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Perspectives | Revenue

Media brands with superfans most likely to succeed with digital subscriptions

Leaving this year’s Digital Content Next Summit in New Orleans, I was struck by how much of the conversation revolved around media companies moving from an advertising-supported model to a subscription-based model. There was a lot of healthy debate around the optimal types of brands and level of scale required to succeed in this transformation. Everyone wants to know what the best offering is and what types of content are best suited to capture subscription revenue.

One variable not discussed as deeply was the value of passion. Ask yourself: How passionate are your fans about the topics you cover. How passionate are they about the media brands themselves? The answers tell you a lot about your odds for success.

Passion Play

At TEN, we believe our passionate fan base is a key success factor in transitioning from a legacy publisher business model to a direct-to-consumer business with multiple revenue streams, including subscriptions and events. Let’s start with how we quantified how passionate our fans really are.

We partnered with market research specialists GfK to try to put a monetary value on our fans’ passion and influence. GfK’s proprietary study told us that our fans are two to five times more valuable than the national average in terms of buying power and buying influence across auto, action/outdoor, and home tech—our core content pillars.

We have built trust with these fans and through years of covering their passion and being a market leader in that particular space. Brands such as Motor Trend, Hot Rod, and Surfer go back decades as the respective bibles of their categories. Our job has been to leverage that brand trust and deliver great experiences on new and evolving platforms. In many cases, the business model is free with ad support, paid, or a combination of both.

Ready for Action

And now we are seeing it come together. Strategy is meeting up with execution. Looking at social, our auto reach is more than 106MM with an average age of 27. They are the greatest collection of millennial automotive fans in the world—an unexpected position to be for a legacy publisher reinventing itself in the new media landscape. Passion produces engaged fans. And that engagement provides a bridge to monetizing these fans in a variety of ways.

When we talk about original content and digital video, the story is even stronger. Our Motor Trend YouTube channel is ranked number one in the U.S. by Tubular Labs in every category they track, from subscriber monthly views and cross-platform views to engagement rates. This translates into revenue through pre-roll and ad-supported sponsorships and integration into our programming.

In our events business, we’ve gotten 30,000-plus fans to attend Roadkill Nights, an extension of our original video series of the same name. This past summer, Roadkill fans got to drag race down the iconic Woodward Avenue in Detroit. The show’s host, David Freiberger, is now (much to his chagrin) a genuine social media influencer, mobbed by autograph-seeking fans at every event, some bearing Roadkill tattoos.

That kind of success is what created the optimism around our original content and our SVOD service, Motor Trend OnDemand, which we launched in 2016. Today, you can find our shows and SVOD service on Amazon Prime Video, Netflix, Roku, Apple TV, iOS, Android, and Chromecast. Hundreds of thousands of people engage with us there each month on top of the millions who watch us on YouTube and Facebook Live. Most important, they care enough about this content to pay for it.

The Passion Grows

This passion and viewership is further amplified through our existing media footprint. We use our social channel, sites, magazines, and events to drive viewership, subscription, and engagement—often in real life. Moving forward, we expect to add more affinity models, where we bundle the SVOD, print, events with exclusive experiences to surprise and delight our fan base.

All this leads us to encourage our media peers to monetize their consumers directly. This means focusing on the brands and properties with the highest engagement metrics, most passionate level of fandom, and the kind of content opportunities best suited for today’s consumption platforms of choice: on-demand digital video and social. If you do that, passion will beat scale every time.

Scott A. Bailey serves as President, Automotive, for TEN where his primary responsibilities include enhancing the relationship between the Automotive Group’s brands and its audience, leading the continued development of TEN’s digital businesses, and improving its customer offerings by expanding its media platforms. Scott is a two-time nominee and Emmy Award winner for his work in advanced media technology and brings decades of digital and publishing experience to TEN .  He came to TEN from Synacor, Inc., where he served as Chief Operating Officer and was part of the management team that took the company public in 2012. Before Synacor, Scott served as Senior Vice President at Comcast Interactive Media, and prior to Comcast, he was the General Manager for Turner Sports Interactive, a division of Turner & Time Warner.

Advertising | Perspectives | Revenue

Ad blocking: No, we haven’t won.

About a year ago, Josh Benton of Harvard’s Nieman Journalism Lab asked me how concerned I was about ad blocking on a scale of 1-10. I answered “eight or nine.” And one year later, the situation has not improved: As of today it’s still a nine.

In the spirit of transparency, I thought the time was right to look at where we are in terms of ad blocking, if for no other reason than I don’t want my silence on the topic to suggest that the issue is less dire than it was during the flurry of discussion around it in 2015. Since then, DCN has conducted research on the ad blocking ecosystem – some of which has been released only to our member companies. We have also posed many questions about Google, the ad tech ecosystem and the actual flow of the monies.

The state of ad blocking today

Unfortunately, the ecosystem remains every bit as murky. The ambitions and fate of those profiting and suffering from ad blocking (including Google) have not yet been fully revealed. But one thing is crystal clear: The companies that create original content are being hurt the most by ad blocking because it prevents them from monetizing the audiences they attract. And the two companies, now known as the “duopoly” are likely hurt the least.

As predicted, the adoption of ad blockers continues to grow linearly according to PageFair’s latest Ad Block Report. While the sky is not falling, the U.S. desktop penetration did grow from 15% to 18% last year and this number matters … a lot. Despite this growth, the IAB oddly recently claimed victory over ad blockers “rendering them toothless” and suggesting the risk of “network-level ad-blocking has virtually disappeared.” This kind of thinking is where things get dangerous.

We have won neither the battle nor the war. In fact, PageFair’s report—which we have every reason to believe—clearly points to the contrary. Frankly, it’s for this reason that I’m writing now in parallel to our continued participation and support with other organizations on the new Coalition for Better Ads.

