Innovation in Media 2021

THE BEST
INNOVATIONS
FROM ONE
TOUGH YEAR

1. THE POST-COVID WORLD OF WORK
2. HOW TO RECRUIT & RETAIN THE BEST TALENT
3. DIRECT-TO-CONSUMER REVENUE STREAMS
4. GOING GREEN: NO MORE SUSTAINABILITY SLACKING
5. PODCASTING: THE LATEST, HOTTEST REVENUE STREAM
6. CONTENT CREATIVITY
7. MONETISATION: 13 MEDIA BUSINESS MODELS
8. OFFBEAT: THE WHACKIEST, MOST CREATIVE PRINT INNOVATIONS
WHAT’S IN THE BOOK:

THIS WILL BE A LOT OF INFORMATION IN A HURRY, BUT
DON’T WORRY — THE DECK WILL BE MADE AVAILABLE

THE
POST-COVID
WORLD OF
WORK
1.

“THIS IS A RESET
MOMENT.
ORGANISATIONS ARE
UNFROZEN. PEOPLE ARE
EXPECTING CHANGE.
YOU HAVE A COVER.”
— Digital transformation expert Lucy Keung
in her 2020 book, “The Transformation Manifesto”

“THERE WILL
NEVER BE A
BETTER TIME TO
TACKLE DEEPER
CHANGES THAT
NEED TO HAPPEN.”

“SHAME ON US
IF WE DON’T
SEIZE THIS
OPPORTUNITY.“

“78% OF HR DEPARTMENT HEADS
IDENTIFIED LEADERS’ MINDSETS AS A
GREATER CHALLENGE THAN THEIR
SKILL SETS IN DRIVING THE SUCCESS
OF A HYBRID WORKFORCE MODEL”
— A January 2021 report by global research firm Gartner

THE SKILL SETS REQUIRED IN A HYBRID-READY
LEADER INCLUDE THE ABILITY TO:
1. BUILD TRUST
2. EMPOWER EMPLOYEES
3. ENABLE COLLABORATION
4. ESTABLISH PRODUCTIVE TEAM CLIMATES
— A January 2021 report by global research firm Gartner

“WE’RE JUST
NOT GOING TO GO BACK
TO FIVE DAYS A WEEK
IN THE OFFICE”
— Deloitte’s Global Human Capital Leader Erica Volini

“ALL-REMOTE-ALL-THE-TIME
IS NOT HEALTHY,
ESPECIALLY IN MEDIA, WHERE
THE CREATIVE PROCESS NEEDS
TO HAPPEN IN PERSON.”
— Liz Vaccariello, Editor-In-Chief of Real Simple at Meredith

55 TECH TOOLS
TO MAKE
COLLABORATION
SMOOTH

10 PEOPLE
STEPS TO
MAKE NEW
NORMAL
WORK

1. SET EXPECTATIONS
EARLY & OFTEN
2. BE ORGANISED
AND FLEXIBLE
3. PROVIDE WAYS TO
COLLABORATE
4. TRACK YOUR
TEAM’S PROGRESS
5. EMPHASISE
COMMUNICATION

6. LISTEN; BUILD
EMPATHY
7. BUILD CONNECTIONS
AND BE AVAILABLE
8. ADAPT THE LENGTH
OF MEETINGS
9. RESIST THE URGE TO
MICROMANAGE
10. CELEBRATE SUCCESS

1. MORE ONE-TO-ONE
PHONE CALLS
2. USE POLLS IN ZOOM
CALLS FOR
ANONYMITY
3. SEND PERSONAL
EMAILS
4. ADD COMPLIMENTS
TO MEETINGS
5. GO AROUND ‘ROOM’
FOR PERSONAL NEWS
MORE
PEOPLE
TIPS…
6. MODEL MODERATION
7. USE BREAKOUT ROOMS
IN ZOOMS
8. SCHEDULE NON-BIZ
MEETINGS
9. SET NO-MEETINGS DAYS
10. SEND NO E-MAILS
AFTER HOURS
11. PRINT? SEND MAIL
TEARSHEETS W/KUDOS

MORE IN
THE BOOK
1. HOW TO INCREASE GENDER EQUITY
IN STAFF AND LEADERSHIP ROLES
2. HOW TO INCREASE DIVERSITY IN
STAFF AND LEADERSHIP ROLES
3. HOW TO KEEP REMOTE EMPLOYEES
FEELING VALUED AND HEARD
4. WHAT A “NEW NORMAL” OFFICE
LOOKS LIKE
5. SIX STRESS-REDUCTION TIPS

2.
HOW TO
RECRUIT & RETAIN
THE VERY BEST
TALENT

We must make
our companies
appealing places
to work

We must remake our
company’s culture to
be employee-focused

Then, we must
broadly market
that new culture
to attract the
people we want

What is top talent
looking for?

