By Evelyn Mateos, Editor & Publisher
Prior to the COVID-19 pandemic, newsrooms were diversifying their revenue streams in many creative and innovative ways. However, with advertising being a big casualty of the pandemic, the need to do so has never been greater.
In Reuters Institute’s “Journalism, Media and Technology Trends and Predictions 2021” report, it states “how important diversification has become, with commercial publishers citing, on average, four different revenue streams as being important or very important to them this year.”
Mark Glaser agrees, telling E&P, “Diversifying revenues is the best way to be sustainable.” Glaser is the founder of MediaShift; innovation consultant at the New Mexico Local News Fund; and associate at Dot Connector Studio, a media strategy and production firm.
Gwen Vargo, director of reader revenue at the American Press Institute, added, “Ultimately, I think we’re going to see more hybrid models. There are going to be opportunities for publications of all sizes and shapes to get money directly from their readers, sponsorships and advertising, events, and from foundations that have an interest in media or their communities. We should never rely on just one stream of revenue.”
Here, E&P explores where some of these opportunities will be heading as we move further into a future post-pandemic.