Friday Five: Adapting to the Changing Media Landscape
Welcome back to Friday Five! This week, we talk about Bloomberg Media hitting 500k subscribers, publishers embracing events as key revenue streams, Google and Meta possibly owing news publishers $13 billion, The New York Times reaching 10 million subscribers, and Condé Nast cutting its workforce and shifting focus to digital subscriptions.
Bloomberg Media Hits 500k Subscribers
Bloomberg Media has surpassed 500,000 subscribers, showcasing its strategic focus on catering to niche professional audiences and international users. Most subscribers are in the U.S., while others are in Europe, the Middle East, and the Asia Pacific region. Bloomberg Media’s Chief Digital Officer, Julia Beizer, emphasizes their commitment to delivering high-quality news and information to business decision-makers. Read More on AXIOS.
Publishers Embrace Events as Key Revenue Stream
Digital publishers are turning to events as a revenue stream because of declining ad revenue from search and social platforms. Some publishers are increasing the number of events they hold, while others are turning their event businesses into standalone brands. Companies such as BDG, Gallery Media Group, and World of Good Brands are following this strategy. Read More on DIGIDAY.
Google & Meta Could Owe News Publishers $13 Billion
A new law could require Google and Meta to pay U.S. news publishers between $11.9 billion and $13.9 billion annually. The Journalism and Competition Preservation Act (JCPA) aims to address big tech companies profiting from news content without fairly compensating publishers. Read More on Press Gazette.
The New York Times Reaches 10 Million Subscribers
The New York Times reached 10 million subscribers, achieving its goal two years ahead of schedule. The company attributed its success to its bundling strategy, which encourages users to subscribe to a package of its journalism offerings including Wirecutter, The Athletic, Games, and Cooking verticals. Read More on Poynter.
Condé Nast Cuts Workforce and Shifts Focus to Digital Subscriptions
Condé Nast, the publisher of magazines like Vogue and Vanity Fair, is laying off 5% of its workforce and shifting focus to digital subscriptions and e-commerce. This decision comes as the media industry continues to evolve and print subscriptions decline. Read More on Subscription Insider.