News media companies are transforming their business model by fusing the smart use of data analytics with the emerging economics of content, subscriber acquisition and retention, and advertising sales, according to a report released today by the International News Media Association (INMA).
“Monetising Audience Data: Media’s New Business Model” takes media executives from behind the curtains of strategy sessions and data warehouses into the realm of practical application:
- What does an audience-focused, data-fueled media company start to look like?
- How should we inject data and predictive analytics into solving everyday business problems facing media companies?
- How are peer media companies using real-time data analytics to optimise their subscription sales and retention operations?
Author Matt Lindsay, president of Mather Economics, shares what the experiences across many companies are unveiling for him: That media is shifting from an advertising focus to an audience focus and, aided by technology, is subsequently shifting from a one-size-fits-all strategy to one based on personalised communications and intense customer relationships.
Aided by practical examples from The New York Times and Newsday in the United States, NRC Media in The Netherlands, and Independent News & Media in Ireland, “Monetising Audience Data: Media’s New Business Model” shows the new influence of data and research on strategy, subscriber acquisition and retention, and print advertising sales.
“While much of the news industry has focused on the backbone of data analytics — data scientists and analysts, data warehousing, data hygiene — this report takes the data and puts it into usable, measurable frameworks,” said Earl J. Wilkinson, executive director and CEO of INMA. “What emerges from the report is the beginnings of the modern media company with long-term plans based on metrics – and a sustainable business model in the era of digital platforms and social media.”
“Monetising Audience Data: Media’s New Business Model” is available for free to INMA members and available to non-members for US$795 — which includes one year of association membership, all strategic reports in the next year, and access to all INMA content and peer connection tools.
INMA members may download the report and non-members may order the report by going to www.inma.org/reports.cfm.