Generating Revenue for Your News Organization Through Events
By Ema Jimenez
Traditional advertising revenue seems to be under strain; now more news media outlets are turning to other sources of income, by hosting events. Having such events can be risky because there is no guarantee it will be successful, so it is vital to plan ahead and do your research. There needs to be a goal in mind, as mentioned by Annaliese Griffin, editor-in-chief of the Brooklyn Based. What is it that you are trying to accomplish? Is it profit or new readers? Or are you promoting a new feature or possibly increasing social standing? “Defining your objective first will help you plan the right kind of event. It’s all about identifying your goals and figuring out what fits best with your editorial content,” explains Griffin.
I personally feel, that aside from gaining revenue to sustain your company, one of the most important reasons to have events is to connect deeper with your audience. It allows you to meet your readers, engage with them, and really find out what it is they want as your news consumer. Local News Lab, Josh Steams, says, “At a time when too many of our relationships with audiences are mediated by platforms like Facebook and Twitter, events can create a direct connection with your community.”
There are not enough local community media outlets and many people feel their community issues and concerns are being overshadowed or not heard. Doing such events will help you learn and understand what the major concerns for these residents are; Steams says if you make your audience part of the planning process and be as transparent as possible, you will begin to earn their trust.
One main concern any smaller news outlet might have by hosting events is they might feel no one would show up because they aren’t a household name yet. “One need not be a large organization with a national readership to attract audiences and sponsor dollars with events,” explains Kevin Loker from the American Press Institute. Because unlike other news revenue, events are not necessarily about how many people come but about the value and connections you have made with those that do.
These events will help deepen your relationship with your audience and your sponsors. As opposed to traditional ads in paper or clickable ones online, sponsors are more inclined to do this because it guarantees people will actually see their content. Not everyone really looks at ads on papers and not everyone always clicks on their ads online, but in person it will be seen and hard to miss.
Overall, hosting these events can be tricky but the risk is worth the reward. You will be engaging with your audience, making new connections, finding new angles and stories to report on and strengthening your own outlet in the process. Plus everyone loves attending events with free food/drinks, as Seams pointed out, “I’ve never once had someone say, ‘Gee, that free lunch sucked,’ event manager told Jake Batsell.