• A mission they can believe in
• A positive culture
• Stimulating challenges
• Professional growth
• Mentorship
• Competitive pay
• Rewards for excellence
• Advancement opportunities
• Flexible work hours and locations

We all need to do
the following:

• Make sure your company’s
mission and values are appealing,
clear, and easily discovered
• Create an employee-focused
culture, emphasising individual
growth, flexibility
• Get your best ambassadors
involved in recruiting: Your
employees

84% of employees
would consider leaving
their current job to
move to an employer with
a fantastic reputation—
even if the salary bump
wasn’t that big.
— talent mobility solutions company RiseSmart

It’s a win-win:
You’ll have a happier
workforce and they
will become your
enthusiastic
ambassadors

Market your new culture,
whether you’re looking to
hire or not

• Expand your social footprint
• Create content about your culture
• Search engine optimization
• Landing page conversion
optimization
• Content marketing
• Reputation management
• Social media engagement

“Content has the power
to help potential
candidates decide
whether or not they are
a fit for your company”
— Allison Kruse, social media director, staffing and solutions firm Kforce

At least five
companies allow your
current and former
employees to
condemn or commend
you in public

They can:
• Rank the company
• Rank the CEO
• Rank the job interview
• Recommend to friend

• 80% of companies
failed to hit or beat the
average company
rating (3.3)
• Only 36% of reviewers
would recommend their
company to a friend
Recent ratings
of 11 major
media
companies

The average
score for
“Recommend
to a Friend”
is 49%; only
36% hit or
beat the
average
The
average
score for
“Overall
Rating”
is 3.3;
Only 2 of
11 hit or
beat that
The average rating for “Approve CEO” is 69%; only half hit or beat that

• Follow your profiles
• Sign up to receive alerts
• Develop a plan for responding
• Encourage more reviews by
addressing and responding
• Do NOT ask employees for reviews
or pay them or buy fake reviews
• DO let staff know reviews are
important

• Cost of recruiting, hiring, on-
boarding, training runs from
90-200% of annual salary
• Lost productivity
• Decreased morale, disrupted culture
• Lost institutional knowledge
• Lost smooth working relationships
• Interruptions of teams
• Existing staff driven to look to leave

In addition to the
time and effort of
hiring, outside hires
take three years to
perform as well as
internal hires in the
same job
— Wharton Business School Professor Matthew Bidwell

…while internal
hires take seven
years to earn as
much as outside
hires are paid
— Wharton Business School Professor Matthew Bidwell

1. Start with a smart on-
boarding process
2.Create a mentor
programme
3.Provide thoughtful,
professional feedback
on a regular basis

4.Focus on the 5% who
create 95% of the value
5.Create an Employee
Value Proposition
6.Shut up & Listen.
Regularly.

7. Act on the results of
listening
8.It’s not about all the perks;
it’s about the right ones
9.Help your people grow;
train regularly; promote
from within

10.Be more family friendly
11.Regulary look at your pay
rates v. other media
companies
12.Encourage work-life balance
13.Start new projects with a
“STOP” for some existing
projects

1.How to set up a mentorship programme
2.How to create an employee referral system
3.Five sites where you & your company get
rated
4.What is human analytics; how to choose a
system
5.How to hire women
6.Five questions to ask at a “Stay” interview
MOREINTHEBOOK:

3.
SIX
DIRECT TO
CONSUMER
BUSINESS
MODELS

DIGITAL
SUBSCRIPTIONS
D2C MODEL #1

AND THEY ALWAYS DEMANDED:
• LOWER RATES
• SPECIAL TREATMENT
• UP-FRONT PLACEMENT
• EXPENSIVE MAKE-GOODS
• MORE TRAFFIC
• PROOF OF SALES
• FREE EDITORIAL COPY
• PICS OF THEIR RIBBON-CUTTINGS
• STORIES ABOUT THEIR NEW HIRES
• PROMINENT PLAY OF THEIR
CHARITY CHECQUE PRESENTATIONS
• ETC., ETC., AD NAUSEAM

THEN THEY
TOSSED US OFF
FOR THE COOL NEW
KIDS ON THE
BLOCK…

THEY HAVE HAD
DALLIANCES, WOOED BY
THE SIREN SONG
OF FREE INFORMATION
ON THE WEB …

BUT WHEN THOSE
SOURCES TURNED OUT TO
BE UNTRUSTWORTHY,
FALSE, AND SOMETIMES
DANGEROUS, THEY
STARTED COMING BACK
HOME AGAIN.

“OUR BRANDS AND BROAD
PRINT DISTRIBUTION ARE
NO LONGER ENOUGH. THE
INTERNET REQUIRES MEDIA
COMPANIES TO BUILD
PERSONAL RELATIONSHIPS
WITH READERS.”
— Troy Young, President, Hearst Magazines

“OUR ABILITY TO CAPTURE
INTERACTION DATA AT
SCALE, TURN IT TO INSIGHT,
AND LEVERAGE IT BROADLY
ACROSS OUR ORGANISATION
WILL DEFINE OUR
SUCCESS.”

BUILDING THOSE
RELATIONSHIPS REQUIRES
NOT ONLY THAT DATA BUT
ALSO AN ACCEPTANCE
THROUGHOUT THE
ORGANISATION OF A READER-
FIRST FOCUS AND A
COMMITMENT TO PAY
ATTENTION TO THE DATA.

