News media companies must unlock the value of data insights to strategically develop their subscription business and take full advantage of the pending phaseout of third-party cookies with advertising sales, according to a report released today by the International News Media Association (INMA).
“The Guide to Smart Data Strategy in Media” explores how news companies:
- Create data strategies.
- Understand and leverage data.
- Change their operations through data.
- Use Artificial Intelligence and machine learning to enhance efforts.
- Collaborate to harness the power of data.
The journey to the “smart data” opportunity facing publishers has been a steady climb over the past decade, punctuated by two recent events: the shift to a readers-first business model and Google’s announced phaseout of third-party cookies. Combined, these two events have super-charged publisher efforts to create first-party data strategies that efficiently serve the entirety of their enterprises, according to the INMA report.
Practically, publishers today are prioritising three areas of data development:
- Identifying audiences that unlock opportunities for improving content and user experiences and creating attractive advertiser segments.
- Enriching profiles of identified audiences and using data to model profiles of those who are not explicitly identified.
- Activating the data for advertisers in the form of targetable segments.
Though late to discover the value of data, publishers’ acceleration of first-party data strategies is having a ripple effect on the organisational structures of media companies, transformation of newsrooms, evolving team structures, and elevating the role of chief data officer, according to the INMA report.
With media companies worldwide at radically different phases of smart data development, INMA looks at how 13 companies are practically applying data best practices to transform their business operations.
Among the report’s case studies are Hearst, Torstar, Die Presse, Dagens Næringsliv, Nikkei, Asahi Shimbun, South China Morning Post, Mediahuis, Schibsted, Ekstra Bladet, Badische Zeitung, DRIVE, and Diar.
The new report, written by INMA blog editor Paula Felps, distills voluminous information created by INMA in the first six months of its Smart Data Initiative, leaning heavily into programming from the association’s recent World Congress of News Media, Smart Data For Media Master Class, and Asia/Pacific News Media Summit. Created in early 2021, the Smart Data Initiative shares insights and best practices on creating value with data analytics and incorporates a data-positive culture across news media companies.