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THE NEW NEWS on PRINT MEDIA TRANSFORMATION by Frank Arthofer, Niki Aryana, Anna Green, Alannah Sheerin, and Neal Zuckerman

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THE NEW NEWS on PRINT MEDIA TRANSFORMATION by Frank Arthofer, Niki Aryana, Anna Green, Alannah Sheerin, and Neal Zuckerman THE NEW NEWS ON PRINT MEDIA TRANSFORMATION By Frank Arthofer, Niki Aryana, Anna Green, Alannah Sheerin, and Neal Zuckerman igital technology is no longer the This framework is still useful, but it’s time Ddisruptive force in print media—it is to rethink specific steps. Most companies the driving force that shapes content have made near-term and medium-term creation and distribution. The distinction moves. Some of these efforts have worked, between print and digital is not relevant some no longer work, and some are works anymore: publishers have become, with in progress. But consumer behavior and varying degrees of success, digital media the industry continue to evolve. Companies companies. But the industry continues to need to take stock of changes in the com- evolve, pushed by changing consumer petitive environment, the outcomes of the behavior and business innovation. Trans- steps they’ve already taken, and the moves formation, therefore, remains an impera- they should be considering to stay relevant tive for many companies. over the longer term. In late 2012, BCG presented a transforma- tion game plan for companies in the throes What’s Changed? of a digital sea change in how people con- Three developments in particular have sume print media and how advertisers shaped the print media landscape over the reach them. (See Transforming Print Media: past three years. Managing the Short Term While Restructuring for the Future, BCG Focus, December 2012.) More print media companies have been Our framework involved three stages: near- forced to stand on their own two feet. In the term moves to raise cash for the journey; continuation of a move that began well medium-term steps to establish new lines before 2012, more media companies have of business, primarily in adjacent seg- separated their print and other media ments; and longer-term actions to develop assets. News Corporation (News Corp) and the skills and build the organization and 21st Century Fox split in 2013, Time War- culture the digital world requires. ner spun off Time Inc. in 2014, and Tegna For more on this topic, go to bcgperspectives.com and Gannett went their separate ways in millennials’ sources for 24 news topics— 2015. Those transactions generally created including music, TV and movies, sports, value for shareholders, but they left print crime and public safety, and national media companies to fend for themselves in politics—found that Facebook was the the digitally disrupted marketplace. number one source for 13 topics and the number two source for 7, meaning it Company performance has been mixed. ranked first or second for 20 out of 24. A Most print media companies are embrac- 2015 survey by Pew Research found that ing digital or multichannel models. Hearst more than 60% of Facebook and Twitter Magazines’ US digital operations account users get their news on social networks. for more than 30% of overall US profitabili- BuzzFeed is a major source of news and ty. The New York Times Company has set a information for 14- to 25-year-olds, and goal of doubling its total digital revenue, in- 75% of its traffic comes from social media, cluding advertising and subscriptions, to according to digital information clearing- $800 million by 2020. The company an- house DMR. Snapchat, through its Discover nounced the addition of 67,000 digital platform, has emerged as an important subscribers in the first quarter of 2016, curated news source for millennials. bringing its total to 1.2 million. Gannett has pursued an acquisition strategy, completing The incumbent news media brands have the purchase of Journal Media Group, and taken notice and are beginning to embrace has added nearly 10% to its market capital- these platforms: the Wall Street Journal ization. (Gannett also recently made an made its debut as the first major US news- $800 million bid to acquire Tribune Pub- paper brand on Discover in early 2016, and lishing.) Time Inc. and News Corp have approximately 20 other media outlets are focused on adding digital assets, with Time now on that platform, including CNN, Cos- Inc. acquiring Viant and HelloGiggles, and mopolitan, and National Geographic. News Corp purchasing Storyful, Unruly, and Move, Inc., which operates Realtor.com and other digital sites. Funding the Journey In 2012, we described three categories of But overall financial and stock perfor- near-term moves that could help compa- mance among public companies has been nies fund their transformations. It’s fair to mixed. Several have struggled to communi- say that more than three years later, just cate their transformation strategy or have about all the cost-cutting and short-term not yet shown financial gains. After mod- shareholder value levers have been pulled, estly outpacing the S&P 500 in the first half particularly in