“THE CONTENT NEEDS TO BE
CONTENT THAT IS WORTH
PAYING FOR, AS OPPOSED
TO JUST CONTENT WORTH
WRITING.”
— Subscription economy author Robbie Baxter

THE FIRST THING TO DO
WHEN BUILDING A
SUBSCRIPTION MODEL

IDENTIFY NOT ONLY READERS WHO
ALREADY VISIT YOUR SITE REGULARLY BUT
ESPECIALLY THOSE WHO
REGULARLY OPEN YOUR NEWSLETTERS AND
REGULARLY CLICK ON YOUR CONTENT ON
MULTIPLE PLATFORMS AND DEVICES
— Matt Skibinski, reader revenue advisor at the Lenfest Institute for Journalism

EVEN THOUGH THE ‘REGULARS’ MAY BE SMALL IN
NUMBER, THEY ARE THE PEOPLE WHO:
• USE YOUR CONTENT IN THEIR EVERYDAY LIVES
• CONSIDER IT VALUABLE
• FEEL A STRONG AFFINITY TO IT.”
— Matt Skibinski, reader revenue advisor at the Lenfest Institute for Journalism

“IT’S ABOUT HELPING
CUSTOMERS SOLVE
A PROBLEM, AND
DELIVERING ON THE
PROMISE YOU’VE
MADE TO THEM.”

LASTLY:
AN ESSENTIAL
ORGANISATIONAL CHANGE
IS TO REFOCUS YOUR
CUSTOMER SERVICE TEAM
TO BECOME A CUSTOMER
SUCCESS TEAM

MEMBERSHIPS,
CLUBS, &
PARTNERSHIPS
D2C MODEL #2

IT’S ALL ABOUT
WHALES, WINE,
AND PROFITABLE
SYMBIOSIS

“WHALES” ARE THE BIGGEST SPENDERS
“WHO MAKE UP A TINY GROUP THAT DRIVES
MOST OF THE REVENUE FOR PUBLISHERS”
— GAMEBEAT MAGAZINE

YOU WANT WHALES AS MEMBERS, NOT
JUST SUBSCRIBERS. THEY ARE ALSO THE
ONES MOST LIKELY TO JOIN NICHE CLUBS.

“YOU KNOW
YOUR WHALES
WHEN YOU SEE
THEM.”
— ROB RISTAGNO, FOUNDER AND CEO OF
THE STERLING WOODS GROUP

“THEY’RE WEARING A HAT
WITH YOUR LOGO ON IT.
THEY TREAT YOUR EDITORS
LIKE CELEBRITIES. THEY
READ AND COMMENT ON
EVERYTHING YOU SEND
THEM.”

“THEY’RE THE MOST
COMMITTED 10-15% OF
YOUR AUDIENCE [AND]
GENERATE AS MUCH AS
70 TO 90% OF READER
REVENUE.”

WHALES ARE ALSO:
•LESS PRICE SENSITIVE,
MAKING THEM MORE
PROFITABLE
•CHURN LESS OFTEN AND
BUY MORE OFTEN, THUS
INCREASING THEIR
LIFETIME VALUE

WHALES ALSO:
•
•PROVIDE FAVOURABLE
WORD-OF-MOUTH
MARKETING L
•WANT TO HELP YOU
INNOVATE
•BEHAVE MORE PREDICTABLY

“IF [PEOPLE] TRUST YOUR
ORGANISATION TO SOLVE THEIR
PROBLEM, OR ACHIEVE THEIR
GOAL FOREVER, THEY TAKE OFF
THEIR ‘CONSUMER HAT’, DON A
‘MEMBER HAT’, AND STOP
CONSIDERING ALTERNATIVES.”

“YOU DON’T NEED A BOATLOAD OF FEATURES
TO BE SUCCESSFUL [WITH MEMBERSHIPS],”

“RATHER, JUST TWO OR THREE THINGS ON TOP
OF A SUBSCRIPTION IS USUALLY ENOUGH TO
DRIVE MEMBERSHIP CONVERSIONS.”

“JUST MAKE SURE THESE OFFERINGS SOLVE
THE TANGIBLE AND EMOTIONAL NEEDS
OF YOUR WHALES,”

“INCENTIVES INCLUDE: ACCESS TO EXPERTS OR
EDITORS, TOOLS TO MAKE IT EASIER TO DO THEIR JOBS
OR PURSUE THEIR HOBBIES, AND EDUCATIONAL
RESOURCES LIKE VIDEOS AND EBOOKS.”
— ROB RISTAGNO

THE BOSTON
GLOBE COCKTAIL
CLUB LAUNCHED
NEW YEAR’S EVE
WITH MORE THAN
500 SIGNUPS FOR
THE FIRST ZOOM
MEETING

MEMBERS COULD
BUY A $59
COCKTAIL KIT
THAT INCLUDED
ALL THEY’D NEED
TO MAKE THE
DRINKS BEING
SHOWCASED

THE SUNDAY TIMES
DEBUTED ITS WINE
CLUB IN 1973 AND IS
STILL THRIVING ALMOST
50 YEARS LATER

CROCHET MAGAZINE’S
“COLLECTIONS CLUB”
INCLUDES CURATED
COLLECTIONS OF PATTERNS
ALL HAND-SELECTED BY THE
EDITORIAL TEAM

PARENTS MAGAZINE
DEBUTED ITS ‘RAISING A
FUTURE READER CLUB’
IN AUGUST 2020 WITH
ITS FIRST-EVER LIST OF
“100 BOOKS TO INSPIRE
YOUR KIDS”

