In the current digital media landscape, businesses face challenges in growing and evolving their revenue models to keep up with consumer demands, social changes, and new technologies. Brands are being forced to think about other ways to monetize their content through diversification and optimization of revenue streams. If you fall into that category, this guide can give you a few things to think about as alternatives to traditional monetization approaches.
“I just need more eyeballs to increase my advertising revenue, right?” Many companies have survived on advertising alone, but as content consumption habits change and brand safety become more of a concern on third-party platforms, more eyeballs might not be an option. Because of this, there has been much talk around subscriptions services that charge a monthly fee for access to content.
Even the big players in the market have all launched products to ‘help’ the publisher launch their subscription business: Google with Subscribe with Google, Facebook with Local News Subscriptions Accelerator, Amazon with Subscribe with Amazon, and Apple with News+. The hope is their cut makes up for increased subscribers their involvement brings. That said, most of those services give you limited access to your consumers’ data or personal information.
As opposed to shifting all your eggs from one basket to another, many brands are looking beyond even paid subscription services. Though all of these avenues might not fit your specific brand, creative thinking can help you stay ahead of the curve. Continue on to see eight ways to diversify revenue for your digital media brand.
Senior Director, Commercial