Situation: Following a series of WSJ articles that started when Facebook removed news from its platform as a response to the Australian government's decision to require tech companies to pay for content (this spat has been resolved), I read more articles on the lopsided relationship (according to the media and the Australian government) between the news companies and the digital platforms, which led me to a site reporting the New York Time (NYT)'s subscription numbers and its revenues as of Q2 2020. A steady increase in the NYT's digital subscription is remarkable and I have been very impressed by the NYT's terrific graphics and interactive data visualization. As a long-time newspaper subscriber who blocks a chunk of time every morning to closely read newspapers, I wonder how a news media like the NYT could thrive in this digital age.
Question: Are there any areas where the NYT should expand into? Is a rise in the digital subscription the only way to increase the revenue?
My Thoughts:
The NYT should transform itself beyond the news page, whether it's a printed newspaper or a webpage. One delivery format to invest in is audio/podcast. The NYT has been actively expanding into the podcast industry; it bought a couple of companies including a startup whose service turns news articles into audio and has introduced many podcast shows. Another avenue to explore is a platform where journalists (not just the NYT journalists, but also freelancers) can post their work, build their personal brands, allow readers to follow them, form communities, and also get paid. It's like Substack, but more professional and news-oriented. Podcast and a publishing platform are not just two new platforms where the NYT could grow its presence. People who use these platforms will produce precious data about themselves that could be used for tailored suggestions for new articles/services and personalized advertising.