IN JUST THE LAST FIVE YEARS, THE WSJ BUILT
MORE THAN 40 BUNDLING PARTNERSHIPS IN
25 COUNTRIES

A WSJ-STANDARD CHARTERED BANK PARTNERSHIP
GAVE WSJ AND BARRON’S SUBSCRIPTIONS TO THE
BANK’S “TOP-TIER” ASIA-BASED CUSTOMERS

OTHER RECENT PARTNERS HAVE INCLUDED
TRADING PLATFORMS, TELECOMM COMPANIES,
MEMBERSHIP GROUPS, AIRLINES & LANGUAGE SCHOOLS

“PEOPLE OFTEN THINK PARTNERSHIPS
ARE JUST ABOUT DRIVING
SUBSCRIPTIONS.
BUT THEY’RE NOT.”
— JAMES HENDERSON, CEO AND CO-FOUNDER OF
SUBSCRIPTION SOFTWARE COMPANY ZEPHR

“IT’S ABOUT [BUILDING] A CONNECTED
RELATIONSHIP WHERE YOU CONTINUE TO EARN
THE RIGHT TO BE CONNECTED,
AND YOU GET TO LEVERAGE THE FIRST-PARTY
DATA RELATIONSHIP.”
— JAMES HENDERSON, CEO AND CO-FOUNDER OF
SUBSCRIPTION SOFTWARE COMPANY ZEPHR

“THE PERCENTAGE OF RETAIL DONE ON
DIGITAL CHANNELS HAS GONE UP 1% EACH
YEAR. AS OF 2020, IT WAS AT 18%.
“THEN, IN EIGHT WEEKS, IT WENT TO 28%!
WE HAD A DECADE IN EIGHT WEEKS.”
— NYU PROFESSOR SCOTT GALLOWAY

• HEARST UK’S E-COMMERCE REVENUE GREW 322%
DURING THE SECOND QUARTER OF 2020
• NEW YORK MAGAZINE’S SHOPPING SITE, THE
STRATEGIST, SAW AN 85% YEAR-OVER-YEAR REVENUE
INCREASE IN THE SECOND QUARTER OF 2020
• MARIE CLAIRE’S E-COMMERCE REVENUE IN THE FIRST
SEVEN MONTHS OF 2020 EQUALLED ALL OF 2019

“PUBLISHERS HAVE AN EDGE AGAINST
COMMERCE SITES BECAUSE THEY HAVE
ORGANIC TRAFFIC RETURNING TO THEIR
SITES AND MANY ARE RETURNING SEVERAL
TIMES A WEEK.”
— JONAS SJOSTEDT, FOUNDER & CTO OF TIPSER, AN
ECOMMERCE PLATFORM FOR PUBLISHERS

“PUBLISHERS HAVE A STRONG MEDIA
BRAND PEOPLE TRUST AND EDITORS WHO
CURATE THE WORLD AND MAKE IT
RELEVANT. PUBLISHERS CAN LEVERAGE
THAT BRAND AND CAPITALISE ON
CONSUMERS DIRECTLY WHERE
INSPIRATION STRIKES.”

“WE SEE A
THREE TO FIVE TIMES
INCREASE IN PROFIT
COMPARED TO AFFILIATE
PROGRAMMES FOR THE
SAME PRODUCTS”

AS PUBLISHERS WITH E-COMMERCE, “YOU’RE
TURNING YOURSELF INTO AN ARENA FOR
INTERACTIVITY AND DEEPER RELATIONSHIPS
WITH YOUR CUSTOMER WHO’LL COME BACK.”
— AXEL WOLRATH, TIPSER FOUNDER & CEO

AND IT’S A GOOD TIME TO
TAKE THINGS INTO YOUR OWN HANDS…

“COMMISSIONS ON
AFFILIATE COMMERCE
STAPLES INCLUDING
HEADPHONES, BEAUTY
PRODUCTS AND
BUSINESS SUPPLIES
HAVE BEEN CUT IN HALF,
FROM 6% TO 3%.”
— DIGIDAY

“COMMISSIONS ON
HOME PRODUCTS HAVE
BEEN CUT BY NEARLY
TWO-THIRDS, FROM 8%
TO 3%; COMMISSIONS ON
HEALTH AND PERSONAL
CARE PRODUCTS FELL
FROM 4.5% TO 1%.”

“E-LEARNING IS A VERY
VALID AND HIGH-MARGIN
BUSINESS OPPORTUNITY
FOR PUBLISHERS (BOTH
B2B AND B2C)”
— BARRY KELLY, CEO, THOUGHTINDUSTRIES

“I HAVE SEEN (ONCE A
PROGRAMME IS
OPERATIONAL) ANYTHING
FROM 20%-70%
MARGINS.”

DON’T LET YOUR EXPERTISE AND
ASSETS GO UN- OR UNDER-
LEVERAGED, PARTNER WITH
ACADEMIC OR COMMERCIAL
INSTITUTIONS WHOSE BUSINESS
IS ONLINE EDUCATION

“THE PRIVATE COMPANIES DELIVER
PLATFORMS TO HANDLE ALL FACETS OF
E-LEARNING PRODUCT CREATION,
MONETISATION AND DELIVERY —
EVERY ELEMENT OF E-LEARNING
BUSINESS DELIVERY AND
MANAGEMENT.
MONETISATION IS TURN-KEY.”

