Magazine publishing has been going through significant restructuring over the past decade, seeking alternative revenue sources and revisiting old ones. Subscriptions, paywalls, and affiliate marketing are three examples, but possibly the biggest opportunity is for brand extensions and in particular, events.
In an age where 78% per cent of millennials choose to spend money on desirable experiences rather than material products, revenue streams are clearly switching towards events.
“The ‘Four Ps’ (Price, Product, Promotion, Place) are not as important as they once were,” says Victoria Archbold, Managing Director of Events and Sponsorship at Hearst Live. “When it comes to experience we are seeing them shift to the five W’s – Where am I? Who am I with? What am I doing? Which channel shall I share it via? Why am I or they (the organiser) doing it?”
Indeed, the future turnover of all media companies looks set to come from an increasingly diverse field. In a separate whitepaper looking into the Future of Media, FIPP and UPM recently looked at how big a part trends like ‘reverse printing’ are now playing in the media mix. Hearst’s Airbnb magazine for example, shows how more traditional content offerings can be born from existing digital communities.
In the case of events, this crossover is being heightened further by augmented reality (AR), virtual reality (VR), and other innovations that are adding different dimensions to physical spaces. Even something as simple as a digital photo booth, from which people can share branded images from media events online, can give them an extra boost.
“It’s much easier to start small with a pilot in order to avoid or minimise any potential losses, with an eye towards incremental growth year over year,” says Natali Freeling, Marketing Director at Nat Geo Live.
Inclusive of six pages of case studies drawing upon the experiences of everything from Smithsonian Magazine Museum Day in the US to La Gala de Caras (Editorial Perfil) in Argentina, the report offers a diverse catalogue of successful events of different shapes and sizes that are already functioning in the real world.
To download the report in full click here.