Building a long-term business model: The Economist and Quartz
In a world where aggregators are king and content is ubiquitous, quality publishers face an existential threat. They need to meet vast and continuous changes in consumer behaviour and advertising practices, while building a business model that is robust enough to drive profitability and flexible enough to navigate the unpredictable tides of technological disruption.
At Digital Media Strategies 2015, Paul Rossi, President of The Economist Group and Jay Lauf, President & Publisher of Quartz each presented a 20 minute keynote explaining out their respective business models and their strategy for growth and transformation. Then, in a 30 minute fireside chat, they discussed what a media business should look like if it is to survive long term, addressing some of the following issues:
• What are the advantages and disadvantages of being a new media business with no legacy vs. an established media business with a rich heritage?
• Is paid content a viable long-term option?
• Which new revenue streams are publishers best-positioned to seize?
• How must publishers change to adapt to the digital advertising ecosystem?
• Are publishers becoming more like agencies?
• What is the role of technology within a media business?
• What stance should media businesses take towards the big tech giants?