Why bad news can be good for business publishers with Dow Jones CEO Almar Latour
Nov 29, 2023
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Dow Jones CEO Almar Latour discusses the success and subscription focus of Dow Jones, the rise of digital subscriptions, the impact of uncertainty on publishers, the deployment of AI within the business, and the importance of building trust and diversifying revenue.
Subscriptions have become a crucial source of revenue for media companies, particularly in a complex world where major issues have real implications for individuals.
Diversifying revenue streams, including subscriptions, advertising, and affiliate marketing, provides stability and growth opportunities for media companies amidst fluctuating economic conditions.
Deep dives
Dow Jones CEO discusses why subscriptions are key to their success
Dow Jones CEO, Al Melator, highlighted the importance of subscriptions for their business. With a focus on high-quality and reliable information, the demand for subscriptions has intensified in a complex world where major issues have real implications for individuals. Dow Jones has witnessed a significant increase in subscriptions, even during uncertain times. By offering valued content and recognizing the value of their unique identity, Dow Jones has doubled its profitability over the past four years, making subscriptions a major part of their revenue.
The benefits of diversifying revenue streams for publishers
Dow Jones' diverse revenue streams, including subscriptions, advertising, and affiliate marketing, have helped them weather challenging times. While advertising revenue fluctuates in response to economic changes, subscriptions provide a stable source of income. By adding shopping and commerce elements to their business model, Dow Jones has tapped into a broader audience and opened up new revenue opportunities.
Navigating the changing media landscape
Dow Jones emphasizes the importance of recognizing the changing media landscape and not becoming complacent. Staying vigilant, understanding the challenges posed by evolving technology and platforms is crucial. By building unique products, enhancing their identity, and offering valuable content, media companies can differentiate themselves and compete against tech platforms.
The value of trust and reliability in media
Amidst disruptions caused by tech platforms, Dow Jones highlights the importance of trust and reliability for readers and advertisers. By delivering high-quality, reliable information, Dow Jones fosters trust and attracts both readers and advertisers. Subscriptions and advertising revenue are not mutually exclusive, as trust plays a significant role in advertising success.
Dow Jones CEO and Wall Street Journal publisher Almar Latour spoke to Press Gazette about how the financial news division of News Corp managed to just achieve its most profitable quarter since 2007.
In this edited version of his interview at the Press Gazette Media Strategy Network event in New York, he also spoke about what publishers need to focus on as global uncertainty looks set to continue in 2024.