By Minute Media
With publishers already facing significant headwinds before the spread of COVID-19, it’s not surprising that today’s climate is causing further strain on an already taxed industry. The good news is that there has been significant demand for information and content, especially online. A report by technology company Parse.ly discovered that the pandemic has caused online news sites’ content views to climb by 60 percent. However, this surge in supply on the publisher side is not being matched by strong demand in the advertising community, given the macro-impact that COVID-19 has had on the economy, forcing publishers to find ways to radically cut expenses and resources.
This precarious situation cries out for a technology solution. However, the streamlining of technology and operations and even the maximizing of internal cross-departmental efficiencies have historically been hard to come by. Many publishers have been left to struggle with disjointed tech stacks on the advertising and business operations fronts and more than likely, minimal offerings for the subscription sides of the business. And the high costs associated with new technology-driven integrations are hardly a cost-effective solution for an industry clamoring for efficiency gains.
While some may argue that an over-reliance on technology and social media for readership and traffic has put the industry in jeopardy, there are aspects of technology that can actually help turn the industry around. Just as Software-as-a-Service (SaaS) has helped enterprise companies make software more accessible, the Publishing-as-a-Service (PaaS) model can help the media industry keep up with the changing landscape and use technology to respond to new challenges. That is why the time is now for publishers to rethink their business models and embrace a more partnership-oriented, perhaps even revenue-sharing, mindset.
The Benefits of a Partnership Mindset and Publishing-as-a-Service
Publishers have no choice but to refocus themselves on certain key areas to thrive during these hard economic times, but the lack of available capital and other resources makes this balance quite challenging. And with most publishers relying on a number of third party software vendors for their operational needs, precious time and resources are quickly exhausted, not to mention the rising number of inefficiencies. In addition, publishers are looking for safe and stable approaches to growing their revenue from trusted partners. But what if publishers were able to use technology to handle all business-related operations, thereby freeing up time and resources to focus more on delivering the high-quality editorial content today’s consumers are craving? Relying on a strategic partner to provide this cross-functional technology solution can deliver important benefits:
With the publishing industry facing significant economic challenges, new business models are more important than ever. Fortunately, there are strategic partners available to lighten the operational load to give publishers the resources they need to do what today’s climate demands: create meaningful and engaging content. The sooner publishers can adopt this partnership mindset, especially with those partners that can bring technology, operational infrastructure and where appropriate, revenue to the table, the better. Despite the threats to the industry, we believe that publishing can be saved, and that the Publishing-as-a-Service model can play an integral role in helping today’s digital publishers not only survive, but thrive.