news media innovation Tag

The media industry is still struggling for survival and sustainability, constantly exploring new business models that can achieve this goal. Many industry analysts predict that 2019 will mean less money and more cuts. INNOVATION believes that with a solid revenue diversification strategy, this risk can be mitigated. (However, diversification is not deviation; journalism should remain at the core of any media business.)

New emerging business models that have arisen in the past year can contribute to the refreshment of current business strategies. Each model described has its strengths and weaknesses as well as business risks.

Nevertheless, with an innovation mindset that stimulates exploration and learns from mistakes, media companies can take advantage of these global examples. This article explores these new business models that, according to INNOVATION, offer the most potential for success in the media industry.

Brand extensions and licensing can be extremely profitable...or a disaster!

Do you remember the Harley Davidson cake decorating kit? How about Kentucky Fried Chicken’s “FingerLickin’ Good” edible nail polish? Or these winners?
• Zippo’s line of female perfumes?
• Evian’s water-filled bras to keep women cool?
• Jeans manufacturer Diesel’s line of fine boutique wines?

Brand extensions can go horribly, horribly wrong.

The failure rate for brand extensions is as high as 80-90%, according to Mitch Duckler, managing partner of US-based brand strategy consulting firm FullSurge.

Your data may be worth (a lot) more than you think...

Data in the media world used to mean just four things:
1. Number of subscribers
2. Number of newsstand sales
3. Advertising revenue
4. The number on the bottom line

Today, data are what your chief data scientist parses and interprets for you. If you don’t have a chief data scientist, data are what you and your team struggle to convert into editorial, sales, and marketing insights.

But even that is a limited view of the power of data today. Today, data can be much, much more. Data can actually make you some serious money.

On Tuesday of this week, the Financial Times' Lionel Barber announced that he would be stepping down from the position of Editor of the legacy business newspaper. In light of this news, we are sharing an article from our Innovations in News Media 2019-2020 world report. This article is the transcript of a speech given by Barber for the annual James Cameron Memorial Lecture on November 22, 2018, at City University, in London. The lecture is given in memory of the prominent British journalist. The transcript is published in our world report and below with permission and thanks.

Tonight, my point of departure is the future: the future of financial journalism.
First, the good news: the opportunities have never been greater. The internet and the giant aggregators are blamed for many sins — coarsening civic discourse, creating echo chambers, monopolising advertising revenues, influencing elections — but the digital revolution has also led to an explosion of creativity and new forms of rich storytelling.

Despite what could look like a daunting business model challenge, there are significant philanthropy-based media company success stories out there. Philanthropic donations have helped sustain national and local news outlets like ProPublica, the Center for Investigative Reporting, the Voice of San Diego, Texas Tribune, and...