Video Transcript:
00:00 Hello everyone, I hope you’re all doing well. It’s been a while since I’ve recorded in person, and for this week’s editor’s note, I wanted to share some updates with you. Instead of struggling with writer’s block and spending a lot of time putting words together, I thought I’d share some insights from my observations in the industry during the first half of the year. Hopefully, you’ll find value in this and carry that positivity and perseverance into the next half of the year.
00:22 Since our last update about SODP around September last year, there have been significant developments. We were in the growth-facing phase, investing more in the business to position ourselves as a publisher, SEO consultancy, offering solutions to publishers. We’ve also been catering to the broader needs of the digital media industry. We introduced new features like the review section and courses, and focused on serving our community and members effectively.
01:35 A lot has happened since then. Personally, I’ve had a newborn, and there have been fundamental shifts in our publishing business strategy. While I once dreamt of a membership model as the primary revenue source, I realized that building such a self-sustaining platform would require significant capital expenditure and might not be justifiable. Industry feedback also shifted, suggesting that subscriptions should complement other revenue sources.
02:26 Other studies, including ones by eMarketer, revealed that publishers were moving from subscriptions as their sole revenue channel to embracing multiple revenue streams. Therefore, we’ve been focusing on having multiple revenue sources for the business. We introduced brand partnerships – offering review sponsorships, deep-dive educational series, and more – to generate results and increase awareness. We’ve also launched courses and have plans to offer more market research.
04:41 We’ve been actively participating in industry events and collaborations. We partnered with Google News Initiative to help publishers enhance reader engagement and revenue. We attended events like the Publishing Show in London and the Affiliate Gathering. In the Malaysian event, we talked about the challenges publishers are facing due to reduced impressions and CPMs, particularly in Southeast Asia.
10:26 At these events, we’ve been discussing topics like the adoption of AI, headless CMS and SEO, and more. It’s evident that AI is a buzzword, but practical implementation is key. Collaboration and community building have emerged as important aspects of the industry. Publishers are trying to find new revenue sources and ways to remain resilient, especially during challenging times.
16:51 In terms of AI, it’s crucial to experiment with off-the-shelf solutions before investing heavily. Collaboration and community building should be emphasized to overcome workflow inefficiencies. Publishers need to explore multiple revenue streams and build one-to-one relationships with potential advertisers. Focusing on reader engagement and SEO fundamentals is essential before investing in advanced tech stacks.
32:34 In conclusion, it’s important to assess the stage of your business before adopting new technologies. Prioritize scaling your business operations and audience engagement before investing in advanced tech solutions. Remember that collaboration and community are key in building a successful publishing business.
Content from our partners
Thank you for your time, and I look forward to sharing more insights and updates in the upcoming editions of the State of Publishing Editor’s Note. Goodbye and take care.