the mature media markets of 2015, print media stocks as a group un- of North America and Western Europe. In derperformed in the past year. other, less developed markets, some room may remain. But many companies cannot Digital incumbents, such as social media cut further without affecting their prod- sites, are now a bigger competitive threat ucts. They have taken the restructuring than digital attackers. Thanks in part to steps open to them, and they don’t have the rise of mobile as the dominant channel the financial flexibility to significantly in- for media consumption, news media crease dividends or buy back shares. aggregators (such as Flipboard, Circa, Newsy, and Pocket) have given way to That leaves revenue and its two principal mobile-first social media platforms (Face- sources: consumers and advertisers. book’s Instant Articles and Snapchat’s Discover, for example). These platforms Consumer Revenue. To support subscrip- have become the go-to destinations for tion sales, many newspapers have erected news, especially for younger consumers, paywalls, substantially reversing the de- and are therefore a material threat to cline in consumer spending for newspaper traditional news media brands. A 2015 content—although it should be noted that survey by the American Press Institute of one reason for the paywalls’ success is the | The New News on Print Media Transformation 2 limited competition in many markets (par- digital ad bundles that generate more ticularly those that are small and midsize). revenue across publishers’ portfolios and Newspapers may not have much more generate higher ROIs for advertisers. In room to increase subscriptions to existing many companies, print sales teams and offerings. Magazines, on the other hand, digital sales teams, which used to oper- compete in a much broader competitive ate separately, have been merged. landscape—with one another and with digital players; they have not experimented • Restructuring Ad Sales. Media as extensively, or had as much success, with companies are reorganizing ad sales paywalls. One notable exception is the New teams to reflect their advertisers’ focus Yorker, which introduced a paywall in the on audience and consumer segments. fall of 2014 and generated more than Some publishers have realigned sales 100,000 digital subscribers in the first year teams by industry (one team focuses with no material decline in print subscrip- on telecom, another on apparel, for tions or unique digital visitors. example) rather than by brand to de- liver customized solutions to advertis- Some companies are also attempting to re- ers. Newspapers have merged local and inforce the value of their publications to national advertising sales to provide a consumers by bundling content with other sufficiently large-scale alternative to products, such as consumer-focused events. other national media. Companies are Entertainment Weekly holds about a dozen also recognizing the need to recruit new events a year, including movie premieres at kinds of talent, including people with SXSW and the Toronto Film Festival. The analytical skills in areas such as pro- Essence Festival attracts more than 450,000 grammatic sales and those who under- people annually to New Orleans and is ex- stand broader marketer needs and can panding to South Africa in 2016. The New deliver more comprehensive and more Yorker is advertising the 2016 version of its targeted marketing solutions. annual festival as a three-day “eclectic line- up from the worlds of film, fiction, politics, • Creating Private Markets for Pro- comedy, science, fashion, food, and more.” grammatic Sales. Many advertisers now believe that the programmatic Publishers are also bundling their content buying of ads is the most effective—and with that of other companies (including most cost-effective—way to reach target competitors) through consortia or third customers at scale, and they are backing parties. Next Issue Media, which launched this belief with budget. Programmatic, in 2010 (and was recently renamed Tex- or automated, spending on display ad- ture) offers consumers access to a selection vertising (desktop and mobile)—a of magazines for a one-month period in re- $9 billion market as of 2015—is ex- turn for a flat fee. The newspaper industry panding by almost 30% a year. Spend- has launched its own cross-title bundle, ing is expected to exceed $30 billion in Blendle, which has nearly 1 million regis- 2019. (See The Programmatic Path to tered users after its first two years of oper- Profit for Publishers, BCG Focus, July ation in Europe and will launch in the US 2015.) Many large print publishers in 2016 with up to 20 titles. generated more than one-third of their digital ad revenue through program- Advertiser Revenue. Companies have made matic sales in 2015. Publishers have a number of moves to generate more rev- built new capabilities and created new enue from advertisers and develop new rev- positions to capture opportunities in enue streams. Four of the most common— this growing market. and successful—are the following: • Developing New Ad Products.
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