Could events be the new advertising?

The way we consume media has changed dramatically over the past few years. Inky fingers and time-scheduled TV slots have been consigned to history. So why have the advertising formats that support publishers and broadcasters not moved with the times. This rigid approach to business as normal might just be one reason why publishers’ advertising revenues have plunged by 50 percent over the past decade or so.

Traditional advertising is old-hat. To move with the times and reignite the financial security of major media brands, we’ve got to look elsewhere for our revenues.

Time Inc, the publisher behind brands major UK media brands including NME, Cycling Weekly and Ideal Home, believes it has found an answer to falling ad revenues.

Time have a three-pronged strategy to moving the business forward:

1. Find cost savings to offset the decline in print sales and advertising.
2. Invest in organic growth.
3. Acquire other businesses.

The “other businesses” Time is interested in acquiring are often shaped very differently to their traditional magazine portfolio.

The company has recently invested in events-led businesses including UK Cycling Events and the International Craft and Hobby Fair.

Marcus Rich, Time Inc UK’s chief executive told journalists: “It’s about extending the touch-points with the consumer.

Rich believes there are many benefits to be found by combining the world of print, online and events and stated: “The same people subscribing to the magazines are going to go to the events and that gives you data to develop other products. There’s a belief that your brands can reach consumers in many ways beyond print.”

If publishers are to develop new commercial strategies to protect and enhance their business models in the future, they must look beyond the age-old concept of selling advertising space. They must be willing to engage people across multiple environments. The time to do this is now, while they still have recognisable and trustworthy brands (and these aren’t guaranteed).