Embracing change: why media companies must innovate to survive

The media industry has undergone huge transformation over the past few decades, with the rise of digital platforms and, of course, the advent of social media. As we enter a new technological era driven by artificial intelligence, publishers must continue to adapt and innovate if they want to succeed. As Charles Darwin famously said, “It’s not the strongest species that survive, nor the most intelligent, but the most responsive to change.” 

How to thrive in a changing media landscape

Staying ahead – or even just surviving – in a shifting media landscape isn’t easy. The companies that excel are the ones who are willing to evolve, adopt an innovative mindset, and invest in the right areas. But where do you start? Here are three strategies we think every publisher should be prioritizing right now.

1. Embrace AI responsibly

It’s no surprise that artificial intelligence tops our list. AI has significantly impacted how publishers manage their operations, and with advancements coming at breakneck speed, it should remain a focal point for innovation.

In addition to automating routine tasks, using AI-driven tools to analyze readers’ behavior can help companies deliver more targeted content that resonates with the user. This boosts engagement, which translates into increased reader revenue and greater brand loyalty. With AI insights now driving the majority of decision-making across the media sector, companies that haven’t embraced this revolution risk being left behind.

AI is also transforming content production, curation, and delivery. For example, before using AI tools, the Associated Press produced 300 articles on company earnings reports every quarter. With AI, that was boosted rather dramatically to 3,700 per quarter. But while AI’s ability to expedite the content creation process is clearly an important benefit, it inevitably raises concerns about quality. 

Despite huge advancements in this area, generative AI tools still lack the nuanced understanding and creativity of human writers, particularly when it comes to investigative journalism. But that doesn’t mean they can’t form part of your innovation strategy. Instead, publishers must strike a balance between leveraging AI for efficiency and maintaining the authenticity and depth that human creativity brings to the table.

Ethical considerations are another sticking point for many businesses. The use of AI in tracking and analyzing reader data must be transparent and respectful of privacy norms. Misuse of data can lead to a loss of trust, which is detrimental to any publishing brand. Therefore, it’s imperative to implement AI responsibly, ensuring that it enhances rather than undermines the integrity of the publication.

2. Enhance your tech stack

As in any industry, investing in the right tech stack is crucial for success. Clinging to outdated and disparate legacy systems is incredibly inefficient, creating silos that lead to poor data hygiene, errors, lower productivity and lost revenue.

To thrive, publishers must integrate advanced technologies that streamline operations, improve content delivery, and enhance user experience. A robust tech stack will help you to gather and analyze data more efficiently, tailor content to audience preferences, and optimize ad placements to maximize revenue.

AI-powered data analytics can also analyze large volumes quickly and extract meaningful insights. This enables publishers to make more informed and timely business decisions that can significantly benefit both bottom and top-line growth. And in a crowded market, this can give you the edge you need to outperform your competitors.

3. Explore new revenue streams

We’ve said it before and we’ll say it again: publishers must diversify their revenue streams if they want to thrive in this dynamic environment. The good news is that there are plenty of ways to monetize your content and generate new revenue.

Subscription models and premium memberships have already gained traction as readers increasingly value high-quality, ad-free content. E-commerce and affiliate marketing are also worth exploring. By partnering with relevant brands and promoting products or services that align with your content, you can earn commissions on sales generated through referral links. 

Events, conferences and webinars are another popular option, as they allow publishers to monetize their expertise and engage directly with their audience. Other potential revenue opportunities include voluntary donations and crowdfunding, data monetization, and digital content like e-books or podcasts.

A new era of opportunity 

Despite the challenges, this is an exciting time for the publishing industry. Publishers who view these challenges as opportunities and are willing to invest in change will not only survive, but flourish in the digital age. 

The key is to stay agile, innovative, and committed to delivering value to your audience. The journey ahead is filled with possibilities, and those ready to embrace the change will lead the way in shaping the future of publishing.

We’ll be sharing more insights on how publishers can navigate the changing world of digital media at our conferences on 1 October in Berlin, Germany and 9 October in Austin, USA. Book your ticket here.