When the internet started to expand its reach, traditional publishing such as newspapers and magazines had to adapt to the changing times. There was a burst of new online publishing from new and traditional sources, but this was quickly joined by the blogger.
Blogging has exploded in recent years, and this has meant that nearly anyone can produce published content to attract readers. This has made things more competitive; however, there are other types of content that are also becoming more prevalent, such as YouTube Channels. YouTubers that produce product rating channels and niche channels are now threatening to marginalize digital publishing. To stay ahead of the curve, digital publishers need to adapt and adopt new ideas.
Here are the top 5 trends in digital publishing for 2020 that can help you stay relevant.
Adopting these trends will be hugely beneficial to publishers, and create cutting edge solutions that will help you compete.
1. Developing a diversified monetization strategy
Although many media companies use advertising revenue as their main source of income, there are growing moves among some to diversify and develop an additional income from other areas. If revenue from advertising starts to fall off, then companies are concerned that this can leave them in a vulnerable position.
One of the best ways to achieve this is by creating a subscription model. This monetization model then delivers additional content that the customer will find of real value.
To attract subscribers that are willing to pay for content, the latter needs to be of high quality and to be delivered at a consistent pace; one that will justify the price. This is where it can be difficult to judge; you want to ask for enough to give you a strong alternative revenue stream, but not so much that people are unwilling to pay for it.
2. Prioritizing subscribers
Another top strategy focuses on subscribers over followers. Many media companies are now seeing that having a presence on social media platforms is good for marketing, but they have had little benefit from posting content on there.
For that reason, there is now a growing focus on gaining and keeping subscribers and giving them what they want. The benefit is that they have decided to subscribe; this clearly indicates that they’ve gained an interest in the content your company produces. Subscribers are also a much more efficient way of working than trying to chase cold leads.
YouTubers use a similar model when creating content. They will often ask their viewers to subscribe to their Patreon account. These types of subscription services allow YouTubers to create dedicated content and other bonuses just for them.
3. Start thinking eCommerce
Many media companies think about revenue as ad-based or via subscription. Unfortunately, neither of these is certain to bring in the revenue you need. Subscriber fatigue has led to a slowing down of people willing to sign up for another service. However, there is another way to make money, and that is using eCommerce to sell things on your website.
This is another way that many YouTubers get additional income, by selling branded goods to their viewers. You can also offer some free content that will entice customers to then buy additional things as well.
Think about what you can offer your customers that they might want to buy as a one-off purchase instead of a regular subscription. Merchandise is also something that you can take to events to not only advertise your brand but also grab those who might not want to buy online.
4. Start approaching video strategically
There are some companies that create content for video sites like YouTube and Vimeo, and then use the money they get from the ad revenue as an additional source of income. While this can be a profitable way to go, there are better ways to generate additional income.
Instead of relying on third-party companies to find your ads, try to leverage your own advertising by selling the ad space directly on your own website. By adding tools such as annotations, chapters, forms, and CTAs, you will make your videos an attractive proposition to people and other companies.
To achieve this, look to video software like Cincopa, where you can store individually-created videos. You can also add chapters to make finding a certain part of the video easier. It is also possible to add annotations to include extra details, and a CTA (Call to action) to help drive viewers to buy a product or sign up.
Using video platforms like Cincopa allows you to add whatever you need to your videos and ensure that they focus on your company and branding. You can add forms and other useful information, then add it to your website and send links to the landing pages.
5. Take security more seriously
Data privacy and security are important topics then it comes to digital publishing. Protecting your customer’s personal data is not just a requirement by law, it is also something taken seriously by the public.
It is vital that when you are developing strategy, you keep security at the forefront.
The content that is created needs to be of value and answer a need that the customer has. They are then more likely to be encouraged to go through the paywall. However, they will only do so if they know that their personal data is secure.
One point that keeps returning when you consider digital publishing is great content. With so much information and blogs out there, you need to make yours stand out in a way that makes people come to your business instead of anyone else.
Cincopa can help your business create the type of content that gives you the edge over your competitors and not only drive eCommerce but also create additional revenue streams.