The danger is real

Here are three reasons we need to remain focused on ad blocking in order to maintain our ability to monetize audiences attracted by high-quality content:

  1. The companies in the ad tech ecosystem—where many of the ad blocking issues are forged—have very little incentive to be concerned about ad blocking. Their collective migration to the latest ad tech craze, header bidding, has increased their inventory and revenue access by an order of magnitude. It’s also widely recognized to have increased latency, data leakage and other vulnerabilities. So potentially good for revenues, arguably bad for consumers. The additional inventory dwarfs any modest increase in ad blocking so the ad tech companies’ incentives are in many ways at odds with consumers and content creators.
  2. Consumers are shifting to mobile, where ad blocking penetration is estimated at an immaterial 1% in the U.S. However, the value proposition of a mobile ad blocker is significantly higher (heightened concerns for security, user experience, data charges, privacy). So it’s risky to expect penetration to stay at 1% given that it’s currently 60% in parts of Asia, where ad blocking is built into the browser. The same functionality is already available in the States (through the Brave and Opera browsers). And not incidentally: In China, mobile users know how to change the proxy servers on their phones, so I’d expect Generation Z may soon be doing the same, in droves. And this is just one of the numerous ways in which ad blocking may rapidly impact mobile apps.
  3. Network-level ad blocking concerns will likely grow. The number one goal of the new administration’s FCC is to throw out the net neutrality rules. Yes, there is a rational argument against the current regulation. However, nearly 100% of the public wants something in place that protects the neutrality of the Internet against blocking, throttling and other nefarious practices. I’m pretty sure it is not a good idea to fight the Internet. To the point of ad blocking, if the FCC rules are thrown out and not properly replaced by Congress, there is nothing to prevent a carrier (why hello there T-Mobile!) from launching its own ad blocking plan. Meanwhile, the most powerful trade bodies in our industry have yet to take a stand in support of net neutrality (other than DCN, which is not conflicted on the issue).
Burning questions

So now that we’ve established that victory has not yet been achieved against ad blockers, here are some of the questions keeping me up at night:

  1. The financial impact of ad blocking trails its penetration mostly because advertising supply greatly outweighs demand. As long as there is considerably more desktop inventory than demand, then the financial impact is mitigated. But what happens when it doesn’t?
  2. The largest advertising company in the world, Google, is virtually untouched by ad blocking. Google has avoided most of the impact by paying to be whitelisted – as they’ve publicly disclosed – giving them a privileged position that, as far as I know, none of the nearly 80 companies inside of DCN have. Let that sink in. When a monopoly gets to set the rules…
  3. Privacy continues to be the third rail in the industry. The CMO of the largest advertiser in the world, Procter& Gamble, clearly expressed this concern a few weeks ago. The Chairman of the largest media buyer in the world, GroupM, has also called out this same concern. Meanwhile, the industry is aggressively pushing to keep the bar as low as possible, while cloaking the rapidly increasing level of tracking in darkness. This is happening through policy, as much of industry pushes to remove the FCC privacy rules on ISPs. It’s also happening through technology, as tracking has moved into digital fingerprinting and server to server sharing of browsing history. I know many people want to ignore it, but what if data leakage in the ad tech ecosystem is actually the common thread across the performance, security, transparency and consumer privacy issues that have resulted in a loss of consumer trust and rising ad block usage? There are both industry advocates and executives who make this argument.
  4. Facebook has opted to engage in a tech arms race against the very same engineers who are paid by the ad block whitelisting program. Facebook continues to fight a desktop war against ad blockers by circumventing the technology. Almost all of Facebook’s ad revenue growth on desktop came as a result of this tech hacking, according to their CFO during their earnings call. In mobile, Facebook is aggressively shifting content experiences away from the open web, reportedly even ignoring their browser experience, so that they can keep consumers in their app and fight back against ad blockers. Who is monitoring this?
  5. Who owns the number two blocker, Ad Block? At the very least, it’s dubious that a company with undisclosed ownership can block this much advertising. At the worst, it’s a clear-cut antitrust or national security issue to have that much control in the hands of an unknown actor. Can no one solve this riddle?

In the face of this uncertainty and looming unanswered questions, industry leaders need to refocus on meeting the underlying consumer needs. Yes, many articles have been written and many committees created. However, I challenge the industry to work with us, to dig deeper into the dynamics of ad blocking. As much as you might want to believe ad blocking to be a 2015 meme that’s now under control, that is entirely incorrect. Sitting idle while one company, whether it be Ad Block Plus or Google, controls much of the current future ecosystem could be the most dangerous failure of the Internet yet.

Revenue

Media companies lured by the promise of subscription revenue

Media companies are in the midst of a massive shift in revenue strategies from one primarily focused on advertising to one that is more diversified. Without a doubt, subscriptions are highly attractive, given that they guarantee a steady stream of income that is far less volatile than the digital ad market. Ads probably aren’t going away anytime soon, but media outlets are looking for new ways to monetize beyond the traditional ad, and subscriptions offer one way to do that.

As Facebook and Google dominate the ad market, media companies have had little choice but to look for other ways to make money. The Wharton School’s Knowledge@Wharton blog published a post in November, The End of Digital Advertising as We Know It, which suggested that even Facebook could be facing an ad revenue shortfall sometime in 2017. “Facebook has said that ‘ad load,’ or the relative volume of advertising versus content on its pages, isn’t going to be able to fuel revenue growth as much as it has to date,” according to the blog post.

Certainly issues like “ad blindness” and the rise of ad blockers has contributed to worries about ad-driven revenue. However, the attraction of incorporating subscriptions into the mix also reflect the practical limits of the ad model and the advantages of securing a steady stream of income from loyal subscribers.

Certainly, software companies have seen the subscription light and heeded the siren’s call of recurring revenue. As an example, Adobe has completely transformed from a company that once sold boxed software to one that sells subscriptions – and has thrived under the new approach.

Moving to a subscription model
Media companies believe they can get a piece of that recurring revenue action and gain the same advantages as software companies. Robbie Kellman Baxter, principal at Peninsula Strategies, a firm that works with companies making a shift to subscriptions, says subscription revenue works best for media outlets with a specific focus. “Subscription models are the answer for many of the best content providers, especially those with content that is targeted for a specific audience. The more specific the audience, the more likely subscriptions will appeal to them,” she explained.

The New York Times is a great example of a company that is making an aggressive push to grow its subscription revenue. It recently published a report that shows subscription revenue has surpassed advertising as the company’s primary revenue source. The company now has 1.5 million digital-only subscriptions, up from one million a year ago, and from zero just six years ago.

While the New York Times doesn’t see ads and subscriptions necessarily competing, the company is clearly putting more focus on the subscription business and is hoping the quality of its content will drive more interest over time. “We consider ourselves a subscription-first business. We believe that the best business strategy for The Times is to provide journalism so strong that several million people around the world are willing to pay for it,” a New York Times spokesperson said.

