HONG KONG, Nov. 9, 2018/PRNewswire/ — Digital Media Asia 2018, organized by the World Association of Newspapers and News Publishers (WAN-IFRA), discusses how the current society is shifting with technology disruption with various parties from all over Asia.
With digital advertising unable to make up for the huge falls in print advertising revenue*, news publishers are seriously considering taking the paid route after encouraging signs. Singapore Press Holdings was an early starter, embarking on a paid subscription model over 13 years ago which has evolved over significantly over time. Last year, Indonesia’sKompas Daily launched its paid website, kompas.id, which carries premium content over its free, advertising-funded cousin, kompas.com. And more Asian publishers will be following suit.
At Digital Media Asia 2018, industry leaders from all the region’s major news organisations are gathering in Hong Kong on November 7-9, 2018 to explore the various evolving business models in the news world. They also celebrate the success stories of the early adopters, which have experimented with a variety of approaches such as hard, metered, freemium and hybrid paywalls, micropayments, reader donations and memberships, and tapped into new revenue streams. Speakers from publishers such as Germany’sBILD, Switzerland’sNeue Zurcher Zeitung (NZZ) and Malaysiakini share how they have grown digital subscription income, which is far less volatile than income from third-party platforms and programmatic buying. They talk about how they have determined readers’ propensity to pay and persuaded audiences to pay for quality content.
According to WAN-IFRA’s 2018 World Press Trends report, traditional revenue sources continue to come under pressure globally, registering a four and eight percent fall for print circulation, and advertising respectively*. Despite this, print media continues to drive publishers’ bottom line globally, while digital circulation revenue has increased by 155% in the last five years as more users pay for online content*. And there is a lot more potential for growth.
Personalising user experience to drive engagement and subscription
Early pioneers in digital subscriptions have moved into personalising the delivery of news products to drive reader engagement, and ultimately, subscriptions. At NZZ, machine-learning algorithms help personalise the user experience and its paywall, enabling the company to quintuple customer conversion in the last three years. Over at Fairfax Australia, deep customer insights and engagement metrics shaped this year’s redesign of its sites such as the Sydney Morning Herald and The Age in Melbourne in pursuit of its ambitious paid membership goals.
Creating sustainable revenue streams
At Digital Media Asia, speakers from Reuters News Agency and Google encourage the exploration of new ground in non-traditional partnerships which extend beyond publishers’ usual reader, media or advertising clients, while early movers in the media blockchain space, such as CoinDesk, Forkast.news and Smartchain Media cutthrough all the hype, demystify the technology and tokenomics, and explain why there is a future on the blockchain.
Digital Media Asia 2018 Conference sessions
- Transformation and business models
- Go local: driving revenue with local communities
- Native advertising as premium ad revenue
- Non-traditional partnerships
- Digital marketing using AI
- New ways of creating premium content
- Digital media consumption trends in Asia
- Digital subscription
- Engagement and personalisation
- Instagram stories school
- Video for social media
- Data for business intelligence
- Blockchain for the media industry
- Product development and innovation
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* Source: WAN-IFRA World Press trends 2018 – Print advertising revenues globally fell by 8.3% in 2017 while digital advertising revenues rose by 5.38%. However note that print is falling from a base of US$51.4b globally, while digital has a much smaller base of only US$11.4b. (WAN-IFRA 2018 World Press Trends slides 24, 43 and 48, hereinafter known as “WPT”)
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