How will newspapers get out of the economic emergency room where they have been hospitalized for the last few years? This is a one million dollar question that has no easy answer. Taking a closer look at what enterprises like Facebook are doing can offer some ideas for traditional – and even new – media companies that want to thrive in this dynamic and ever-changing online environment.
Think Mobile - People are more and more on-the-go and want to consume news anytime, anywhere. Having an app with an easy-to-use and appealing interface will put your company ahead of many competitors.
Develop Communities - Find ways of attracting and nurturing a community that loves what your company does. The more engaged your consumers, the more valuable they will become to advertisers.
Embrace Novelty - Traditional advertising won’t be enough to meet media companies’ revenue demands. Less traditional – but also more controversial – revenue sources, such as branded content and sponsorship, are already grabbing advertisers’ attention and bringing significant amounts of money to media companies. Join the party before it’s too late – and too crowded.
Raquel Salgado is a business journalist who has worked with the biggest Brazilian media companies in the past ten years. She is a Master candidate in Media Strategy and Leadership at Northwestern University. Contact her on twitter at @quel_salgado.