And The Times is not alone. Eric Hellweg, executive editor at Harvard Business Review, says that focusing on subscriptions is really about facing the reality of a changing ad market. “It’s pretty tough out there for ad-based media businesses if you are not Google or Facebook. And I think that it’s becoming clearer to media executives that the ad market is goIng to get tougher in the foreseeable future. It makes a lot of sense to look at subscription models as a possible way forward,” he said.

Shifting focus
Baxter says that the shift to subscriptions requires a fundamental focus on audience by media companies. “It is not enough to have eyeballs, they need to attract the same eyeballs, day after day, making their content a habit for their subscribers. This means that they really need to know their audience, and to tap into their changing needs,” she said.

HBR’s Hellweg sees it in similar terms. “To get a subscription business right requires some pretty significant changes, that in many ways cut to core of many media businesses. First, you need a product people will pay for in a meaningful way. Then you have to shift to being user-centric, rather than an ad based business, because it’s essential to understand your users and how to serve them,” he said.

When you shift the focus to the audience, it opens up new business opportunities, Baxter says. “When you look at what the audience really needs, why they consume your content, you realize that they aren’t just consuming in a vacuum—they might be trying to be successful in their careers, or to look smart to their friends, or to be in the know about their favorite sports teams. All kinds of new options for features emerge including online community, events and advisory groups,” she explained.

Converting from free to fee
Realizing that the subscription model could be the best way to go is one thing, but getting people to subscribe is another. It can present a challenge to media companies as they make this change, especially since online audiences have come to expect free content.

Jonathan Anastas from The Enthusiast Network, a media company focusing on action sports and automotive enthusiasts, says in 2017 it’s not that difficult to convert people to be paying customers if you appeal to something they’re passionate about. “People seem more willing than ever to pay for access to the content they love. So, the answer seems to be some combination of super high-end quality in the programming itself or how it’s delivered, a reasonable value proposition, an exclusivity window and passionate content or passion around the content. Give people three of those things and you have a paying customer,” he said.

Andrew Sollinger, EVP for subscriptions and events at Business Insider, agrees that if the content is good enough, people will pay for access. “Readers have grown increasingly sophisticated when it comes to understanding what makes for high-quality content. So our strategy of converting prospects to paid subscribers is a simple one: we provide enough access for readers to get a real sense of it. Ultimately our coverage sells itself,” he said.

As the ad model becomes more difficult to sustain as a primary revenue generator, media companies are seeking alternative ways to make money. While eCommerce, conferences and other means of income certainly offer a way, the subscription model with its recurring revenue stream is one that could be increasingly attractive moving forward, especially for specialty media with something unique to offer the audience.

Advertising | Perspectives | Revenue

Could in-image ads be an answer to ad blockers?

With increasing competition across various verticals, digital brands are always looking for ways to engage potential customers. However, the average online consumer often feels bombarded with ads and intrusive pop-ups on both their desktop and mobile screens. Tech savvy users simply download ad blockers to streamline their internet browsing experience, a move that has been increasing in popularity in recent years.

According to a report conducted by ad-recovery startup PageFair, “The number of consumers using ad blockers in the U.S. increased 48 percent during the last year,” referring to 2014-2015, which resulted in a loss of more than $20 billion in advertisement revenue for publishers on desktop computers alone.

Today, advertisers aren’t just focused on creating and disseminating their ads across various channels. This is simply not enough given consumers’ low tolerance for interruption and considering the viewability and engagement demands for their
ads.  Publishers must act in order to tackle the reasons why they are “blocking ads and tailor their messaging accordingly,” according to the head of Condé Nast’s Food Innovation Group’s Eric Gillin. Meanwhile, Mike Hofman, Executive Digital Director of GQ claims that people are increasingly looking to control the time they spent on a website, which provides a challenging environment for ads to sprout across screens.

With all these points in mind, publishers have to be increasingly creative in order to monetize their web and mobile sites. One way of going about this is to focus on creating personalized and relevant ads, ones that will remove the desire for adblockers in the first place. According to James Avery, CEO of Adzerk, “If we want to stem the growth of ad-blocking installations, we have to deter people before they click the install button.”

In-image advertising technology steps in
But one of the newer and more innovative monetization solutions for publishers directly helps them meet the needs and demands of both advertisers and users, namely in-image advertising technology. According to Optimind Technology Solutions, “Articles with images get 94% more views,” and this technology could help address the challenge posed by adblockers, as it addresses personalization and relevance, as well as engagement. Based on user behavior and contextual analysis, it provides users with a more natural exposure to advertisements rather than an impersonal and intrusive experience.

The reason that in-image ads can be very effective is because they are superimposed over prominent images on web pages that attract the most attention from users. Because in-image ads are personalized for their audience, they are typically more relevant to what the audience members are interested in. In turn, this means these ads are far less disruptive than traditional display ads and more engaging.

As such, in-image ads provide users with a natural experience and highly targeted ads, thus reducing the incentive to even download ad blockers. Below is an example advertisement on a publisher’s website from a leading in-image ad platform Imonomy. It offers a more compelling option to users as well as to advertisers.

Additionally, by exposing users to highly engaging and contextually-relevant images, such technology increases ad viewability and provides additional monetization opportunities (for instance, by triggering CTRs) for publishers.

While the world of advertising will always be a complex business, publishers will need to play a major role in bridging the gap between advertisers and tech savvy users that are always short on time. To help in this process of countering adblocking technology, publishers need to focus on improving the user experience by providing an added value for both users as well as advertisers.

For instance, by encouraging users to continue with the browsing experience in the most natural way, while simultaneously exposing them to advertisements that are cleverly embedded as in-article images, publishers can meet the needs of all parties, while creating additional monetization channels resulting from improved viewability.

Innovation | Revenue

How trust drives success—takeaways from the 2017 DCN Next: Summit

It’s a brave new world. As the media companies experiment with quickly-advancing technology amid the duopoly of Google and Facebook, tight competition antiquates the notion that only “content is king.” In the meantime, according to the 2017 Edelman Trust Barometer, consumer faith in four pillars — NGOs, business, media and government — fell since last year, with the trust in press falling the most.

But challenge also presents opportunity. Through careful planning and innovation, Digital Content Next (DCN) CEO Jason Kint believes that DCN’s members are in a unique position to find success. The key? Building and sustaining trust — not just in news, but also in brands. As Kint pointed out during DCN’s members-only Next: Summit, held Jan. 19-20 in New Orleans, it is “universally understood” that trust arises under conditions of uncertainty and vulnerability.

