In few industries has the reception to digital technology been more visible than in media. Nearly everyone can see that alternatives to traditional print publications, TV, radio, books, and other media have proliferated. As a result, it’s been necessary for this media company to invest heavily in digital technologies to continue to reach new audiences and tap new revenue streams. As one executive in this company notes, it now needs to invest in digital to “remain relevant.”
In recent years, those investments have involved at least two kinds of acquisitions – obtaining streaming rights to content, and procuring the necessary talent. In addition to reaching its audience, the new services must also appeal to advertisers who are interested in with the company’s audience size, its reach, and the diversity of its assets.
“The digital revenue stream is quite robust,” says the executive.
Reformulating its product for digital delivery has required the company to be as efficient and operationally fluid as possible. The people driving the digital initiatives “have focused on being fast and addressing opportunities with urgency,” says the executive. In addition, the company’s research group “understands how to use data sets and segmentation to share the story for consumers and advertisers,” the executive adds.
Digital, says the executive, is now “one aspect of everything we do.”