• “SNEAKER ESSENTIALS”: COMPLEX
MEDIA PARTNERED WITH FASHION
INSTITUTE OF TECHNOLOGY
• “STREETWEAR ESSENTIALS”:
COMPLEX MEDIA PARTNERED WITH
PARSONS SCHOOL OF DESIGN
• A MUSIC-INDUSTRY-FOCUSED
COURSE IN PARTNERSHIP WITH NEW
YORK UNIVERSITY AND BILLBOARD

• THE GUARDIAN IS A LEADER WITH
“MASTER CLASSES”, DOZENS OF
COURSES EVERY MONTH IN A
VARIETY OF NICHES, INCLUDING
JOURNALISM, CREATIVE WRITING,
PHOTOGRAPHY, DESIGN, FILM,
DIGITAL MEDIA, MUSIC/ CULTURAL
APPRECIATION, SOCIAL MEDIA, DATA
VISUALISATION, BUSINESS SKILLS,
AND WELLBEING.

• BURDASTYLE ACADEMY HELPS
STUDENTS “LEARN HOW TO CREATE
BEAUTIFUL, STYLISH, AND
PROFESSIONAL-LOOKING
GARMENTS FROM YOUR OWN HOME”
• CONDÉ NAST COLLEGE OF FASHION
& DESIGN “PREPARES STUDENTS
FOR CAREERS IN FASHION, MEDIA &
LUXURY LIFESTYLE INDUSTRIES”

EVENTS WILL NEVER BE THE SAME…
AND THAT’S A GOOD THING

“I THINK, LONG TERM,
WE’LL HAVE A MUCH
BETTER BUSINESS, A
MORE DIVERSE BUSINESS,
AND A MORE SUSTAINABLE
BUSINESS GOING
FORWARD”
SIMONE BROADHURST, MD OF
SUSTAINABLE EVENTS
COMPANY INCISIVE MEDIA

“IN THE FUTURE, ALL
EVENTS WILL BE HYBRID. I
DON’T THINK ANYONE IS
EVER GOING TO RUN A
LARGE PUBLIC-FACING B2B
EVENT WITHOUT A DIGITAL
COMPONENT EVER AGAIN.”
ORSON FRANCESCONE,
MANAGING DIRECTOR
OF FT LIVE

VIRTUAL EVENTS:
•ARE MORE INCLUSIVE
•MORE GLOBAL
•CAN SCALE
•INCLUDE PEOPLE WHO NORMALLY COULD NOT ATTEND
•MORE SPEAKERS WHO ARE MORE AVAILABLE
•REMOVE GEOGRAPHIC BARRIERS

VIRTUAL EVENTS:
•A LOW COST BASE
•NO NEED TO HIRE A VENUE
•NO NEED TO FEED GUESTS
•A HIGH PROFIT MARGIN
•MORE ACCESSIBLE TO A YOUNGER, ENGAGED AUDIENCE
•LOTS OF ATTENDEE DATA TO GROW SUBSCRIPTIONS

• “CONDÉ NAST: 150 VIRTUAL
EVENTS GLOBALLY, REACHING
OVER 700,000 CONSUMERS
• CHERRY BOMBE ANTICIPATED
700 PAYING IN-PERSON
ATTENDEES, INSTEAD
REACHED 180,300
INSTAGRAM ACCOUNTS

• FT GLOBAL BOARDROOM
HAD 100 REMOTE
SPEAKERS AND 52,000
DELEGATES.
• WOMEN’S HEALTH LIVE
REACHED MORE THAN 10.9
MILLION PEOPLE ON
SOCIAL MEDIA

“THE POWER OF DIGITAL
MEANT THAT SUDDENLY IN 5
WEEKS WE COULD CORRAL
THIS INCREDIBLE AUDIENCE
FROM ALL OVER THE
WORLD BECAUSE PEOPLE
COULD CALL IN ON ZOOM.”
ORSON FRANCESCONE,
MANAGING DIRECTOR
OF FT LIVE

“THAT WAS A HUGE EYE-
OPENER FOR US. SUDDENLY
WE WENT FROM DIGITAL
BEING A BIT OF A
LIFESAVER TO DIGITAL
BEING A BIG OPPORTUNITY.”
ORSON FRANCESCONE,
MANAGING DIRECTOR
OF FT LIVE

BY THE END OF 2020, THE FINANCIAL
TIMES HAD PUT ON 290 EVENTS (VERSUS
THE AVERAGE OF 150 PRE-PANDEMIC)

DOWNSIDES
•VIRTUAL CAN’T MATCH IN-PERSON $
•A TOTAL SWITCH TO VIRTUAL WOULD
BE MORE THAN 50% REVENUE LOSS
•“IT IS A DIFFERENT BUSINESS MODEL.
PROFIT MARGINS CAN BE HIGHER,
BUT REVENUE’S MUCH LOWER AND
COST BASE MUCH SMALLER.” Bauer Event Director
Chris Lester