“I believe that there’s never been a better opportunity to create trust with consumers and advertisers,” Kint said.

Over two days, amid a backdrop of the French Quarter in the Crescent City, Summit speakers urged focusing on brand, product and shared community-centric experiences to allow companies to survive, and even thrive, amid shifting media sands. This theme continued, from the kickoff by Harvard Business School professor Bharat Anand, who explained how connectivity promotes loyalty during digital change, to a closing session about how to manage a subscription business amid wide-spread content distribution on third-party platforms with Kinsey Wilson, Editor for Innovation and Strategy at The New York Times.

DCN member-company executives from around the globe reflected on how to retain and build consumer loyalty by marrying “customer first” mentality with smart, technology-driven strategy. Here are three key takeaways:

1. Embrace change — even if it means being radically different. So-called “best practices” may be antiquated and dangerous to follow. In the current environment, it can pay off to establish a unique identity.

Steve Cook, Contributing Editor of CMO.com, said time today is more valuable than money. To appeal to clients, companies need to have brands or services that are “excellent,” usually because “they’ve managed to differentiate themselves.”

Melissa Bell, Publisher of Vox Media

Publisher of Vox Media, Melissa Bell, challenged the audience to embrace fluid business models. For Vox, that meant softening the barrier between revenue and editorial teams to create premium — and enjoyable — advertising as part of the full package. “We think of ourselves as publishers,” she said. “We need to think of ourselves as in a conversation with people. How do we hear from them what they need from us?”

Justin Smith, the CEO of Bloomberg Media Group, said it’s essential to be gutsy when building digital-first brands amid change. As a vertically-integrated company that uses media to drive value to its core business, Bloomberg’s role has been that of “big disruptor” and “innovator” in the industry. But for success to happen, Bloomberg had to be open to failure. Whenever an employee “tries and fails,” Smith added, Michael Bloomberg himself will go to the department and “pat the person on the back.”

2. Dare to examine paid subscription. Don’t be afraid to demand more for higher quality.

Nearly 77 million people are expected to use ad-blockers by the end of 2017. Yet, the majority of digital media revenue still comes from advertising: a sign that companies need to focus on user experience and leverage quality. “We must find a way to use our brands as wellsprings for new revenue opportunities,” Kint said. “We can’t be beholden to the advertising market.”

According to Wilson from The New York Times, by its nature quality journalism “has always, in some form, been subsidized.” Testing a “leaky” paywall can both generate revenue and be flexible enough to drive conversation on social platforms.

Financial Times CEO John Ridding said his company is always examining ways to reduce reliance on advertising. The key? Superior content that readers trust. “Some information isn’t as worthy as others,” Ridding said. “I think the internet is a liberating force for inclusion and access, but at same time there has to be a role for quality information, which costs money.”

Marta Tellado, the CEO of Consumer Reports, underscored that even an older, paid-subscription company can become relevant in today’s market with some effort. “You have to reintroduce yourself,” Tellado said about their focus on reinvention. “We have to show up where consumers are.”

3. Diversify. Creativity can be harnessed to drive additional revenue.

Maya Draisin, the associated publisher of WIRED Media Group, said the company has invested in live events, branded content with Netflix, executive membership and a promotional t-shirt collection to help drive revenue. “We look at everything.”

President of The Atlantic Bob Cohn said that, in addition to digital, print and video, the company has launched highly-successful live event and consulting businesses, fast-growing ventures that help individuals connect and organizations “strategize digital thinking.” He advised directing business ventures into “open space” as you would a game of ultimate Frisbee: “Where is the audience going and where is business going?” he challenged. “Send the disk in that direction.”

And, rather than taking a digital-first, or mobile-first approach, Cohn said that The Atlantic is “audience-first.”

In a similar vein, Viacom EVP Ross Martin said that they take a “fans first” approach, which has motivated unique promotional techniques. One example? Turning Airbnb into a native advertising platform with a Teenage Mutant Ninja Turtles experience. Martin showed a three-year-old’s reaction a “Ninja Turtles lair” they created to look like turtles digs in the movie set. The child’s face was lit up, eyes wide: delight personified. “Do you call that marketing?” quipped Martin. “I don’t know what you call it.”

Ultimately, all of the DCN Next: Summit’s major themes circled back to that audience relationship and, above all, maintaining their trust. “Sometimes called consumers or audiences…for us, fans are the north star,” Martin said. And that mindset is a healthy one that should guide this industry forward.

DCN-Research | Revenue

The power of focus: building a strong niche publishing business

The media industry is in a time of great transition, in part due to the proliferation of digital publications and the growth and popularity of social platforms. While industry consolidation might threaten the independence of some publications, there is also an unprecedented opportunity for publishers to communicate their unique perspective to underserved, targeted audiences.

With this in mind—and with the help of funding from the Knight Foundation—Digital Content Next worked with Ascolese Associates on the research report Niche Publishers: How to Create Sustainable Business Models in a Digital Marketplace, released January 18. This niche publisher research examines how 11 digital publications each capture a unique space, attract audiences, and monetize those audiences.

“I know firsthand that we’re much more nimble than larger news organizations. We can try things out quickly. You know, we can try things out and fail fast, or we can try things out and see some early wins and then build on them. I really appreciate our ability to be nimble and flexible and measure our results and make quick decisions.”
Mary Walter-Brown, Voice of San Diego

The research identified two core focus areas for niche publishers that are vital for their success: content strategy and business strategy. According to the report, these core focus areas are made up of seven tactical components, which are discussed in detail: content development, editorial brand, audience development/ delivery, data, KPI’s, revenue streams and operational efficiencies.

Publishers interviewed agreed that superior content is the core deliverable, but content alone can’t drive a publication to success; an integrated business strategy is necessary. While a quest for scale dominates many digital strategies, niche publishers focus on providing distinctive, even unique content that meets the needs of a very specific audience.

Almost universally, these niche publishers emphasized something that has become a common theme across digital media: the importance of revenue diversification. Additional revenue streams give non-profit publishers more independence from corporate and individual sponsorships and for-profit publishers some independence from advertising sales.

