The International News Media Association (INMA) newly released report focuses on revenue diversification beyond the scope of print and digital media. This report presents 14 case studies of global publishers in ten countries where new value is being found from to highlight ground-breaking success stories for revenue diversification.
The report identifies five key strategies port to promote diversification: (1) opening new markets, (2) reaching new audiences, (3) creating new partnerships, (4) making smart acquisitions, and (5) seeking steady income.
In additional to revenue diversification, acquiring the right talent is also critical for innovation to develop new competencies and explore new revenue streams.
New revenue streams highlighted in the case studies include:
- El Colombiano, Colombia:Collaborative digital advertising sales company.
- The Dallas Morning News, USA:Content marketing, marketing automation, branded merchandise, SEO, event marketing.
- W. Scripps Company, USA:Podcasting.
- Grupo Nación, Costa Rica:Digital printing.
- Independent Media, South Africa:Events for public institutions.
- KM Media Group, UK:Creative services for local businesses.
- Kompas, Indonesia:Collaborating to build smarter cities.
- com, USA:Incubator.
- Rheinische Post Mediengruppe, Germany:Mail delivery.
- Rodale/Hearst UK:Vitamin co-branding.
- Singapore Press Holdings, Singapore:Retail properties and events.
- Toronto Star, Canada:Sample packs for Millennials.
- Vecerniji list, Croatia:Exercise classes.
- The Washington Post, USA:Technology vendor.
Notably, media companies are looking at new ideas and strategies to connect to their core business and services in collaborative ventures and licensing deals with other partners.