As readers and advertisers continue to shift their attention to digital media platforms, a growing number of traditional print media outlets are making a difficult decision: they may no longer publish print publications, or at least not on a regular basis. Many magazines have recently announced they will end their print editions and continue producing content for their own digital platforms.
The shift from print to digital content was once considered a brand's death knell, but it has proven to be a rebirth for some publishers, especially those able to diversify their distribution channels.
This article will introduce three case studies of how these magazines have revamped their business models and achieved digital transformation in the post-print era.
In December 2017, Condé Nast announced that its Self magazine (Chinese version: LF) would release its final print issue in early 2018. At the time, editor-in-chief Carolyn Kylstra recognized the challenge of the transition: "I hadn't seen a single traditional print magazine brand successfully transition to digital, and I wasn't sure what success looked like—or even if it existed."
But a year and a half later, Self had proven the new model right. The brand achieved profitability ahead of schedule, with profits increasing 108% in 2018 and continuing to grow in 2019.
Kylstra believes the key was redefining the brand's mission and values. This helped strengthen staff cohesion during the transition and enabled the marketing team to refine its messaging to advertisers. This also meant adjusting the content strategy, starting with reducing the production of social news stories solely for clickbait. "We cut our content volume in half," Kylstra said. "My concern was that we'd lose traffic, but not valuable traffic. Miraculously, our traffic has actually increased since then. Focusing on quality and differentiation, rather than quantity and meaningless clicks, has increased reader engagement. Readers are spending more time on the site, and our readership is growing steadily."
Self is also actively diversifying its revenue streams, including special editions, monetization partnerships, and licensed merchandise, such as limited-edition fitness products with Target and the Self lifestyle brand with Bed Bath & Beyond. The magazine has also doubled down on its Snapchat Discover feature, which has led to both revenue and readership growth.
"We used to speak to readers in their 30s and 40s, but now we're also reaching teens and women in their 20s," Kylstra said. "But the brand's mission and values remain the same."
The digital transformation has enabled Women's Wear Daily (WWD) to better serve the global fashion industry and has driven significant subscription growth. Since WWD began phasing out its print edition in 2015, paid subscriptions to its daily newsletter and website have increased by 30%, with over half of that growth coming from overseas.
“WWD is important if you're in London, Milan, or Paris, but if there's a two-day delay in getting your print copy, that impact isn't there,” says Paul Jowdy, WWD's chief business officer.
While WWD does publish print issues for major fashion shows, the digital edition offers it a new revenue stream.
“It's not just about acquiring digital readers, but also about tailoring content to them,” says Jowdy. “Data allows us to identify audiences interested in specific content and reach them through email. We're developing programs that will recommend products tailored to user needs—something we couldn't do with print. Advertisers also want to reach these audiences, so there's no waste.”
Like other media outlets that have successfully transitioned to digital, the magazine needed to restructure its internal responsibilities. A new team has been added to oversee content marketing, for example, tailoring headlines or images to changes in distribution channels like social media, the website, or the newsletter.
While advertisers already transitioning to digital welcomed the change, some readers, such as executives, initially resisted the change. "CEOs of major global brands are still accustomed to reading the print edition," Jowdy said. "That's a challenge, and we've had specific discussions about it, because they're used to having WWD delivered to their desks every morning at 6 a.m."
WWD's ability to offer exclusive content is key to its success in the post-print era. Regardless of distribution method, content remains king.
"Without print, you still have to produce content that people want to consume," Jowdy said. "If it's good content, readers will seek it out."
In the years following the decision to discontinue the print edition in 2015, Government Executive internally debated the best approach to digital transformation and brand positioning. The team decided to focus on continuing to grow GovExec.com, a well-established website, while also developing other content brands. They subsequently launched DefenseOne, a website focused on military and defense coverage, and RouteFifty, a website focused on local government affairs.
"Our strategy was to segment the government coverage market, build influential content brands in key areas, and monetize them with a unique advertising model," said Tim Hartman, CEO of Government Executive Media Group. "This included lead generation, content creation, custom advertising services, and database services—activities that today are collectively referred to as B2B digital models, but at the time were still uncertain bets for digital media."
The bet ultimately paid off for the brand, but it did require significant investment. For example, the team conducted focus groups and surveys to fine-tune the content strategy to better attract and serve readers, and they invested significant time in finding a team capable of accurately executing the new content strategy. The result: revenue has increased by more than 60% since 2005, and the number of employees has doubled.
As the digital market evolved, so did the group's strategy. “There’s a whole set of guidelines for news and other content and how it works well in a digital environment,” Hartman says. “That includes headline writing, audio production, and article length. For each of our content brands, there’s a complete methodology for how content is produced and delivered to readers. When we’re not getting the results we want, we continually adjust that approach.”
Across all content brands, there’s a common focus on data and ensuring content reaches core audiences. Furthermore, the company’s overreliance on print advertising (80%) for revenue has also shifted. Today, 70% of the company’s revenue comes from digital, including digital advertising, lead generation and data services, content and marketing services, and sponsored research. The remaining 30% comes from the approximately 100 events the group organizes annually.
Hartman says the key to successfully transitioning from print to digital is investing in digital models, embracing the transition as a growth strategy, and meeting the needs of readers and advertisers. “You need to think creatively about how to position your brand and seize opportunities to engage readers through video, social, and high-impact advertising. Think about what your digital brand wants to be,” Hartman says. In summary, the three media companies mentioned above have proposed digital transformation strategies, including content refinement, diversified revenue streams, brand diversification, and niche market penetration. While these success stories cannot serve as a permanent solution, they can still provide inspiration and enlightenment for those who come after them.