The New York Times (The Times) is one of the most important newspapers in US history, with a huge daily print volume. However, with the development of many electronic devices and the trend of digital transformation, the newspaper faces many risks when the revenue from newspapers declines significantly.
To overcome this situation, they created an interesting application of The New York Times. It is the mobile version of The New York Times in print form, but with a few articles as 30/200 bulletins compared to officially published. The app does not have a desktop version. Instead, a mobile version is made for people who want to pay a little less for reading as the standard premium version costs $15.
Regarded as a failure or not having much business value, The New York Times has become a symbol of the industry leader for pioneering digitization. on mobile devices. It is something that no paper newspaper could do. Developing a mobile version and pleasant features of The New York Times integrated into the final mobile version of the later The New York Times application. It receives a very positive response from users.
On the mass media, we can easily see success stories of tech giants like Facebook or Google. So for those companies that have not even incorporated technology into their business models, what will they have to do to adapt?
The development of electronic devices and their undeniable appeal and convenience have threatened traditional media such as newspapers and paper magazines. Advertising revenue on traditional printed newspapers or magazines has decreased significantly. Instead, spending on advertising on digital media through the website has ballooned. Nearly 70% of the money spent on advertising on paper publications in the past 15 years. The New York Times (The Times), the oldest newspaper editor in the United States, is also not out of this influence. The Times has had a spectacular comeback when turning a digital challenge for them into an opportunity. Thanks to the smart digitization strategy, their shares rose nearly 60% in the past six months to the highest level in nine years. In May, the company released an earnings report that reflected the profound impact of its digital transformation efforts on them.
The New York Times achieved more than $709 million in digital revenue in 2018. We expect that with this growth rate they will reach their target of $800 million by the end of 2020.
According to the 2017 and 2018 Earnings Reports, subscription revenue on The New York Times digital platform has grown 40% year over year. Although print ads in The New York Times dropped by an average of 18% per year, the loss is offset by the increase in subscribers and electronic ad templates. It boosts sales and profit for the year by year. As Mark Thompson, CEO of The New York Times said that these results show the power and future potential of digital strategies, promising to generate significant revenue for The Times.
Viral Content Strategy
The New York Times capitalized on the viral power of popular social media platforms. Facebook, Facebook Live, and Snapchat are chosen by them to communicate with readers in modern content formats such as VR (virtual reality experience) and 360-degree video. It was very new to the readers of the newspaper.
On Snapchat Discover, The Times launched a new podcast called The Daily and enjoyed tremendous success with the product. There are 40 million downloads and online viewing in the first three months.
We consider the Daily an innovative product of bringing the content of The New York Times in audio form into the lives of readers, making it a part of their daily necessity. Implementing a marketing campaign for The Daily, The Times team has deployed billboard ads outdoors in three big cities. The show attracted five million monthly listeners, broadcast on over 30 radio stations nationwide, and was an inspiration for a new show by The New York Times co-produced the title The Weekly.
The success of The Daily results from an excellent digital content product conveys a full message to spread the campaign’s image on digital media. The Daily’s team of just 12 has received very positive campaign results. With 20 minutes of airing per day, The Daily is well received by audiences in many fields, many of whom are experts.
Use customer data as leverage to increase subscription fee tracking
The subscription model (subscriptions to use by time or subscription) is currently the best monetization method for application developers. Therefore, The New York Times invested in increasing the value of subscriptions using data. Specifically, they:
- Modernize the data environment and focus on data analytics.
- Use data analytics to find subscribe-points for brand tracking touches, reach points where interested people, and their readers will become more likely to follow brands.
At present, The New York Times identifies the following factors from its audience. The New York Times will seek to give them a better experience for them to come back more often, leading to increased subscriber follow-up.
Bring a culture of digital transformation into the leadership team
Today, many companies must be in the same situation as The Times, while digital seems to be the future. The revenue is still coming from old products and distribution channels. It leads to the question: how much should an organization focus on applying digital transformation to its current business model. To address this question, The New York Times has taken a rather new but also very resolute approach. This approach is showing many positive signs.
Although two-thirds of its revenue comes from print, The New York Times has chosen digital transformation as the company’s primary development strategy. Specifically, with the leadership apparatus of 14 people, there is only one person to operate and ensure progress for the printing press segment. The remaining 13 people including the founders focus on thinking of the next strategies for digital planning.
Technical stack construction
Because of the company’s relatively special context, they have built hundreds of systems from advertising funnel tools to a wide variety of marketing facilities and payment systems.
- Implement a holistic system change to foster a cross-platform experience for customers, delighting them with this new experience.
- Run the main website on 6 different platforms with six different codes.
- Re-architect their data environment and migrate to Google BigQuery.
Recommended Alternative: The Wall Street Journal
The Wall Street Journal is the best combined digital and paper reading app. Have all the information as in a regular newspaper including news, expert opinion, money market, and investment. Columns are available in the WSJ weekend and the Wall Street Journal. Besides, it also adds videos, graphs, data for the overall view of the market and provides a separate watch list.
Follow The Wall Street Journal on iPad for news like morning updates and an archive of releases seven days ago. Get the latest news of the day with Now Edition available on both iPad and iPhone.
Save favorite articles to read when offline. With a monthly subscription, you get access to all content. Every morning, it automatically downloads the news to your iPad or iPhone. Note that the WSJ icons will be placed in the newsstand folder on your phone.
The digital transformation has brought a transformation to The New York Times MOD APK, one of the oldest newsrooms in America. This timely and strategic transformation has enabled the newsroom to cope with one of the core issues of journalism as technology changes and electronic devices take the throne.
The New York Times deserves to be called a leader when pioneering digital transformation with their unlimited treasure trove of content. Hopefully, through practical lessons from The New York Times, businesses will also choose for themselves the right step in their digital transformation process.