Hearing from publishers about their navigation of today’s media industry and how they’re trying to monetise were valuable parts of the INMA World Congress for News Media for Tracy Day, managing director of ad products and innovation at The Globe and Mail.
“I got a ton of key takeaways, and it’s also interesting to know that they’re actually dealing with the same issues that we’re dealing with right now,” Day said.
One of those issues, Day said, was podcasts. She found it helpful to hear about the various ways that different media companies have of approaching podcasts. “What formats they’re going to use, subscriptions, their advertising revenue, where it fits in the funnel, etc.”
Another big piece for Day was the discussion about Google and Apple.
“There’s a lot of consternation around that, and you know, we’re all really concerned,” she said. “Yeah, they may be giving back a ton of money, but they’re really controlling us right now and what we’re doing. It’s a whole new world.”
Day added that she hopes the media industry can figure that out: “I think it was at the top of everyone’s mind today.”
Another key topic was diversification, particularly what she learned from Schibsted. “It’s not just the core product, though the core products are going to bring you the most revenue. But it’s also the additional things, too, that you have to look at and understand who your audiences are and what kind of approach to build around that audience.”
Media companies can build margins around those additional products, which can sometimes be bigger margins than those of the core product, Day said: “That’s something I’m going to look at when I get back as well.”