The Changing Media Landscape: Opportunities and New Business Models

My Tow-Knight Experience: Three Lessons Learned

As I write this, so much continues to change within the media industry.

Companies such as Facebook are experiencing unprecedented global scrutiny for their privacy and information sharing practices — and what some may call a reputation melt-down — while simultaneously launching a $10 million funded Community Leader Program.

Companies like Google have launched new initiatives and committed $300 million over the next three years as part of the Google News Initiative (GNI).

And, traditional media outlets such as the Atlantic, the New York Times, BuzzFeed, and Mashable continue to explore and launch new revenue generating business models to sustain journalism.

These are just a few of the changing landscape dynamics we have explored through the Tow-Knight Entrepreneurial Journalism Fellowship program at the CUNY Graduate School of Journalism, which commenced this January.

As the Founder of Walker’s Legacy, a platform for professional and enterprising women of color, I’m asked by many: “What exactly is Walker’s Legacy?” When I respond “a multimedia company,” squaring this against the backdrop of media as we knew it can be a challenge.

I wanted to explore this interesting dynamic in this post, focusing on three important lessons learned at the two-month milestone of of my fellowship experience.

Lesson #1: Media is an industry for which journalism is a part but not the singular definer.

According to Vault.com, the U.S. media and entertainment industry contributes more than $632 billion to the economy and represents a third of the global industry. While journalism is an important component of media — and arguably one of the most prominently discussed— it neither defines nor determines the future of the industry as a whole.

Media is a vast industry that encapsulates a wide variety of sub-industries including but not limited to: film, print, radio, television, podcasts, internet, VR, AI, radio shows, news, newspapers, magazines, and books, among others. The media industry includes business functions such as consulting, finance, advertising, marketing and research, all of which specialize in one or all of the aforementioned core areas. And conferences, summits, events, travel, training and other activities are all business endeavors conducted by these entities.

The business model of media companies may take the form of privately held companies such as Forbes, of publicly traded companies such as Snapchat or Disney, of nonprofit organizations such as ProPublica or the Texas Tribune, or of government-funded outlets such as local government news stations. And they may be franchised or localized, as we have seen with the American Business Journal networks.

We have also seen many companies now entering the content market, which has further evolved how we must define the media industry. That’s evidenced by retailers such as Net-A-Porter, which has an in-house editorial tebetam, Porter, dedicated to producing content related to its products.

Lesson #2: To survive, traditional media will employ non-traditional business models.

The days of ‘just’ being a newspaper have changed. In the past, directories, advertisements and circulation could sustain a media company. Those days have quickly changed.

We are seeing now the development of new lines of revenue for existing media outlets such as The New York Times in the form of its wine club, travel experiences, and cooking subsets. Others, such as The Atlantic, have shifted their business revenue model to one where 80 percent is derived from events, digital/native advertising, and consulting.

Other outlets, such as Vice, have non-public facing consulting arms, like Virtue, that provide B-to-B consulting and creative agency work to various companies and organizations seeking media advisement and editorial content. Buzzfeed has also instituted this consulting type of model by providing companies and brands advisement and content development services leveraging their unique knowledge of virality.

We are also seeing the development of new media ventures that otherwise would have no home amongst the traditional definitions of journalism-based media. An example of such is, Skift and others have developed business models based on singular industries, boutique events, publication production and even consulting.

Lesson #3: The traditional strategies that have survived are email and membership.

As social media algorithms change, engagement with social media platforms evolve in a volatile way —see SnapChat’s recent $1.3 drop based on influencer comments. Users are increasingly engaging with media in ways that feel more “trusted” and more connected to their areas of interest. As such, email has remained an integral way to continue to increase brand engagement, placement, information sharing and to build trust and rapport with readers/subscribers. Those who are getting it right have meaningful content, the right voice for their readers, visual appeal and a commitment to consistency that is winning them audiences.

Membership, a traditional strategy for trade and business associations and clubs, is back in full effect as a new way to build revenue/sustainability, connectivity and engagement. Perks, benefits and advanced engagement opportunities are offered to those willing to pay a premium to become members.

We are seeing membership-as-subscription models being used by organizations such as Masthead, of the Atlantic. The Platform Press notes that “the proliferation of membership and subscription services is both a route to solvency and independence.”

In closing, Walker’s Legacy, a platform for enterprising and professional women of color has a place in the new landscape for media. We are a membership-as-subscription organization that produces original events, conferences, workshops and trainings and content through our user submission open platform and through our network of trusted writers. As we evolve we are seeking an editorial director/EIC to help us continue to create meaningful content for our network of women.

If you would like to connect with us or learn more about our work, please visit www.walkerslegacy.com or info@walkerslegacy.com.

We are a new media venture. We are the future of media building for the future of our economy: multicultural women.