Last week in this space we discussed how news companies are diversifying and evolving their revenue models. Today, I want to continue that discussion with a look into the World Press Trends Outlook report, which found 63% of news executives are bullish on 2026. 

Let’s dig in. Plus, I’m running a master class in advertising measurement and effectiveness that starts this week. More on that below.

Global media industry by the numbers

The global news industry’s estimated combined revenue of US$125.7 billion in 2025 was essentially flat year-over-year. But within that number, “other” revenue sources (events, B2B services, content partnerships, e-commerce, licensing) collectively made up 25.4% of publisher revenue, nearly double their share from four years ago.

This echoes the talk Greg Piechota and I gave on superusers and revenue diversification at Media Innovation Week 2025: There is now print, digital, and an increasingly important “other.”

For advertising teams specifically, the message from this earnings cycle is clear. The publishers posting the strongest results are the ones that have:

• Built revenue streams that don’t depend on search traffic. Events, social, e-mail, licensing, creator partnerships, apps. People Inc.’s 37% growth in non-session revenue is the model.

• Invested in premium, direct-sold advertising. First-party data, contextual targeting tools, premium formats, video inventory. The shift from open programmatic to direct and private marketplace deals is accelerating.

• Diversified the advertising offering beyond display. Branded content, event sponsorship, video, audio, affiliate, licensing, and performance marketing are all growing. Display alone is not a growth story.

• Made advertising part of a broader value proposition. Events become content become data become advertising opportunities. The most successful publishers are building flywheels where each revenue line reinforces the others.

• Taken control of their own measurement story. Publishers who can demonstrate outcomes through attention data, brand lift studies, and attribution are winning budgets that might otherwise flow to platforms.

None of this is easy. The competitive environment remains intense, with Google and Meta continuing to capture the lion’s share of digital advertising growth. 

But the evidence from this earnings cycle is that news media publishing is not declining, it’s just continuing to transform and evolve. And the publishers who are leading that transformation are posting results that would have seemed unlikely even two or three years ago. And as the bottom line shows, they are increasingly figuring it out and getting it right.

This week’s advertising master class on measurement and effectiveness

I urge you to consider signing up for my master class this week — or to take a minute to forward this on to colleagues or team members who might be interested. As a thanks to anyone who registers, I’m offering 45 minutes with me, after the class is over, to cover anything helpful, whether related to measurement or other challenges.

The three-module, all virtual master class starts Thursday and continues Tuesday, March 24, and Thursday, March 26.

Advertising measurement is one of the biggest unresolved challenges in media. Up to 75% of marketers say measurement is flawed, yet it remains one of the top priorities for investment.

Over the three virtual modules, leading publishers — including Financial Times, The Guardian, Schibsted, Ringier Axel Springer Polska, and Editora Globo — will share how they measure campaign impact, demonstrate engagement, and compete with platforms.

• You can see the full agenda here.
• You can see pricing and register here.

I recognise it’s a big time commitment and it’s coming up quick, but anyone who registers will get access to the recordings and all of the presentations to attend live or watch later at their own pace.

Here’s why I think the master class is worth your time:

1. Getting measurement right is really important.

According to the IAB’s State of Data 2026 report, as many as 75% of marketers say measurement is deeply flawed. Yet in other surveys, those same marketers consistently rank attribution and measurement at the top of their priorities for focus and investment. In other words, it’s important, but no one’s really happy with the state of things.

Even though you might be struggling to defend the value of your inventory against platforms and other threats, this is an opportunity to prove why advertising with you is a good investment.

To be convincing, you have to provide credible evidence beyond reach, CTR or simple campaign reporting. That might mean providing brand lift studies, adopting attention measurement, reporting deeper engagement metrics, evolving your go-to-market narratives, your campaign reporting, and more.

The master class will show you all your options, and fellow publishers will demonstrate what they’ve built, what they’ve learned, and where they see the most viable paths forward.

2. The agenda is outstanding.

In Module 1: Foundational measurement — we’ll explore what’s possible beyond reach and digital metrics reporting.

• Editora Globo Brazil will present ways they measure the value of branded content projects and campaigns to prove their impact.
• The Financial Times UK will show how measurement innovations like attention measurement provide publishers with new ways to demonstrate value.
• Casa Editorial El Tiempo Colombia will demonstrate ways they’ve successfully leveraged first-party data to generate new revenue streams and improve campaign results.
• Schibsted Norway will show you the many ways they maximize media effectiveness and demonstrate impact to agencies.

In Module 2: Making the case for publisher effectiveness — we’ll help you learn how to build the evidence that news media advertising works.

• Ringier Axel Springer Poland will show how they measure quality engagement and protect premium pricing.
• Newsworks UK will present a study finding a clear link between the high-attention digital media inventory publishers offer and advertising effectiveness.
• The Guardian will showcase research on how premium user experiences and lower ad density drive more engagement.
• News UK will spotlight Nucleus Measure, a measurement product that embeds full funnel brand lift and attention metrics to deliver campaign learnings and recommendations.

In Module 3: Demonstrating outcomes and competing with platforms — we’ll cover how to translate measurement into commercial results.

• Mediafin Belgium will show you to create a tailor-made campaign insights report.
• Ozone will demonstrate how the collective power of premium publisher audiences provides brands with an alternative to big platforms.
• Nine Australia will share insight into the challenges they’ve faced in measuring campaign effectiveness and their success in solving those challenges to demonstrate ways they drive business outcomes.
• Last, I’ll give you a deep dive into the past, present, and future of publisher advertising measurement.

3. I’ve lived this and I’ll share my learnings.

During my seven years leading strategy and insights at The New York Times, we launched attention measurement, scaled brand lift as a practice, ran cognitive studies on the impact of premium advertising, evolved our reporting, and identified the advertising value of super users through multimodal research.

More recently, I’ve continued to work across the industry on this challenge. I worked with CIMM and the IAB interviewing 40 experts and practitioners to create the Attention Measurement Playbook for Marketers, and I’m currently working with the ARF & CIMM’s Innovation in Metrics Working Group on a paper making the case for “quality” as a significant success factor in media buying and measurement.

Why? Because we know news publishers don’t get their fair share of advertising spend, and the advertising marketplace has consistently underpriced quality environments like news. But I strongly believe that better measurement is the opportunity and the key to correcting this.

Most of all, I promise the master class is going to be worth your time.

No one has all the answers, but this is a programme built around honest, practical guidance, real-world experience, and peer-to-peer learning from publishers who are actively working to solve this challenge.

Whether you’re early or advanced, this is a chance to benchmark, take away ideas and practical advice you can put to work. All participants will get access to the recordings and all 12 presentations to watch on your own time and continue to find value.

If you have any questions or if you're already signed up, send me an e-mail and let me know what you’re hoping to get out of the class and what problems you’re trying to solve. I’d love to make sure this is as valuable to you as it possibly can be.

Attend and learn how publishers are evolving measurement beyond reach and CTR — and how stronger evidence can help secure a fairer share of advertising investment. Once you’re registered, book time with me anytime after the class by shooting me an e-mail. 

If you’d like to subscribe to my bi-weekly newsletter, INMA members can do so here.

Banner photo: Adobe Stock By Mongkol.

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