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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 newspaper revenue drops significantly.
To get around this situation, they created an interesting app for The New York Times. It is the mobile version of the New York Times in print form, but with fewer articles as 30/200 flyers compared to the official ones published. The application does not have a desktop version. Instead, a portable version is being created for people who want to pay a little less to read since the standard, premium version costs $15.
Failing or not having much commercial value, The New York Times has become an icon of the industry pioneer in the field of digitization. on mobile devices. It’s something no paper newspaper can do. Mobile version development and fun New York Times features built into the final mobile version of the latest New York Times app. It receives a very positive response from users.
On the media, we can easily see the success stories of tech giants like Facebook or Google. So for those companies that haven’t incorporated technology into their business models, what do they need 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 in traditional print newspapers or magazines has decreased significantly. Instead, advertising spend on digital media via the website has inflated. Nearly 70% of the money spent on advertising is on paper publications in the last 15 years. The New York Times, the oldest newspaper editor in the United States, has not escaped this influence. The Times made an amazing comeback when they turned a digital challenge into an opportunity. Thanks to the smart digitization strategy, their shares have risen nearly 60% in the past six months to a nine-year high. In May, the company released an earnings report reflecting the profound impact of digital transformation efforts on it.
The New York Times generated more than $709 million in digital revenue in 2018. With this growth rate, we expect it to reach its $800 million goal by the end of 2020.
According to earnings reports for 2017 and 2018, subscription revenue for the New York Times digital platform grew 40% year-over-year. Although print ads in the New York Times are declining at an average rate of 18% per year, the loss is offset by the increase in subscribers and online advertising models. Boosts sales and profits on an annual basis. As Mark Thompson, CEO of The New York Times, said, these results demonstrate the strength and future potential of digital strategies, promising to generate significant revenue for The Times.
Viral Content Strategy
The New York Times has harnessed the viral power of popular social media platforms. Facebook, Facebook Live and Snapchat are chosen by them to connect with readers in modern content formats such as VR (Virtual Reality Experience) and 360-degree video. It was very new to the newspaper’s readers.
On Snapchat Discover, The Times launched a new podcast called The Daily and had huge success with the product. 40 million downloads and views were viewed online in the first three months.
We consider The Daily an innovative product for bringing New York Times content in audio form into the lives of readers, making it part of their daily necessity. Implementing a marketing campaign for The Daily, The Times team posted outdoor billboard ads in three large cities. The show attracted five million listeners per month, was broadcast on more than 30 radio stations across the country, and was the inspiration for a new show by The New York Times that co-produced the weekly title.
The success of The Daily results in an excellent digital content product that conveys the full message of spreading the campaign image on digital media. The Daily Team of only 12 people received very positive results in the campaign. With 20 minutes of broadcast 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 be used by time or subscription) is currently the best monetization method for app developers. Therefore, The New York Times invested in increasing the value of subscriptions using data. Specifically, they are:
- Modernizing the data environment and focusing on data analytics.
- Use data analytics to find subscription points for brand-tracking touches, and get to the points where people who are interested, and their readers are more likely to follow brands.
At present, The New York Times identifies the following factors from its audience. The New York Times will strive to give them a better experience so that they come back more often, which leads to an increased following of subscribers.
Bringing a culture of digital transformation to the leadership team
Today, many companies should be in the same position as The Times, while digital technology appears to be the future. Revenue still comes from legacy products and distribution channels. It leads to the question: how much should an organization focus on implementing digital transformation on its current business model. To answer this question, The New York Times has taken a new, but very assertive approach. This approach shows 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 14-man driving machine, only one person works and ensures the progress of the printing sector. The remaining thirteen people including the founders are focused on thinking about the following strategies for digital planning.
Technical stack construction
Due to the company’s relatively special context, they have built hundreds of systems from advertising funnel tools to a variety of marketing facilities and payment systems.
- Implement a system-wide change to enhance the customer experience across platforms, delighting them with this new experience.
- Run the main site on 6 different platforms with 6 different codes.
- Redesign their data environment and go to Google BigQuery.
Recommended alternative: The Wall Street Journal
The Wall Street Journal is the best digital and paper reading app. Get all the information as in a regular newspaper including news, expert opinions, money market and investment. Columns are available in WSJ Weekend and The Wall Street Journal. Besides, it also adds videos, graphs, and data for general market view and provides a separate watchlist.
Follow The Wall Street Journal on iPad for news like morning updates and an archive of issues seven days ago. Get the latest news of the day with the Now Edition available on both iPad and iPhone.
Save your favorite articles to read them offline. With a monthly subscription, you get access to all the content. Every morning, it automatically downloads the news to your iPad or iPhone. Note that WSJ codes will be located in the Newsstand folder on your phone.
Digital transformation brought a shift to New York Times MOD APKOne of the oldest newsrooms in America. This timely and strategic shift has enabled the newsroom to tackle one of the core issues of journalism as technology changes and electronics takes the throne.
The New York Times deserves to be called a pioneer when it pioneers digital transformation with its endless treasure trove of content. Hopefully, with practical lessons from The New York Times, companies will choose for themselves the right step in their digital transformation process.