By Daniela Lomas, Marketing Specialist at Mather Economics
October 1st, 2024
Last week, INMA gathered over 300 media leaders from 35 countries for its annual Media Innovation Week, sparking dynamic discussions on everything from personalization to boost audience engagement to newsroom transformation. We’ve curated the top takeaways to keep you informed on the strategies shaping the industry’s future.
1.Brand Development and Signature Journalism
A recurring theme was the critical importance of brand development for media companies. As organizations become more digital-first, it’s essential to establish a strong presence through signature journalism, even in the absence of physical newspapers on the street.
2. AI’s Role in Journalism
AI’s expanding role in media continues to be a hot topic. Here is how different organizations are leveraging AI tools to drive audience engagement:
– Tamedia (Switzerland) is at the forefront of AI innovation with its dedicated AI Lab, demonstrating how artificial intelligence can streamline workflows and enhance SEO optimization. They emphasize the critical role of multidisciplinary teams in driving successful AI initiatives.
– In Austria, Russmedia is prioritizing AI education, recognizing that training and workshops are essential for fostering high adoption rates, rather than simply investing in new tools.
– Kölner Stadt Anzeiger (Germany) has transformed its homepage experience through full automation and personalization via recommendation services, resulting in an impressive 80% increase in click-through rates and a 13% boost in engagement.
– The Financial Times (USA) is harnessing AI for both audience acquisition and retention, employing models that optimize user offers and improve cancellation save strategies. Their latest feature, Ask FT, uses AI to answer professional readers’ inquiries with referenced articles.
– JP/Politikens Hus (Denmark) is leveraging generative AI to assist journalists with repetitive tasks like drafting and summarizing articles, significantly streamlining their content creation processes.
3. Moving Beyond Print Transformation of Newsrooms
Many sessions focused on the transformation of newsrooms, specifically moving away from print and embracing digital:
– NTM (Sweden) has made strides in digitizing local newsrooms by separating print operations from digital teams and focusing on producing fewer, but higher-quality stories. Leadership training and personal feedback have been crucial to their transformation.
– Funke Media (Germany) is aiming for digital profitability by 2030, with a focus on bottom-up transformation, coaching newsroom teams to create content that drives both reach and subscriptions.
– OVB Medienhaus (Germany) united two previously competing newsrooms under a single strategy, focusing on better internal communication and alignment with digital goals.
4. Trust and Community Engagement
Building trust was a key topic, with several case studies illustrating innovative ways to connect with audiences:
– Helsingin Sanomat (Finland) reached Russian audiences by embedding independent journalism in the popular game Counterstrike, a bold move to bring unbiased news into restricted spaces.
– Prisa Media (Spain) showcased their VerificAudio tool, which verifies the authenticity of audio files in a world increasingly plagued by deepfake technology.
– De Telegraaf (Netherlands) hosted a unique event where political leaders created their own newspaper pages, an initiative that strengthened their brand’s authority during election coverage.
5. Alma Media: Unlocking Subscriber Growth Through Personalization & Simplicity
Alma Media (Finland) is taking an innovative approach to subscriptions. Their magazine, Iltalehti, boasts 55K subscribers, yet they account for a mere 15% of total profit. Recognizing a pivotal opportunity, the company is harnessing the power of positive content to boost conversion rates. One intriguing idea on the table is a frictionless payment method that allows users to subscribe simply by entering their phone numbers. Moreover, their cancellation flow is designed with care; by reminding users of what they’ll miss, employing polls for valuable insights, and offering personalized pricing, they have successfully retained 30% of customers who might otherwise cancel.
6. Sanoma: Personalization Drives Sales and Engagement
Sanoma is a shining example of how personalization can lead to impressive results. With 95% of users experiencing a customized homepage, the company has achieved a remarkable 6% increase in sales and a 9% boost in page views. Their content strategy includes a variety of article lengths, with 5000-word pieces featuring video driving the highest sales. Additionally, the integration of AI tools in the newsroom, aiding in headline creation, article summaries, and content tracking, is transforming how they engage with their audience.
7. Keskisuomalainen: A Mobile-First, Regional Powerhouse
In the heart of Finland, Keskisuomalainen reigns as the largest regional title, reaching 3.1 million people each week. Their commitment to a mobile-first strategy, with 80% of users accessing content via mobile devices, has fueled their success. With over 100 titles and 103,000 subscribers, they understand the importance of accessibility, particularly through their subsidiary Selkomedia, which produces simplified Finnish content to broaden their readership.
8. AI as a Key Player in Swiss Media: Collaboration & Experimentation
Swiss media companies are embracing AI as a cornerstone of innovation. One company is cultivating a robust AI team that collaborates daily, leveraging feedback loops and conducting hackathons to explore new possibilities. The implementation of personalized content blocks on homepages has resulted in an astounding 80% increase in click-through rates, showcasing the power of machine learning in enhancing reader engagement.
9. Schibsted: AI-Driven Efficiencies and New Revenue Streams
At Schibsted (Norway), AI is revolutionizing editorial processes and opening new avenues to revenue. They utilize AI tools for data analysis, content generation, and summarization, with Slack bots that generate analysis queries to streamline workflows. Their innovative use of Podme allows for podcast transcriptions and summaries, transforming audio content into engaging written pieces. Furthermore, the launch of niche newsletters, such as those focusing on family or local sports, has achieved 5x higher engagement and a 5% conversion rate, demonstrating the potential of targeted content.
10. Aftenposten: Targeting Younger Audiences with Dynamic Paywalls
With an eye on the future, Aftenposten (Norway) is on a mission to reach 200K digital subscribers by 2025. They are strategically targeting younger audiences by tailoring content based on gender and age demographics. Their dynamic paywall strategy balances ad revenue and subscription opportunities, adjusting access based on user engagement signals. They are also experimenting with user-generated content, including AI-moderated comment sections and live chat features, to enhance interactions and drive conversions.
11. Mediahuis Noord: Engaging Readers with Premium Live Blogs
In an era of information overload, Mediahuis Noord (Netherlands) is cutting through the noise with innovative content delivery. Their premium live blogs, which blend breaking news with exclusive articles, have captured readers’ attention and improved sales. The role of analysts embedded within the editorial team ensures that data-driven decisions shape their content strategy, leading to increased engagement.
12. Der Spiegel: Experimenting with Bundled Content
Der Spiegel (Germany) is redefining content consumption with its Alles.Plus initiative, which aggregates articles from various newspapers into a cohesive package behind a paywall. This bundling strategy not only enhances the value proposition for subscribers but also sets the stage for ongoing tests on different publications, like the Kölner Stadt-Anzeiger, to refine their offerings.
Conclusion
INMA’s Media Innovation Week showcased the cutting-edge strategies publishers are using to stay competitive in a digital-first world. From AI-driven workflows to personalized engagement and reimagined subscription models, the focus is on sustainable growth.
Innovation becomes easier with the right strategic partner—Mather has helped hundreds of publishers worldwide refine their growth strategies over the past 20 years. Connect with our team to learn more!
