Some multiplatform publishers are expanding their multiplatform strategy to focus more on social and digital, while others are making acquisitions and cutting staff
The world of multiplatform publishers is no stranger to major changes. For instance, remember the launch of the iPad? It was a game-changer for savvy publishers who began using it to enhance their multiplatform publishing businesses.
We still see major publishing making moves to stay competitive, as well as staying afloat in these changing times.
In an article entitled The New York Times Buys Consumer Guide The Wirecutter for $30 Million+, Subscription Insider reports on a new acquisition for the Times, and the reasons for making this decision.
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The article states, “The New York Times said the sites “are built on the strong editorial backbone of journalists making research-driven, powerful product recommendations.” These recommendations generate affiliate revenue. When readers purchase products from the merchant links within the product recommendations, The Wirecutter and The Sweethome get a portion of the sale in return. Merchants include major retailers including Amazon as well as smaller, more niche-based merchants.”
The Times isn’t the only publisher making moves. An article on min called Teen Vogue Reduces Print Frequency Pivots Toward Digital speaks of the publication’s focus on digital going forward.
The article states, “Condé Nast announced today a comprehensive reimagining of the teen-focused spinoff of its flagship fashion title, reducing print frequency from monthly to quarterly, abandoning its digest size for a larger, “collectible” print format, and shifting resources to focus on the brand’s growing digital audience.”
Not surprisingly, the article also talks about the aspects of the publication that is growing and succeeding. “The transformation is a clear indication that, unsurprisingly, a magazine catering to female Gen-Xers and young Millennials sees most of its audience growth coming through social media, primarily on mobile devices, with video leading the charge. Unique visitors to TeenVogue.com jumped 145 percent over the past 12 months, with mobile traffic and video viewers more than tripling, according to data from comScore.”
Of course, some changes that digital publishers make aren’t always about growth. Some are about slimming down in order to restructure and become more efficient.
We’re seeing this process take place with Thomson Reuter, as MediaPost reports in an article Thomson Reuters Cuts 2,000 Jobs, Spares Editorial.
The article opens with, “Following its third-quarter earnings report, Thomson Reuters announced today it plans to cut 2,000 jobs — about 4% of its 48,000 employees around the world.”
And it continues by talking more about some of the specifics of the organization. “It will also swallow up to $250 million of a cost-cutting charge in the fourth quarter as part of a massive company restructuring.”
Finally, a quote in the article shares some of the inside thought process of the move. “”It’s about simplification and taking out bureaucracy and taking out layers, all of which have added complexity and slowed us down,” Smith stated. “These actions are not driven by any reaction to market conditions or in any way coming on the back of underperformance.””