“The number one mistake that media companies make is that they have a journalistic idea, and it’s not done in tandem with a business idea that operates in synchronicity with the journalistic idea.”
Jim Vandehei, Axios

Many niche publishers interviewed cite repurposing content and digital or live events among their revenue streams. However, other avenues include outsourcing internal talent, a “data store,” and a marketing membership program. Notable among these publishers is a willingness to collaborate and create partnerships that allow them to fight above their weight class in terms of staffing and data resources.

Ultimately, the report finds that a niche publication’s smaller size translates into a flexible and nimble environment and, often, a more entrepreneurial approach to their business. Notable among these publishers is a willingness to collaborate and create partnerships that allow them to maximize their staffing and data resources but also to ensure the viability of this segment of the digital media industry.

Download pdf

Advertising | Industry-Research | Revenue

Q3 ranks highest quarter ever for digital advertising, but who’s making money?

Advertisers spent a total of $17.5 billion dollars in digital media in 3Q 2016, a 20% increase compared to same time-period last year and a 4.3% increase over prior quarter. This is the highest third quarter for digital advertising spending on record according to the latest IAB Internet Advertising Revenue Report.

Almost half of all digital ad buys (47%) were on mobile platforms with spending on desktop experiencing a 12% as compared to the same time last year.

iab-3q16

But the real question is which media players are capturing these digital ad dollars? According to Brian Wieser, a Wall Street analyst specializing in AdTech for Pivotal Research, Facebook and Google received more than 75% of this revenue. Based upon his analysis, Digital Content Next CEO Jason Kint points out that while Facebook and Google registered strong quarterly profits, when these two players are excluded from digital ad revenue growth, digital media spending averaged a mere 1% increase in Q3 2016. So while digital advertising revenue growth is exciting, the overwhelming dominance of only two players certainly dampens any enthusiasm around the finding for the majority of industry players.

kint-iab-ad-chart-breakdown

Advertising | Industry-Research | Revenue

Mobile now accounts for almost half of all digital ad revenue

Digital advertising revenue increased to $32.7 billion in the first half of 2016, increasing 19% from the same time period a year ago, according to the Interactive Advertising Bureau’s Internet Advertising Revenue Report. The shift to mobile advertising was a key driver in the increase of digital ad spend. In fact, mobile advertising revenue totaled $1.6 billion, a 178% increase from the same period in 2015. Mobile advertising now account for 47% of all online ad revenues for the first half of 2016, up from 30% the prior year whereas desktop video ads remained the same at 13% of total revenue.

Among the key trends reported:

Display

  • Total display-related advertising (mobile + desktop) is up 26% to $13.9 billion and accounts for 43% of all internet ad revenue.
  • Display-dollars are also shifting to mobile: Mobile display is up 78% to $7.6 billion while desktop display is down 7% to $6.3 billion.

Video

  • Total digital video ad revenue (mobile + desktop) is up 51% to $3.9 billion.
  • Video now accounts for 12% of internet ad revenue for the first half of 2016, up from 9% in HY 2015.

Social media

  • Ad spend on a whole for social media increased to $7 billion, up 57% from one ago.

Other key findings

In terms of pricing models, performance-based pricing, defined as cost-per-click, sale, lead, acquisition, or application (e.g., credit card application) or straight revenue share (e.g., percentage of commission paid upon sale), continues to lead although slightly declined to 65% of total revenue in HY 2016.

CPM/impression-based pricing increased up to 34% of revenues in the first six months of 2016 from 32% in HY 2015.

Hybrid pricing, defined as any mix of impression-based pricing plus performance-based compensation within an ad campaign, declined to 1% of total revenues in HY 2016, down from the 2% reported in HY 2015.

iab-pricing

The report also stated that digital ad spending is becoming more concentrated with the top 10 digital ad-selling companies accounting for 74% of online advertising revenues in Q2 2016. The 10 companies were not disclosed in the report.

iab-chart-2

Many are forecasting that digital advertising will continue to be a larger and larger share of overall revenue generation for businesses. The question is who is capturing the increased profits? In an article in the Financial Times, Anna Nicolaou notes that “Google and Facebook have capitalised on the rise of the smartphone, swallowing the lion’s share of digital advertising revenues. In the US, 85 cents of every new dollar spent on digital went to the two companies in the first quarter of 2016, according to Morgan Stanley.”

Peter Kafta of Recode also offered insight the companies capturing the profit margins. Kafta’s shared the individual analyses done by Jason Kint’s, CEO of Digital Content Next, and Brian Wieser’s, an analyst at Pivotal Research, each illustrating that Google and Facebook account for 85% and 90%, respectively, of every dollar spent on digital. Their analyses also indicated that while Google’s and Facebook’s captured significant growth of ad revenues, the rest of the digital marketplace is diminishing.

Advertising | Innovation | Perspectives | Revenue

Three key takeaways from the media leaders at Folio’s C-Summit

As part of its annual show October 31-November 2, Folio hosted a one day C-Summit. The invitation-only event focused on top strategic imperatives for magazine media organizations. Led by Hanley Wood CEO Peter Goldstone, the day provided an intimate conversation between panelists and attendees.

Here are three key takeaways from the discussion:

1. People matter (a lot): Many of the day’s speakers expressed that competitive recruiting and managing millennials to their fullest potential are significant challenges. Across the board, it was apparent that these leaders feel that having the right people to drive the organization from both strategic and tactical levels is a top priority.

“We need to teach all employees to think about the end game and how they can contribute Give them a voice, an opportunity to express ideas and concerns… We need to give them pride of ownership in solutions.”

—Bonnie Kintzer, CEO TMBI

“It used to be that the people in charge knew everything…Well, we’re in a learn-together mode now, particularly as we try to build new lines of business. Of the 46 people we have hired at AIM since January, 32 have job descriptions that didn’t exist before they were hired.”

—Andrew W. Clurman, President & CEO, Active Interest Media (AIM)

“The scariest thing is to have an opportunity but not have the capacity to deliver. For example, we find that companies want to connect with customers by feeding them, but staffing the event side has been a challenge… Creating the right culture is absolutely critical.”

—Catherine Neville, Publisher & Founder, Feast Magazine

“Running a media related company over the past 10 years has been a tough job. There are a lot of dead men walking. Employees are key to transforming business. You need to attract, retain, and develop people who will change your business or you will be one of those dead men walking.”

—Tom Kemp, Chairman CEO of Northstar Travel Group

2. Advertising is data and context driven: Digital advertising is increasingly driven by data—particularly in the B2B space, which is focused on lead-generation. However, context matters as does bigger-picture understanding of what the advertiser’s objectives are and how to creatively accomplish those goals.

