WSJ live journalism events to close revenue gap

The Wall Street Journal is turning its attention toward its events business to plug the revenue gap after the paper shut down print editions in the Asia Pacific and Europe, reports Shawn Lim of The Drum.

Lim reports that the WSJ wants a “physical touch” with its readers in the market with a live journalism event called Journal House.

Having previously held Journal House conferences in Davos during the World Economic Forum and Cannes during the Cannes Lions, the Baron-owned newspaper brought the event to Asia for the first time in September 2019.

“Journal Houses are part of our event strategy. It is not the entirety of it, but it is a growing and a really interesting part of our overall event strategy. The idea was born in Davos this year,” says Josh Stinchcomb, the global chief revenue officer at WSJ.

He continues: “In this market, we don’t have a print product. So, events like this and bringing journalism to life in a physical space creates tangibility for the brand. It brings resonance to the brand.”

The events also allow the WSJ to innovate the way it hosts events for its exclusive CEO and CMO Councils. For example, in Davos, Matt Murray, WSJ’s editor-in-chief, interviewed Satya Nadella, the chief executive of Microsoft, which Stinchcomb proudly points out was the one interview Nadella participated in during the WEF.

In Singapore, the Journal House was held during the busy week leading up to the annual Formula One Grand Prix weekend as events like the Singapore government’s Singapore Summit. Notable names that dropped by Journal House Singapore included Chase Carey, the chief executive of Formula One, who was on a panel on the future of sports and Indra Nooyi, the former chief executive of PepsiCo, who popped in after speaking at the Women’s Forum.

“This is just another platform to kind of see journalism, and it is a really exciting one because you are almost seeing it being made. You are not just reading the output, you are seeing the interview and hearing the question. I think it will fill in a gap in the minds of readers and advertisers, in this idea that the journal is this presence. That’s just this thing that exists in the real world, and I think that’s important. If you are not seeing a brand on the newsstand every day like in the old world, but seeing it in places like this, it serves some of the same purposes. It is awareness,” explains Stinchcomb.

In addition, such an event will go a long way in improving the WSJ’s digital advertising business as it encourages brands to become sponsors of Journal House and ensure that there is no similar activation of different sponsors. For example, in Singapore, the main sponsor of the Journal House was luxury brand Mont Blanc, which took out a booth in the cafe to showcase their watches and pens.

“We are always very clear about what is an editorial moment and what is a sponsored moment, but we can work with our partners and we have a division called the Trust, which is our in-house creative consultancy, that will work with partners to make sure that their activation is just as interesting as anything else that happens,” says Stinchcomb.

Having three Journal Houses under its belt now, Stinchcomb says WSJ is keen to build a structure in Asia the next time it organizes a Journal House in the region, similar to what it did in Davos and Cannes.

“We will look for a place where our people already convening, and where can we add value to them by creating a space that’s beautiful and relaxing and great food? Where can our editors get access to people for really interesting conversations, and then where do our sponsors have an interest in branding themselves?” explains Stinchcomb. “The good news is, those three things often overlap. All of those factors fuel all of those things, which is what works so well. Events, generally, are going to be a bigger part of our strategy in Asia, for sure. “

He concludes with, “Even beyond Journal House, we already do a tech conference in Hong Kong and hold the annual CEO Council meeting in Tokyo. I think you’re going to see more Wall Street Journal events in Asia.”