Jasper Jackson of The Media Briefing writes about the successful business models used at two different business news organizations — Quartz and The Economist.
Jackson writes, “Many media businesses have struggled to keep pace with technological change, shifting consumer behaviour and a volatile ad market.
“Rossi describes The Economist as a ‘fast follower,’ taking best practice from other media businesses and different industries. That incorporates hiring from areas such as ad agencies, while instilling a culture across the business where staff are keeping an eye on what’s going on:
‘There’s not always a benefit in speed. We try and work out how you would do something in the context of The Economist brand. It’s about understanding what is going on in the markets and as much as anything it’s about bringing in the right people. We are hiring agency people. We are hiring people who don’t necessarily come from media.
‘I think it’s everybody’s job to keep track. On the editorial side we have people in the product development team who are actively talking to people about new technologies. How to deliver content, how to deliver video. We have dedicated resources internally. But I think on the commercial team everbody’s looking out the window. It comes from a realisation you’ve got to be experimenting and try stuff.”
“As part of that experimentation, Rossi says the Economist is prepared to invest in new products that might not be be big revenue generators on their own, but help expand the Economist brand and potentially drive subscriptions to the magazine. One product that looks like it will perform that role is The Economist’s new Espresso daily roundup, which comes in app and email format and takes a few cues from Quartz’s own successful daily briefings.”
Read more here.