DOWNSIDES
•LOWER TICKET PRICES
•LACK OF IN-PERSON
NETWORKING
•THE NUMBER OF AND REVENUE FROM
SPONSORS AND EXHIBITORS DID NOT
FOLLOW THE GROWTH IN ATTENDEES

SOLUTIONS:
•NETWORKING: “WE HAVE A WE-CHAT
CHANNEL DURING THE EVENT AND
THEY CAN COMMUNICATE IN PUBLIC
OR CREATE PRIVATE CHAT ROOMS,
WHICH HAS WORKED WELL. THERE IS
A LOT OF INTERACTIVITY BETWEEN
SPEAKERS AND DELEGATES.”
Mike Hay, President,
Ringier Trade Media,
Hong Kong

SOLUTIONS:
•TICKET PRICES: THINGS LIKE BOOK
SALES AND SUB SALES WERE
MISSING. SO, FOR VIRTUAL EVENTS,
"WE DID PUBLISHER PARTNERSHIPS
TO RAISE TICKET PRICES WITH A
BOOK INCLUDED INTO THE US$49-
$56 RANGE.”
Mike Hay, President,
Ringier Trade Media,
Hong Kong

SOLUTIONS:
•LACK OF SPONSORS/EXHIBITORS:
“THE BEST SALESPEOPLE WILL
EVOLVE CONVERSATIONS WITH
CLIENTS FROM ‘THIS IS A SECOND-
BEST ALTERNATIVE TO MAKE-DO IN
ORSON FRANCESCONE,
MANAGING DIRECTOR
OF FT LIVE
THESE UNCERTAIN TIMES’ TO ‘YOU WANT THIS DIGITAL
SOLUTION A LOT MORE THAN YOU THOUGHT YOU WANTED
THAT PHYSICAL EVENT, AND LET ME SHOW YOU WHY.’”

RECURRING
REVENUE
D2C MODEL #6

1. IT LEADS TO STRONGER MARGINS IN
THE LONG-TERM
2. IT PROVIDES CERTAINTY TO FUTURE
INCOME,DECREASING RISK
3. INCOME TIED TO THE CLOCK

PUBLISHERS HAVE BEEN ENJOYING
RECURRING REVENUE FOR CENTURIES
BY SELLING SUBSCRIPTIONS TO THEIR
MAGAZINES AND NEWSPAPERS AND,
RECENTLY, THEIR DIGITAL SITES

BUT THOSE SAME
PUBLISHERS HAVE BEEN
LEAVING A LOT OF MONEY
ON THE TABLE

THEY HAVEN’T MILKED THE
RECURRING REVENUE COW
THE WAY SOME CONSUMER PRODUCT
COMPANIES HAVE DONE LATELY TO
STUNNING EFFECT

THE KEY IS TO
GO BEYOND
YOUR PRIMARY
PRODUCT

WHO IS DOING THIS? MAKERS OF:
• ATHLETIC EQUIPMENT
• CARS
• CLOTHING
• SOFTWARE
• SHOPPING SITES
• PROFESSIONAL DEVELOPMENT SERVICES
• HEALTH AND WELLNESS PRODUCTS

TAKE PELOTON, FOR EXAMPLE.
THEY SELL EXERCISE EQUIPMENT.
A TON OF IT.

FROM 2017 TO 2020, PELOTON’S REVENUE
GREW FROM $218M TO MORE THAN $1.8B,
A MIND-BOGGLING 726% INCREASE

BUT THAT REPRESENTS
ONLY 75% OF THEIR REVENUE

GUESS WHAT MAKES UP THE REST?
APPAREL AND… SUBSCRIPTIONS

PELOTON SELLS SUBSCRIPTIONS FOR STREAMED
WORKOUT CONTENT TO A MOBILE DEVICE ($13/
MO.) OR DIRECTLY TO THEIR PELOTON ($39/MO.)

ON BOTH THE PHYSICAL PRODUCT AND
THE SUBSCRIPTIONS, PELOTON’S PROFIT
MARGIN IS A STUNNING 43%

PELOTON HAS OVER THREE
MILLION SUBSCRIBERS,
INCLUDING MORE THAN ONE
MILLION AT THE HIGHER PRICE
— A 113% INCREASE FROM
2019 TO 2020, WHICH THEY
EXPECT TO DOUBLE IN 2021

PUBLISHERS SHOULD LOOK AT
THE CONTENT AND PRODUCTS
THEY HAVE OR COULD CREATE TO
BUILD RECURRING REVENUE
SUBSCRIPTION BUSINESS
MODELS

A review of the
world’s 30 largest media
companies followed
by Google searches for
other media company
sustainability activities
revealed:

Many media companies
have no sustainability
policies or goals at all

Of those that do, many
of the statements and
goals have never issued
progress reports or
those reports have not
been updated in years

To be fair, some media
companies have:
• Created environmental sustainability
mission statements
• Established internal teams to examine
their own practices and processes
• Identified measurable goals
• Published the results of their efforts

Sustainability activities
deliver a triple benefit

1. Improved consumer
relations
2. Bottom-line savings
3. Save the planet

Many media companies
have no idea what their
carbon footprint is
There’s really only
one way to find out

Start with reliable data
Hire a third-party
sustainability
consulting firm that
analyses your
entire process

… and find ways to
help you responsibly
manage or reduce
waste and energy
usage in ways you
may not have thought
possible

Regularly publish
progress reports,
including both
successes and
shortcomings in the
interest of honesty
and transparency

More in the book:
• Short- and long-term strategies to win
in the sustainability space
• 22 big and small specific sustainability
initiatives from global leader Meredith
• Corporate-level sustainability
commitments from sustainability
poster child The Guardian
• How to say “goodbye” to plastic wraps

INITIALLY, THE PANDEMIC
PANICKED PODCASTERS

IN THE FIRST MONTH, THE U.S.
PODCAST LISTENS DROPPED BY 20%.
BUT EVERYWHERE ELSE, AND
ULTIMATELY IN THE U.S.,
PODCASTING ACTUALLY HAS
EXPLODED DURING THE PANDEMIC.

