Driven by the need to differentiate themselves in an overcrowded publishing landscape, a number of media companies are recognizing that quality content is not enough to be successful. So they have chosen to diversify by adding new business lines that not only strengthen ties with their audiences, they are forming new and, sometimes, lucrative revenue streams for the brand.
Diversification comes in many forms from content repackaging to events, experiential, community outreach, gaming and exploiting untapped niche markets.
(e.g. Tangible Media, Hearst)
Tangible Media in New Zealand is focused on building and monetizing one-to-one relationships with consumers based around something that they are really passionate about. Everyday Dish is a collection of more than 120 recipes aggregated together into one publication from previously published Dish magazines. Tangible also launched Everyday Dish TV which offers some free video content and exclusive members content for the serious epicurean.
Hearst saw an opportunity to redefine the local experience for readers by delving into what many other publishers probably saw as niche products of little use with today’s connected consumer. But such is not the case in Russia, where people are more limited in terms of mobility and access to information.
The Regional Network Hearst Shkulev Digital is a network of independent urban Internet portals
covering automobile sales, job search and recruitment, city portals and more. These regional portals have also proven to provide more effective advertising campaigns for their audiences and content sharing across brands.
(e.g. Future plc, Monocle)
Founded in 1985 with one magazine, Future plc has over 200 publications, apps and websites where it has become the voice of authority on consumer technology, gaming, entertainment, music and photography.
Future’s diversified portfolio also includes a number of highly-popular events such as the Golden Joystick Awards, The Photography Show and T3 Gadget Awards.
In 2007, Monocle was launched as a magazine that focused on global affairs, business, culture, and design. Today, it has grown into a complete media brand that also includes a retail network spanning multiple continents, Monocle Restaurant Awards, Monocle 24 Radio, an online business and more recently a Quality of Life Conference.
Even before the ad blocking crisis hit the digital airwaves, many forward-looking publishers started to invest in turning their journalistic and editorial skills into content marketing solutions for their high-paying advertisers.
(e.g. The Vancouver Sun, Albuquerque Journal)
In 1985, The Vancouver Sun saw an opportunity to connect with its readers thought a charity event whose purpose was to promote the benefits of running to improve health and fitness. Over 30 years later, The Vancouver Sun Run has become Canada’s largest 10K road race, with over 40 thousand participants in 2016, and the third largest timed 10K run in the world.
Albuquerque Journal introduced a subscriber-retention initiative called Journal Rewards -- a smartphone-based loyalty program that offers members deals from merchants across the U.S. state of New Mexico. This “sticky” programme has been a win-win-win for the publisher, its merchants and most of all, its members.