4. Sell your Expertise: The Four Best Alternative Revenue Streams for Media Sites
This post is part of our series on the four best alternative revenue streams for media platforms. Be sure download our free white paper The Four Key Alternate Revenue Streams for Content Platforms for further insights.
Sell your Expertise and Reinforce your Positioning as an Opinion Leader
If you’ve built a reputation as a go-to source for a specific subject or area of expertise, be it in niche music or visual productions, you can creatively generate revenue by repackaging your key proficiency.
The key here is not only identifying what expertise you can repackage to generate additional income, but also pinpointing which expertise makes sense for your brand’s growth, audience and stakeholders all the while helping cement your positioning as an opinion leader.
Expanding into events such as conferences and exhibitions has proven to be a natural fit for news and tech-related media publishers. Events also help generate revenue through ticket sales and build lasting sponsorships. Case in point is the New Yorker Festival, created by the New Yorker magazine.
The primary revenue potential in events is corporate sponsorships and ticket sales. But events can also help generate revenue in other ways, heightening exposure, circulation and relationships with businesses and institutions, which can boost income over time.
Content platforms whose expertise is digital publishing such as digital magazines, digital newspapers and blogs, can effectively generate alternate revenue by not only publishing their own content but by selling more complete publications, anthologies and e-book compilations. With the rise in e-book popularity, this has become a low-risk, low-cost form of revenue with huge potential. In fact, e-book publishing revenue is expected to grow worldwide from $9.77 million in 2015 to $12.4billion in 2021.
Providing services is another way to leverage and monetize your expertise. VICE effectively made this transition and now offers in-house creative services, provides consumer insights and other market research-related services.
As VICE has proven, this revenue stream tends to work best for larger platforms with expertise in a particular field, such as social media marketing or content production. Providing services is particularly beneficial for platforms with surplus staff time they can devote to a new business area.
The key with this revenue stream is to first examine which skills and expertise you have honed to a point of excellence and then see if there is a market for them. If so, this could be a promising path to new revenue.
If you want to learn more about the different revenue streams, download our free white paper here.