The concern for the longevity of news media in the digital age has plagued many a print media outlet. The crux of this financial problem isn’t that audiences aren’t interested in news, but that news outlets aren’t innovating to reach audiences in new places. At “Newsopalypse: Can Digital Really Sustain Media?” panelists emphasized the dire need for news media to find new avenues for monetization. Successful stories are born out of adaptation and evolution within the digital landscape.
It helps to have high quality content that sticks to high journalistic standards. Jed Hartman, Chief Revenue Officer at The Washington Post, is “incredibly optimistic about the future of quality journalism. If a journalistic operation experiments, executes well and makes good decisions then there’s a bright future for these companies.”
There are challenges in being innovative for journalism giants like The Washington Post and the Associated Press. In its 170 year history, the AP has only had a products team for two years. While this long history reflects an understanding that news gathering is what has sustained AP, there is still a need for monetization to make the industry profitable and successful for all. Joy Jones, Vice President of Products at the Associated Press, thinks that news media should look for a deeper understanding of how to connect with audiences.
“Engineers and people with tech skills are critical,” Jones said. It’s a critical part of the storytelling and a critical part of the user experience.”
One way to earn money is with digital advertising. Digital advertising is growing every year and news media should be attentive to trends and be prepared to constantly tweak their strategy.
“It’s so important to be agile,” said Lindsay Nelson, Global Head of Brand Strategy at Vox Media Inc. “There needs to be a philosophy in an organization that’s willing to move quickly. It needs to be able to reflect the changes that are happening around us.”
Sometimes those changes mean taking a better look at what’s working for the consumer – and what isn’t. The rise of ad blockers, though frustrating for advertisers, was an important development in monetization. The barrier made news outlets and publishers pump the brakes on advertising and really consider user experience. New respect for the user experience has led to innovation in content as well.
“A year ago we were talking about social platforms as a distribution channel,” Nelson said. “Now it’s about, ‘How do we program for the channel? How do we tell the story first on Facebook – first on Snapchat?’ As a content creator, you have to think about how to program, not how to distribute.”
Does being on these platforms tarnish these companies’ journalism brands?
“AP recognizes that there has to be standards and ethics in the content and advertising you produce,” Jones said. “I don’t think everything about it is absolutely new with native and sponsored content. The technology makes it blend in a different way than it has in the past. I think consumers are smart. As long as we’re putting high quality content together it should be in line with our brand expectation and audience expectation.”
It seems that yes, digital really can sustain news media, as long as they are willing to adapt and discover new avenues for monetization. Nelson is optimistic for the future of monetization thanks to improved user engagement.
“It is on the publishers to create ads that don’t suck,” Nelson said. “You’re going to start seeing a lot more innovation. We built [Vox Media’s] ad platform as a first step in that direction. You’re going to see a lot more media companies reject traditional advertising methods.”