The established print publishing world has been under siege since the advent of the internet. The pace of the industry’s decline has only accelerated with the growing popularity of smartphones. As a print magazine publisher, do you simply accept what meager revenue crumbs are left available to you, or do you start looking for new ways to revive your publication by tapping into new and innovative revenue streams? Get some ideas for innovative advertising here.
Who want to pay for high quality content?
Most online readers are reluctant to pay for content while high quality, investigative reporting is not developed free of charge. Besides salaries, there are travel and other business expenses that accompany journalism. Yet, after all the effort and expense a publication puts into producing great content, there’s nothing to stop someone from turning around and summarizing that story on their blog. So how do you prevent this? How do you get readers to flock to your publication? Most importantly, how do you monetize your publication when the public is so reluctant to accept subscription based services?
Captive audience advertising
With the growth of online media, pay-per-click advertising has become quite popular, but there is another new and creative advertising model being adopted by some publications called captive audience advertising. For example, the Niagara Fall Review requires you to watch a two minute commercial before you are provided an hour of unlimited access to their content. The sponsor benefits from this method of advertising because it’s highly probable that the audience is watching their advertisement – not just giving it a passing glance – as is often the case with pay-per-click models. The publication benefits from guaranteed revenue without having to charge a subscription fee.
The steady migration from print towards digital media requires publishers to invent and adopt new revenue models in order to survive. Publishers must continue to look at all revenue options if they are going to survive the transition. Time restricted, unlimited access, offers a great alternative to subscription based access. Will you try it out?