“Advertisers are asking: What is the value you are going to give us, how are you going to bundle stuff? That said, they don’t always really know what they are asking. They want, and need you to know more about their biz than they do.”

—Jim Elliot, President James C. Elliot Co. Inc.

“We have to be sure we are producing products our customers want to buy, not just what we want to sell, so that we continue to have the relationship with them that supports the business. And yes, we need to be able to provide as much audience data as possible. We’re thinking less about selling advertising than selling all the assets we have.”

—Tom Kemp, Chairman CEO of Northstar Travel Group

“Programmatic is inevitable because it is a far more efficient for sellers and buyers. At Hanley Wood, we love programmatic because we have the data. What we’re seeing is a bifurcation in the value proposition between what publishers brought to the table—the value of our insight around the data and the audience—versus the value of the content and placing ads in context.”

—Peter Goldstone, CEO, Hanley Wood

“Thinking about some of the new players…yes, they are taking dollars away and disrupting things because they play by their own rules. But we must continue to behave in a way that is extremely responsible because of our brands’ reputations. We’ve been successful with our ad-sales guarantee. We’ve partnered with Nelsen to measure return on ad spend. We spend a lot of time on measurement and in our strategic partnerships. It is an area of emphasis and focus to demonstrate efficacy.”

—Mark Rothschild, SVP, Meredith Digital.

3. You’ve got to put your money where your progress is. Despite a seemingly endless desire to innovate, the reality is that resources are finite and making smart decisions about what to fuel and what to fold is critical.

“We have to focus on how to grow the business despite managing a mature print portfolio. There’s always a lot to do, but what do you choose not to do is just as important. As you think about your portfolio, resource allocation decisions are imperative.”

 —Peter Goldstone, CEO, Hanley Wood

“We looked at a lot of areas with underperforming assets, many outside the US, which we are in the process of selling. We are focused on being a strong US and Canadian content producer. The hardest parts are the print versus the digital pieces of the game.”

—Bonnie Kintzer, CEO TMBI

“There are lots of new shiny ideas that pop up in this industry. Yes, some are good…but others aren’t, and you have to be able to tell the difference, or figure it out fast.”

 —Jim Elliot, President James C. Elliot Co. Inc.

“As an industry, there’s a drag of products that need to close, that have served their purpose, but closing them creates an opportunity to start something new. And there’s always a new opportunity.”

—David Carey, President, Hearst Magazines

Advertising | Innovation | Revenue

Inside the mobile-first, digital always strategy at The Dallas Morning News

Most content companies have come to terms with the hard truth that vast majority of their audience is using a mix of mobile apps and devices to access and enjoy news and multimedia. But there are still a whole lot of companies are just beginning to grasp what the shift to “mobile-first” means for their digital strategy. At one level, it’s about adapting information for smaller screens. At the other end of the spectrum, it’s about striking a balance between a presentation for occasional readers who like to dip in and out of stories and loyal brand fans who desire long-form content and coverage.

Here, Peggy Anne Salz, analyst at MobileGroove, catches up with Chris Williams, Digital Strategist & Senior Director of Digital Portfolio at The Dallas Morning News. They discuss the organization-wide rethink that has allowed the company to revamp its mobile apps, reimagine its brand and recharge advertising by harnessing mobile audience context.

The Dallas Morning News is clearly in a period of transition, going from being a newspaper company with a website to being a mobile-first digital media company. Please recount some of the recent changes.

It’s a complete overhaul from newsroom and technology outward to be mobile-first and digital-always. With our new look and approach we have a new mantra: Time is the new inches. It used to be we measured attention and loyalty in inches. It was all about how many inches in a newspaper we were trying to get people to stare at. Now we are getting away from that without alienating our print audience: It’s about driving a balance with a blended product offering, without driving away our core audience of newspaper readers. We want to offer up the right things to people at the right time. We launched a new DallasNews.com this year, plus GuideLive.com and SportsDayDFW.com in recent history.

We see a lot of our audience comes in through social media, and we see that the vast majority of our mobile audience comes in at different times of day. For that reason, much of the mobile-first design is focused on people coming in the ‘side door” instead of getting to the news from the homepage. We’ve had to ask and answer some tough questions to get this right: How do we navigate people that come in from referring sources such as social media? How do we navigate them from article to article, or keep them in a stream of headlines that they’re interested in at that exact moment? The new DallasNews.com website is responsive for all devices and times of day—and with it we have been building our content management system to match modern needs.

We did a cleanup of our apps, including one we offer in partnership with a popular local sports radio station that includes streaming audio as well as our own sports content and a DVR-like functionality. It was getting a little long in the tooth when it came to supporting new rich media assets, so we’re re-launching the iOS version of that app in the coming weeks, and following that with a launch of the Android version later in the year. Our primary brand app, “The Dallas Morning News” app, is also on a cycle of continuous improvement, so we update it regularly.

You have reduced your portfolio of apps. But at the same time you have grown your portfolio of brands to a national level and increased your curation of content. Normally, companies worry about diluting their brand, but you seem to embrace it…

sportsdaytalkSome big name brands in news insist on having a branded house, where all the content is essentially branded the same in shape or form. We decided we didn’t want to be a branded house because we’re not about the singular name; we’re about building products that resonate with the modern—and mobile—users that make up the majority of the audience out there.

Instead, we go with an approach that allows us to be a house of brands, some that are linked to Dallas where our audience is highly engaged and loyal to our news. But being digital forces us to think beyond our arrival on someone’s doorstep. We have to think about how we reach people on their devices, wherever they are. Being a house of brands allows us to be flexible and roll out coverage that can relevant to people everywhere.

Let’s say I launch the best horse racing coverage in the entire nation as an example. If I brand it “The Dallas Morning News,” then there’s the potential that I’m fighting an uphill brand battle with readers in North Dakota who love horse racing thinking, “Well, what does Dallas really know about what I’m looking for?” People think of content by topics, and not necessarily the source until the source is something they don’t identify with. That’s why our brands, like GuideLive or SportsDay, are powered by The Dallas Morning News, but they stand on their own as brands and products.

Tell me about your spin-off brands and the content focus.

GuideLive is a destination for a general entertainment and events audience and is one that’s focused on very specific things not tied only to “Dallas” or “Morning News.” When we rolled that out, it was launched as a digital pure play. We took the approach of a startup, separating people from most enterprise ties; with a small cross functional team we did an entirely new audience and product build and it’s been a steady growth plan ever since.

