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Pew Research Center’s Project for Excellence in Journalism Building a New Revenue Model Mark Jurkowitz Associate director Pew Research Center’s Project for Excellence in Journalism
Building a New Revenue Model • The Core Goal • Industry wide, newspapers are struggling trying to replace lost print dollars with new digital dollars
Building a New Revenue Model • Success Stories • The industry numbers are grim, but there are outliers • What can we learn from them?
Building a New Revenue Model • What Successful Papers Are Doing • Focusing on growth areas—even if they are small • Building non-traditional revenue streams • Retooling sales staff, from who is hired to how they are paid • Changing the culture, not just talking about it
Building a New Revenue Model • Successful Papers are Focusing on Growth Areas • These include mobile, video and smart targeting • They aren’t bringing in much yet, but Borrell says targeted display will dominate local online by 2015
Building a New Revenue Model • “You place your bet on every screen” • Bigger papers are doing more in the growth areas
Building a New Revenue Model Who is Selling Video Ads?
Building a New Revenue Model Who is Selling Smart Targeted Ads?
Building a New Revenue Model • Successful Papers are Generating Non-Traditional Revenue • These revenue streams include everything from “retail malls” to “digital agencies” • Outliers have a better track record in non-traditional
Building a New Revenue Model • “You can’t be a little bit pregnant in a transformational era” • One executive on the need to invest seriously in non-traditional revenue
Building a New Revenue Model • Successful Papers are Changing their Sales Staff
Building a New Revenue Model • Hire More Digital Sellers • Recruiting is a challenge, but outliers had as many digital sellers as print sellers
Building a New Revenue Model • Retrain the Sales Staff • Digital coaches and managers • Digital proficiency testing • Closer tracking of sales performance
Building a New Revenue Model • Make Digital Pay Off for The Sales Staff • Significantly changing compensation to encourage more digital selling
Building a New Revenue Model • “Culture change. It’s huge. But I don’t think it’s happening as much as people say.” • 10 out of 13 news executives identified internal cultural tensions as the chief obstacle to success at their company
Building a New Revenue Model “The most difficult thing to do is change a corporate culture” “No one is willing to take that chance” “Who are going to be the leaders and who are going to be the followers”
Building a New Revenue Model • Successful Papers are Transforming, not Talking • Don’t fear staff turnover • Paid online content can facilitate change • Streamline and speed up decision making • Act aggressively, communicate clearly