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Net Benefits of Digital For Print
StumbleUponDigital publishing is delivering returns, with leading digital publishers predicting that by 2012 digital activities will contribute up to 40% of revenues, according to a new report surveying UK publishers from Deloitte and the UK Association of Online Publishers (AOP)...
Digital publishing is delivering returns, with leading digital publishers predicting that by 2012 digital activities will contribute up to 40% of revenues. This is according to a new report from Deloitte and the UK Association of Online Publishers (AOP) published 7th July 2006...
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According to the report - 'The net benefit of digital
publishing: the last chapter for print?' - cannibalisation
is a myth: digital complements rather than competes with print.
What's more, blogs and user generated content supplements
rather than threatens print publication.
Mark Lee Amies, media partner at Deloitte commented: “Publishers
no longer see the digital world as a threat to traditional print
publishing, and believe that it can complement rather than
threaten print products. Digital revenue generation is averaging
17% of overall revenues, and most publishers agree that the
growth of online advertising spending has boosted these overall,
and has not cannibalised existing print revenues.”
Other key findings of the report include:
• Overall, print is still regarded as an efficient and valued
means of consumption. Book, magazine and newspaper lovers may
always prefer the feel and portability of paper, even if they
supplement some of their consumption online or have chosen or
bought the book online.
• 70% of participants in the survey did not perceive blogs or
user-generated content as a threat, with many looking at ways to
integrate blogs into their consumer offerings. This content will
be an important component to building communities, with the
potential to be used as a source of closer customer contact and
as a marketing tool.
• When it comes to management, the Digital Director role is
becoming increasingly powerful. In many organisations, this
individual has a strong voice at the board if not a direct seat
at the table. The Digital Director is no longer subservient to
the Editor or Marketing Director of the printed product.
• The most coherent and fully developed digital strategies were
in the business publishing sector. Revenue models of business
publishers focus on subscriptions, but with advertising playing
an important role. Many digital publishers were impressed and
surprised by how much easier it is to retain subscribers for
their print and online products ordered through the web.
• In contrast with business publishing, consumer-focused
newspapers and magazine markets are more complex with less
focused digital offerings. Newspapers and consumer magazines’
primary digital strategy is to build audiences to drive
advertising revenue, based on brand strength, with only a few
seeking to monetise content. These businesses are currently
benefiting from a buoyant advertising market, and have found
double digit growth for online advertising.
Challenge of cross-platform integration
“One of the main challenges that came through in the survey was
the difficulty in ensuring an integrated digital strategy for
all stakeholders across the business,” Lee Amies said.
“From an editorial perspective, the answer is a single editorial
team on a title or brand which publishes content to the various
platforms used – mainly print, web and mobile, with different
types of content according to the media channel. In contrast,
the advertising sales team of successful publishers are usually
platform-specific and separate.
“Participants in the survey were asked to name the organisations
they most admired in the digital space. Three digital businesses
were seen as having played a key role in forging the digital
publishing world: BBC (23%), Guardian (12%), and Amazon (10%).
Key qualities for a successful digital business were seen as:
content (19%), understanding of customers (16%), followed by
infrastructure and flexibility (14%),” Lee Amies
concluded.
Alexandra White, director of AOP commented: “This research from
Deloitte will be well received by AOP members and demonstrates
the scale of change, both in terms of product offering but also
in terms of business culture, through which publishers are
responding to the arrival of the digital age. These qualitative
interviews, many of which were conducted with AOP members, serve
to complement our own research into changing media habits and
audience attitudes towards quality content delivered over
multiple platforms.”
Based on the findings of this survey, Deloitte extracted 5 key
principles which Deloitte and the AOP believe will drive future
success for digital publishers:
1. Make it simple
Develop and clearly articulate a simple overarching strategy
that sets out how your offline, online and mobile offerings
interplay. Ensure it delivers incremental value to
customers;
2. Know your customer
Get to know your customers and grow with them. Don’t ignore the
young – they are your future;
3. Profit from personalisation
Personalise to provide what customers want at the right price
and they will come. Don’t be afraid of breaking your traditional
one-to-many publishing model;
4. If you can’t beat them, join them
Embrace those who won’t opine about or contribute to your
product; they will ultimately enhance and support your
brand;
5. Fee or free
Look beyond the printed word and focus on the brand at the
centerpiece for generating revenue.
----------------
About the survey:
Deloitte talked to 30 UK publishers, with a turnover ranging
from £30 million to over £1 billion, about how they are adapting
their businesses to the digital world.
About Deloitte:
In this press release references to Deloitte are references to
Deloitte & Touche LLP which is among the country’s leading
professional services firms, providing audit, tax, consulting
and corporate finance services. Known as an employer of choice
for innovative human resources programmes, it is dedicated to
helping its clients and people excel. Deloitte & Touche LLP
is the United Kingdom member firm of Deloitte Touche Tohmatsu
(‘DTT’), a Swiss Verein whose member firms are separate and
independent legal entities. Neither DTT nor any of its member
firms has any liability for each other’s omissions. Services are
provided by member firms or their subsidiaries and not by DTT.
Deloitte & Touche LLP is authorised and regulated by the
Financial Services Authority. The information contained in this
press release is correct at the time of going to press. For
further information, visit our website at www.deloitte.co.uk
About AOP:
The UK Association of Online Publishers (AOP) is an industry
body representing online publishing companies that create
original, branded, quality content. AOP champions the interests
of approximately 160 publishing companies from diverse
backgrounds including newspaper and magazine publishing, TV and
radio broadcasting, and pure online media. Together they publish
around 1,828 products (AOP Census 2006) and their websites have
a combined audience of almost 20m users, or an active reach of
68 per cent of the entire internet population (source,
Nielsen/NetRatings, Q4 2005). AOP presents a unified voice to
industry and Government. Members include Associated New Media,
BBC, BSkyB, Channel 4, CMP Information, CNET Networks, Condé
Nast Interactive, Dennis Interactive, The Economist Group, Emap,
Financial Times, Future Publishing, GCap Media, Guardian
Unlimited, Haymarket Publishing, Incisive Media, Independent
Digital, IPC Media, ITV Online, The National Magazine Company,
News International, Reed Business Information, Reuters,
Telegraph Media Group, VNU Business Publications and Which? In
addition, PPAi (Periodical Publishers Association Interactive)
retains a corporate seat on AOP board: representing the
interests of magazine publishers online. www.ukaop.org.uk
The University of Westminster is a charity and a company limited by guarantee.
Reg. No: 977818 England. Reg. Office: 309 Regent Street, London W1B 2UW
© 2008 New Media Knowledge.
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