SportsDay is another where we wanted to build a wider audience (not start from scratch), realizing that the core audience of Cowboy and Mavericks fans, two of our sports teams here, have national appeal with that audience coming from outside Dallas. Although it is a separate brand and product with its own feature set, it’s firmly in the foundation on which we have built our house of brands.

In a way it’s reminiscent of TV or music where channels are organized in channels and address target audiences, or satisfy Long Tail tastes…

Exactly. That’s precisely the approach we take because we believe that content, in order to survive and thrive, has to be agnostic. It can’t be limited to formats, like print, or only appeal to a specific audience defined by geography. We want to reach every audience out there, and we start with what you could call it a top-down and bottoms-up approach. The top-down part is the more traditional study of the market that answers the key question: “Is there a market gap, or a growing trend out there, that we can capitalize on whether by growing audience or growing revenues?”

At the same time, we do a bottom-up approach, where we focus on pulling together the consumer insight to understand and address the opportunity. That’s when we might also do our own focus groups or build rapid prototypes to get a sense of how people feel, what their interests are, and help us decide if we want to go in with a new brand or content to serve that audience. No matter what we decide, it’s goal driven and data-driven.

Let’s discuss the user journey through your apps and destinations. How do you make the match between the audience you want to engage and the content you want them to engage with?

We start by looking at the audience and map the journey to what we know about the audience segment and what our data about the users tells us. In the case of DallasNews.com, we went from a very click-heavy site to an infinite scroll site, one where readers can click to read an article and then quickly drop back into a stream of our content options, or stubs as we call them, and be presented with new opportunities to click and read new articles. This is a huge departure from the old thinking that was all about stuffing related links into a single article and sending people down a rabbit hole to find out more.

Apps have a different use case. People aren’t coming in from social or Google. They are accessing your content because they are “content loyal.” What we’re finding is that we are serving two audience personas in our apps. One is the “Leisure Browser,” people who just skim everything, and do lots of scroll activity as they move in and out of the content. The other is “The Researcher,” people who are engrossed in the content and will spend minutes reading long-form articles. Our new design caters to both.

Digiday reports that your latest app revamp also appeals to Millennials. Of your 40,000 monthly users, 60% are Millennials…

DMNFavsThis is an audience that typically returns to the app multiple times throughout the day to check for the latest developments. They also want choices—which is why we show 10 to 20 list of top articles. This list is curated, so it’s straight out of our newsroom, not a list of trending topics Millennials can get elsewhere. They appreciate news that is thoughtfully curated because it’s one less thing they have to filter. Sometimes too much choice is also stress.

Other Millennials want control of the content and there the My Feed section of the app allows them a ton of customization. Instead of seeing what is important in the area, for example. readers can dip into the app and check out all the headlines that they care about based on topics. My Feed is a success, but we also notice that users have a large hump to climb over when it comes to self-customization. Not everyone wants to make the decisions and spend time setting their preferences. Sometimes they do, and sometimes they don’t—so one of our next big tasks will be to use the data around what people are reading to make suggestions. We want to be able to say “Hey, we’ve preselected these items and boosted their importance in My Feed for you to check out because you’re sure to appreciate them.” That way we’re helping to populate the feed automatically, instead of making people go in and twist a bunch of knobs themselves.

Data helps you deliver content, but a data-driven approach can also help advertisers target relevant audiences with relevant messages. At a time when we read that 75 cents of every ad dollar spent is spent on Google or Facebook, how do you compete?

As an industry, we’re going from printed dollars to digital dimes to mobile pennies. Advertising dollars were very much driven by having a captive audience. And then, as digital and mobile have grown, so, too, has the pricing and sizing of advertising changed. Our approach is to be unafraid of organic opportunities that apply to our business and be bold in identifying new revenue streams.

One example is affiliate revenue. For example, if we do a product review, then it may make sense to do an adjacent product click that goes over to a provider like Amazon or eBay to let consumers make a purchase there and we potentially get a commission. Or consumer might be reading a story about a new release GuideLive and want to go see the movie. We’ve been talking to car hire services like Uber and Lyft, and ticket sales vendors and aggregators to find out how we can work together to make an engaging experience: people read a movie review, buy tickets online, and then jump in a car to head there and we can empower them, supporting other businesses, and making some additional revenue ourselves.

The aim is to come up with a blend that is good for business and good for consumers. It used to be advertising was all about how do you tie content to ads. Now we are a point where we are using data to define audiences and influence decisions when they are engaging with content. We see great performance from retargeting campaigns and audience-based campaigns. But we see even better performance when we manage to match the content and the person’s intent at the same time in the same place. In the end, our goals are excellent digital-first and people-focused products; ones that blend all the user and business needs, like amazing content, fun advertising experiences, and modern organic revenue growth.

Peggy Anne Salz is the Content Marketing Strategist and Chief Analyst of Mobile Groove, a top 50 influential technology site providing custom research to the global mobile industry and consulting to tech startups. She is a frequent contributor to Forbes on the topic of mobile marketing, engagement and apps. Her work also regularly appears in a range of publications from Venture Beat to Harvard Business Review. Peggy is a top 30 Mobile Marketing influencer and a nine-time author based in Europe. Follow her @peggyanne.

Perspectives | Revenue

Mid-roll ads take off in the video boom

A new report from eMarketer found that digital will overtake TV ad spending for the first time this year. By eMarketer’s forecast, digital will represent 36.8% of total media ad spending in the U.S. by the end of this year, whereas TV ad spending will compromise 36.4% of that total.

They might sound like something that was inevitable, but when you look at what’s driving digital growth, the results are clear: Video ad spending is increasing by double-digital percentages, and will comprise 14.3% of all digital ad spending this year. Next year it’s projected to rise to 15.1%. And spending on mobile advertising, including mobile video, will grow by 45% this year to reach $45.95 billion. That’s more than half the amount projected for TV advertising (which eMarketer anticipates will reach $71.29 billion).

Of course, these numbers only underscore what’s already obvious to the industry, which is that monetization from video is a must. The demand for revenues from video prompted Mashable’s round of layoffs earlier this year and BuzzFeed’s recent announcement that it’s splitting into two divisions, one focused on news, the other entertainment — with both divisions pushing even more video.

