Roundtable Discussions: Seeking Solutions
The hallmark of both events was the roundtable discussions where every delegate participated in addressing pressing issues impacting our industries. While the discussions were off the record, a few broad insights emerged.
Publishers' complaints about the impact of tech platforms have shifted from griping acceptance to a determination that change is imperative over the next year.
Reflecting on the sentiment, I was reminded of the iconic scene in the 1976 film Network, where the newscaster urged viewers to declare, "I'm mad as hell, and I'm not gonna take this anymore!"
Two Countries, Same Challenges
Press Gazette’s conferences in New York and London gathered decision-makers from top media companies. While subscription-based businesses thrive, consumer media publishers face challenges, impacting democracy as independent news media relies on advertising.
At our US conference, a prevailing sentiment was that "modestly down is the new up," acknowledging the challenging landscape.
Quick Pivot or Decline
Publishers maintaining their position have swiftly pivoted to other revenue streams, with events and affiliate marketing proving effective. Subscription revenue cushions the fall for specialist markets but remains limited for the mass market.
Publishers' Frustration with Tech Platforms
Publishers report a steady erosion in search traffic from Google, prompting concerns about the platform's downgrading of news importance. Some are actively planning for a future without heavy reliance on Google.
Changes to Google’s search algorithm have shifted prominence to sponsored links and platform-native content, leaving independent content playing second fiddle.
Generative AI integration into search raises concerns, with publishers vowing to defend their content against potential wholesale plundering.
Broken Online Advertising Model
A significant takeaway is the sense that the online advertising ecosystem has gone awry. While the market grows, publishers' revenue share decreases, partly due to data privacy concerns and lazy buying tactics by advertising agencies.
There is a growing suspicion that the online advertising architecture favors tech platforms over publishers.
Education for agencies on sustainable and responsible ad buying is suggested to address this issue.
Cooperation for Survival
For ad-funded news media to survive, publishers need to collaborate and recognize the need to work together against the dominance of tech platforms.
Press Gazette’s Publisher Round-Table Events
Press Gazette’s Media Strategy Network USA event in New York and Future of Media Trends event in London gathered insights from industry leaders and featured round-table discussions.
Sponsored by: EX.CO, Permutive, Vindicia, InsurAds, Q5 Partners, Glide Publishing Platform, 10Up, LineUp Systems, eMagazines, Factor Eleven, Brand Newsroom, and House of Kaizen.
Stay tuned for more updates and in-depth analysis as we navigate the ever-changing landscape of the news and media industry.
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