Many aspects of the media industry have changed over the previous decade, and magazines in particular have had to evolve with the landscape. The business model that these companies operated within for a century no longer seems to be as effective. There is a need to stay connected to the core products that built up great media companies, but also a realization that the profit from these areas is decreasing.
The ever evolving landscape of the media industry brings a series of new challenges and opportunities.
- Increased competition
- “Digital Disruption” – the change that occurs when new digital technologies and business models affect existing business models
- Technological advances
- Growing mobile usage
- Ad blocking software
- Big data analysis that can deliver business benefits
- Better customer insight
- Ability to monitor and understand trends
- Ability to align business models with customer requirements
- Evolution of multi-channel advertising platforms
- Ability to target key audiences and identify new opportunities to up-sell and develop new services
- Digital advertising growth
While print magazines are still a core product for most companies, it is now common for media organizations to embrace other revenue streams and adopt new technologies and trends to succeed. Building new audiences across multiple platforms and expanding beyond traditional content can be a step in the right direction. A strategy for success during this time of change involves leadership embracing the evolution, recruiting employees with the appropriate technical skills and shifting the culture of the company.
Are you feeling the pressure of the changing landscape of the media industry? Call JNR to see how we can help through customer loyalty programs: 800.434.4546
Written by Stephanie Thomas
JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies of many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.