Mid-Roll Ads More Effective
So it makes sense that advertisers, and advertising platforms like Facebook, are testing the market’s capacity for what they hope will be a better kind of video advertising — mid-roll advertising. That nice “commercial break” in the middle of online videos, pioneered by YouTube, is attracting attention because of the multitude of ways to sell video ads now. Pre-roll may be good for boosting brand awareness, but it runs the risk of annoying the viewer before they have a chance to become invested in the content. Post-roll ads, meanwhile, might be good for calls to action, but are also awkward.

Mid-roll advertising, on the other hand, captures the interest of an invested user who likely has his or her sound on already, which has been a big problem for publishers, since many pre-roll ads run with the volume turned off. Viewers watch to completion 90% of the time, compared with pre-rolls’ 78% completion rate and post-rolls’ 65% completion rate, according to figures from Ooyala, an online video and analytics platform.

Mid-rolls are already in effect as the nice in-between that Snapchat inserts in its Snapchat Stories, and Twitter is inserting them in its live-stream of sports with “sponsored breaks.” Even if Twitter’s inaugural NFL live stream attracted low viewership numbers, it reported a 98% ad completion rate to its sponsors.

‘Ad Breaks’ on Facebook Live
Meanwhile, Facebook’s play in mid-rolls, its “ad breaks,” are attracting particular attention. Facebook started testing the advertising format in August with some of its top publishers — whom they are paying to use live video — and it’s expected to expand to other videos native to the platform as well. It’s one of the ways brands and publishers can make money directly on Facebook, rather than “just from the actions that people take off of Facebook,” the social network’s vice president of partnerships, Dan Rose, told Poynter’s Benjamin Mullin. The ads last up to 15 seconds and are eligible to appear in a live stream after the five-minute mark, according to an agency exec who spoke to AdAge’s Garett Sloane. Facebook also said the video ads would come from within its so-called walled garden, the “promoted video campaigns already running on the platform.” Some brands can opt out of having their ads appear live, however.

But should all Facebook Live videos be considered for monetization, even if they are of the less annoying mid-roll variety? It makes sense for some of the more light-hearted fare that gets posted on the platform, but not necessarily for more serious events, like the live streaming of police brutality that made headlines this summer. Monetizing live also requires a more strategic understanding of audience size, which is pretty inconsistent with Facebook Live videos at this point.

Yet that question may answer itself with this new endeavor into mid-roll. That publishers and brands can reap financial benefits will likely encourage them even more as they continue to test what the “winning formula” is for live video. And that’s something Facebook is gambling its audiences will come to accept, and watch, as they are increasingly confronted with these in news feeds.

“People really understand the concept,” Facebook product director Fidji Simo said at the recent ONA Conference in Denver. If other platforms and advertisers follow suit, it might not be too long before “mid-roll ads” are our de facto “digital commercial breaks.”

Advertising | Perspectives | Revenue

Why Google’s crackdown on mobile pop-ups might be a good thing

It’s a relief for consumers and a worry for publishers: Google is cracking down on interstitial ads on mobile websites, thereby forcing publishers to rethink and revamp their mobile advertising strategies. And while the rationale might be good for Google and the ecosystem, it is worrying that the tech giant has so much power to act unilaterally.

These pop-ups, which publishers typically use to get a visitor to “like” a page on Facebook or sign up for a newsletter or serve an ad, for example, have become nearly ubiquitous across websites. Online publishers rely on them to help generate more subscribers or ad conversions. On mobile devices, where screens are smaller, these interstitials sometimes take up the entire screen, making users hunt around for a way to close them.

Dissuading Publishers
Let’s face it: These ads can be very annoying. And effective January 10, 2017, Google plans to dissuade publishers from using them by ranking those websites lower in its search results. As Mashable’s Emma Hinchliffe put it, “Google is pushing websites to choose between a high search ranking and obtrusive but lucrative ads.”

To be clear, not all interstitial ads will be penalized. Google has outlined the specifics of what it will deem appropriate versus obtrusive. Interstitials asking for age verification or permission to utilize cookies on a device are fine if used responsibly, as are banner ads that only take up a “reasonable amount of screen space,” according to a blog post by Google. But other commonly used ads that make content inaccessible, such as a pop-up that covers the main content of a website, or an interstitial that blocks the page unless a user closes the ad, are a no-no.

It’s an example of just how much authority Google has when it comes to advertising, as lower search rankings lead to less traffic on a website. But of course, more traffic—and the revenue that comes with it—is precisely what publishers and online operators want. So with this new scheme set to go into effect, using interstitials is tantamount to a lose-lose situation, as “Google’s continued nudges could make a difference in the long run,” according to The Verge’s Jacob Kastrenakes. The company had previously issued a penalty in November 2015 for the interstitial ads that asked users to install a mobile app, and is now somewhat rolling that penalty into this new decree.

Advantage of ad scrollers
What’s a publisher to do? Well, re-conceptualizing a mobile advertising strategy is obviously in order, to find out what mobile formats actually work. But it may not be as hard as some publishers think. A recent study by the IAB, the mobile advertising services provider PadSquad and the company Celtra, which works in display advertising, for example, found that “ad scrollers” may be the way to go. It’s an emerging mobile ad concept that allows the user to scroll the advertisement smoothly on or off the screen, and decreases “the tendency to block or overlook ads in the process,” The Drum’s Laurie Fullerton reported. The study delivered some stunning results on what happened when the scroller was used:

  • Brand category awareness increased by almost 26%
  • Ad awareness increased by almost 10%
  • Those who saw the ad were 17% more likely to consider it “distinctive”
  • Thirty-five percent of those who viewed the scroller ad expressed “positive feelings” about how the ad revealed itself
  • Sixty-three percent of those who saw the ad reported a higher purchasing intent after viewing

The study also showed that these ads were a hit with certain target audiences, namely Millennials. Forty-four percent of Millennials who viewed the ad reported positive feelings about the way the ad revealed itself, compared to 31% of those age 35 and over. Moreover, “while women saw the larger brand increases, men were much more impressed with the scroller’s look and feel,” according to the IAB.

Given that mobile advertising spending in the U.S. will increase by 41% this year and constitute 72.2% of all digital ad spending in 2019 (to become a $65.87 billion industry), publishers can’t afford to use ads without thinking of the big picture. But with smart and strategic understanding, publishers should be able to roll with Google’s changes. In fact, it might just push publishers onto better methods.

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