This well organized report provides one of the best and most comprehensive guide currently available for news organizations who are contemplating how to approach live events as a potential part of the revenue of a news organization. It includes a range of lessons learned and points toward examples from several different newsrooms, with an effort to focus on small and mid-size news organizations.
This report draws on 8 months of reporting about 19 different publishers. From that, we have distilled six key concepts:
- Use assets you already have: Events are a natural fit for news publishers because of a news organizations’ strengths at organizing information, its access to thought leaders and its role as a in dependent gathering place for ideas in the community.
- Leverage existing audiences and grow new ones: Events deepen connections with existing audiences but can also help grow new ones. This should dictate the strategy behind events and choosing subjects.
- Identify and hold off competition: Events prevent money that could be your news organization’s from going elsewhere.
- Take creative approaches: Events attract people and businesses for opportunities you couldn’t otherwise get and can build toward other relationships.
- Weigh the value of different pricing strategies: The significant revenue is in event sponsorships, not audience fees, though they can also be important.
- Go all-in with promotions: Event promotion, internally and externally, is vital to event success and growth as a significant source of revenue.