BY APRIL, EUROPEAN LISTENS WERE
UP BY 53%; GLOBAL PODCAST
LISTENS HAD INCREASED BY 42%
BY JULY, SPOTIFY SUBSCRIBERS
WERE LISTENING TO DOUBLE THE
AMOUNT OF CONTENT

PODCAST ADVERTISING
HAS NOT ONLY RECOVERED
BUT HAS ALSO GROWN

BY MAY, THE NUMBER OF UNIQUE
PODCAST ADVERTISERS HAD ALMOST
RETURNED TO PRE-PANDEMIC LEVELS

BY SEPT., THE NUMBER OF
PODCAST ADVERTISERS
GREW 42%

NOT ONLY IS ADVERTISING
REVENUE PROJECTED TO GROW
HEALTHILY, BUT A NEW SOURCE OF
REVENUE IS ON THE HORIZON:
PODCAST SUBSCRIPTION REVENUE

ALMOST 4 IN 10 AUSTRALIANS
SAID THEY’D PAY FOR PODCASTS,
38% IN THE U.S., CANADA (37%);
SWEDEN (24%), AND THE UK (21%)
— THE REUTERS INSTITUTE’S 2020 DIGITAL RESEARCH REPORT

“TWENTY PERCENT OF LISTENERS
WHO HAVE NEVER PAID OR
DONATED MONEY TO ACCESS A
PODCAST SAID THEY ARE
‘SOMEWHAT’ OR ‘VERY LIKELY’ TO
DO SO IN THE NEXT 12 MONTHS.”
— A 2020 STUDY BY RESEARCH AND MARKET

PODCASTS ARE:
•FAST-GROWING
•RELATIVELY INEXPENSIVE TO PRODUCE
•EXTREMELY EFFECTIVE
•LUCRATIVE REVENUE SOURCES
•PROVEN SUBSCRIPTION DRIVERS

MORE IN THE BOOK:
• What types of advertising work with podcasts
• Eight launch mistakes to avoid
• The podcast subscription tech challenge
• Why podcasts work for advertisers
• A new hotel amenity — the podcasting booth
• The world’s longest podcast
• Podcasting best practices

“ONE VERY DIRECT, SENSIBLE QUESTION
TO ASK ABOUT AN IDEA IS: ‘DOES IT
ACTUALLY SOLVE A PROBLEM?’
“IF IT DOESN’T, WHY ARE YOU DOING IT?”
— BBC RESEARCHER AND DEVELOPER LIBBY MILLER

• IS IT USABLE AND UNDERSTANDABLE?
• IS IT DELIGHTFUL AND ENGAGING?
• IS IT DISTINCTIVE AND NEW?
• DOES IT MEET AUDIENCE NEEDS AND BEHAVIOURS?
• DOES IT STRIKE THE RIGHT TONE AND STYLE?
• IS IT EASY (AND NOT TOO EXPENSIVE) TO BUILD?
• IS IT EASY TO CREATE STORIES FOR IT?
• DOES IT WORK ACROSS DIFFERENT GENRES OF STORIES?
— THE BBC’S “REINVENTING NEWS STORIES” PROJECT

“IT SHOULD HAVE A PURPOSE WITHIN
THE BUSINESS: HOW DOES [IT] TIE IN TO
YOUR SUBSCRIPTION STRATEGY?
IT REALLY IS ABOUT CREATING A
DIFFERENTIATED, UNIQUE PRODUCT
THAT’S WORTH PAYING FOR.”
— NYT EXECUTIVE DIRECTOR OF VIDEO NANCY GAUSS

PODCAST BOOM BIRTHS
AUDIO STORY BOOM

THE FIRST TEXT-TO-AUDIO EXPERIMENT
WAS IN THE DARK AGES (2003)
IT WAS A JOINT NPR-SLATE AUDIO SHOW
CREATED SIMPLY BY SETTING UP A MIC
AND READING SLATE ARTICLES INTO IT

“RESEARCH SHOWED USERS WANT TO
STAY INFORMED, BUT ARE BUSY, SO THEY
APPRECIATE AN OPTION TO GET UP TO
SPEED ON THE LATEST NEWS
DEVELOPMENTS WHILE COOKING DINNER,
RUNNING ERRANDS, OR EXERCISING”
— EMILY CHOW, WASHINGTON POST DIRECTOR OF SITE PRODUCT,

