Generate Revenue with Events
By Jadriena Solomon
Planning to fund a project or publication? You may consider curating events to generate revenue.
A great example of a newsroom that successfully used this method to generate a substantial amount of income for their platform is the Texas Tribune, raising $1.13 million in 2013 (via API Report).
Not too sure what types of events you can curate as a journalist? Debates, panels, networking events, award dinners, speeches, etc. are not only beneficial to newsrooms to bring in revenue but also for professionals looking to learn new information, meet others in the industry, and enjoy themselves.
As also stated in the API Report, curated events are successful because they “deepen connections with audiences and sponsors… reinforce multiple values of a publishing brand.” And always have the opportunity “to grow.”
Events provide a physical space that becomes the environment to foster interpersonal connections between the overall brand, the representatives or journalists physically present to represent it, and the audience (viewers already engaged in that platform’s work as well as newcomers who may be unfamiliar, seeking to be captivated.)
According to TheMarketPlace.org, in 2013, The Atlantic hosted about 100 events a year where they made almost 20% of the organization’s revenue. Today, the publication has events in the area of healthcare, education, economy, business, culture and politics set for 2019; having hosted and curated over 60 events in 2018, proving the method to still be lucrative.
Another news place that used events to its advantage is The Dallas Morning News (via INMA). In 2013, the company hosted a “Walk to the Park” event celebrating a brand new park.
The event included heavy social media promotion, a marching band, concert performers, and food trucks, ultimately bringing out a crowd of 2,000+ people. Though the Dallas Morning News did not turn that particular event into an annual practice, and does not have a sole hub for curated events by the company, the publication does host an entertainment website called “GuideLive” that directs residents and tourists to events and things to do around the city, curated by their newspaper.
All in all, events prove to be a credible way to bring in revenue — it just depends how the events are curated, with what purpose in mind, and the intention (whether or not it’s meant to be recurring or serve a specific time and purpose).
