of Mashable. Darwin award goes to the same journalist for putting her name beside the Scribd upload. Eeek.