“AFTER JUST TWO MONTHS
OFFERING AUDIO VERSIONS OF ALL
ZETLAND STORIES, 40% OF
CONSUMPTION WAS AUDIO; IN SIX
MONTHS, IT WAS 50%; TODAY, AUDIO
ARTICLES ARE 80% OF CONTENT
CONSUMPTION TIME.”
— ZETLAND CO-FOUNDER AND EDITOR-IN-CHIEF LEA KORSGAARD

“AUDIO ARTICLES TEND TO BE
LISTENED TO ALL THE WAY
THROUGH, IN VAST CONTRAST
TO TEXT ARTICLES WHICH
HAVE MUCH QUICKER DROP-
OFF RATES.”
— ZETLAND COMMUNITY ENGAGEMENT EDITOR SARA ALFORT

TECH OR TALENT?
1) USE AUTOMATED AI TOOLS TO CONVERT
STORIES TO AUDIO
2) USE PROFESSIONAL “VOICE ACTORS”
OR THE AUTHORS TO READ THEM

WHY TECH?
• LOWER COST
• A GREATER NUMBER OF AUDIO STORIES
• TEXT-TO-VOICE TECHNOLOGY ADVANCEMENTS
• VOICES IN A LOCAL ACCENTS
• VOICES IN DIFFERENT MOODS (URGENT,
AUTHORITATIVE, SOOTHING, ETC.)

“THE NATURE OF AUDIO IS
HABIT-FORMING, BUT IT’S
HARD TO BUILD THOSE HABITS
IF YOU ONLY OFFER A LIMITED
NUMBER OF ARTICLES.”
— “WASHINGTON POST MANAGING EDITOR KAT DOWNS MULDER

“OUR READERS KNOW THEY
ALWAYS HAVE AN AUDIO OPTION,
ACROSS ALL ARTICLES, WHICH
REALLY REINFORCES ITS
AVAILABILITY.”

“AUDIO LISTENERS SPEND
THREE TIMES MORE TIME IN
THE POST’S APPS COMPARED
TO THOSE WHO SIMPLY READ
STORIES.”

THE TIMES PREFERS QUALITY
OVER QUANTITY, A CHOICE
THAT, FOR COST REASONS,
RESTRICTS THE NUMBER OF
ARTICLES THAT CAN BE
CONVERTED TO AUDIO
— STEPHANIE PREISS, THE NYT VP OF TV AND AUDIO

“WE’RE INTERESTED IN
BUILDING PRODUCTS WORTH
PAYING FOR. WE FEEL LIKE
‘WORTH PAYING FOR’ DOESN’T
INCLUDE COMPUTER-
SOUNDING VOICES.”
— STEPHANIE PREISS, THE NYT VP OF TV AND AUDIO

ZETLAND USES HUMAN
READERS, BUT THEY ARE
THEIR OWN WRITERS

“WE ORIGINALLY TRIED USING
PROFESSIONAL VOICE ACTORS,
BUT IT SOUNDED TOO PERFECT.
THE PERSONAL VOICE OF THE
JOURNALISTS IS IMPORTANT.
WE WANT A ‘HUMAN PRODUCT’.”
— ZETLAND CEO TAV KLITGAARD

7.
MONETISATION:
13 BUSINESS
MODELS

IF YOU’VE EVER NEEDED
A STIFF DRINK AFTER
READING THE NEWS,
A RURAL U.S.
NEWSPAPER
PUBLISHER HAS A
SOLUTION FOR YOU ENTERPRISE OWNER MARCIA HORA

IN THE BACKROOMS OF THE
STAPLETON, NEBRASKA
ENTERPRISE, OWNER MARCIA
HORA HAS OPENED A LIQUOR
STORE, A STYLISH PLACE TO
OBTAIN WINES AND SPIRITS

HOW ABOUT
OPENING
YOUR OWN
ONLINE
CASINO?

TORSTAR, OWNER OF 72
CANADIAN NEWSPAPERS,
LAUNCHED AN ONLINE
GAMING APP IN FEB. 2021

TORSTAR HOPES TO
CAPTURE A PORTION OF
THE US$395 MILLION THAT
ONTARIO RESIDENTS
SPEND ON ONLINE
GAMBLING EACH YEAR

FINALLY, THIS WOULD
NOT BE A 21ST CENTURY
MEDIA EXPERIENCE
WITHOUT A …

ALL OF THE IDEAS HERE AND IN
THE BOOK COME FROM OUR YEAR
OF RESEARCH BUT ALSO FROM
OUR GLOBAL MEDIA
CONSULTING BUSINESS

YOU KNOW YOUR
COMPANY
WE KNOW THE
INDUSTRY

WE DISRUPT
DISRUPTION
WE ORGANISE
CHAOS

We transform
employees from
seeing themselves as
victims of change to
becoming change
leaders

We talk to readers,
advertisers, and every
member of your staff,
discover problems &
solutions, create staff
teams to create changes
(thus ensuring buy-in),
and leave your company
in a happy place

E-mail, call or text us
wilpers@innovation.media
1-617-688-0137
senor@innovation.media
+44 7932 754732

GET THE
BOOK!
Order it online at fipp.com.

THANK
YOU
Juan Senor
President
senor@innovation.meda
John Wilpers
Senior Director/N. America
wilpers@innovation.media

Innovation in Media 2021

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