For his year-end INMA Advertising Town Hall, Gabriel Dorosz, lead of the Advertising Initiative, provided members with a recap of what was a busy and pivotal year for the news media industry in general — and for the initiative in particular.

The starting point for INMA, he said, was a hypothesis formed back in May: “News media organisations ought to get more of the share of advertising than they currently do,” he said.

Although they offer valuable audiences and provide a valuable service in trusted environments, news companies are getting too small a piece of the pie.

“Google, Meta, and Amazon still capture 60%-70% of global spend,” Dorosz said, adding the “open Web” slice — just 8%-10% of global digital advertising — has been shrinking as publisher traffic declines. That fact shaped the initiative’s mission for the year: help INMA members navigate the post-traffic era and find sustainable paths forward.

Some of the themes that emerged from conversations with leaders helped define what steps needed to be taken: leaning into direct audience relationships, elevating the value of audience data, aggressively diversifying, and differentiating with quality.

The rise of the “super user”

In September, the Advertising Initiative hosted a session during INMA’s Media Innovation Week in Dublin and introduced one of the year’s breakout ideas: the rise of the “super user.”

Developed with Greg Piechota, the concept identifies a subset of audiences that serve as a link between subscriptions and advertising:

“They are more valuable consumers and they are more receptive to advertising,” Dorosz explained. “So, they’re more valuable as consumers, more valuable as advertising, more valuable to the media company as subscribers. And what we are able to discern from the data is these people have a disproportionate impact on all aspects of the business.”

INMA will continue exploring this idea throughout 2026, he said.

Another accomplishment of the initiative was establishing its Advertising Advisory Council, which Dorosz credited with helping shape the year’s programming. Between the council, a consistent newsletter, a Slack community, and ongoing member engagement, he described 2025 as “a really busy year” but one defined most by collective learning.

Paths to revenue diversification

One of the most urgent imperatives to emerge this year was the need for revenue diversification. As traditional revenue streams like print and open Web display continue to decline, Dorosz said companies must evolve beyond traditional models to remain competitive and resilient.

“Protect print as long as possible, but don’t expect it to grow,” he advised, noting that even major players like The New York Times still derive a significant portion of revenue from print.

However, he was clear: Growth lies elsewhere. Dorosz likened print’s future to vinyl records: still valuable, but increasingly niche and luxury-oriented.

As they look for alternative revenue sources, news publishers should look to a mix of emerging and reimagined channels:

• Newsletters have become a workhorse for newspapers. “They are really valuable as a habit scale and value driver. It is beyond display. It’s also another way to drive scale opportunities and advertising deals,” he said. Newsletter conversion rates to paid subscriptions outperform most social channels, especially when paired with membership models.

• Podcasts and audio are gaining traction as high-impact, low-noise advertising channels. Though only 10% of podcast ads are sold programmatically, their effectiveness and growing video integration — especially on platforms like YouTube and Spotify — make them a compelling dual-channel opportunity. “For the right situation, audio can be a very, very useful part of the portfolio,” Dorosz said.
• Events are booming, particularly when publishers focus on a few tentpole franchises. Dorosz cited examples like The Atlantic’s Ideas Festival and Semafor’s “live journalism” model, which now drives over half of its revenue. While not always scalable, events can be highly profitable and deepen brand engagement.

• Branded content continues to outperform the broader ad market, with 2025 revenues growing 5%-7%. “We have heard from publishers all around the world that [branded content] continued to grow in 2025 and looks set to continue in 2026,” Dorosz said. “We see branded content success in markets all around the world.” In a post-traffic era, he said, “It gives publishers the opportunity to offer something that other advertisers simply cannot. It’s genuine, it’s value-driven content created by voices that the audience trusts, and that resonates on a deeper level.”
• Affiliate commerce is also on the rise, especially for publishers with strong editorial authority in lifestyle or product review verticals. Condé Nast, for example, generated US$600 million in product sales last year, a fivefold increase over four years.

Dorosz also made a compelling case for the creator economy as a growing force in publisher revenue diversification. While creators may seem like a separate ecosystem from traditional media, Dorosz urged publishers to see them as sub-brands and tentpole properties: strategic assets that can drive both audience engagement and advertising partnerships.

Dorosz referenced the analogy of newsrooms as record labels, where creators cycle in and out, each with their own style and audience. He acknowledged creators raise organisational questions — around editorial policy, authenticity, and voice — but emphasised that the advertising opportunity is clear.

In a fragmented media landscape, creators offer news publishers a way to stay personal, profitable, and culturally connected.

Dorosz concluded by encouraging publishers to think holistically — combining breadth (horizontality), depth (verticality), and journey-based strategies (diagonality) to create integrated, high-value advertising programmes.

With so many options and opportunities, he urged publishers to identify what works best for them: “No one can do everything. Lean into existing investments and existing strengths, and define where and how you can win.”

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