Refocus on what really drives growth

The past 10 years has been a crazy ride for news orgs, with the social traffic rush that kicked off in 2013, multiple pivots to video, covid, and the rise and fall of Donald Trump, all while direct publisher traffic started listing downwards and news reader apps stole attention away from on-domain reading.

As a means of grappling with these changes in our landscape, many publishers have embraced an optimistic, but perhaps poorly thought out response, investing in off-domain formats that seemed less controlled by big tech (which is far from true, but can feel true) such as email newsletters and podcasts. Sadly, these efforts have largely fallen flat and failed to provide long-term sustainability. Email newsletters usage for news is stagnate and newsletter-first darlings like Axios Local have struggled to meet their ambitious goals, while 6AM City has failed to achieve profitability. In fact, I think we are very likely headed for a “newsletter winter.” Similarly, the podcast scene, once envisioned as a growth catalyst for publishers, is littered with more failures than successes, with even the most successful podcasts grappling with shrinking ad budgets as marketers shy away from advertising products with poor attribution abilities.

In 2024, I hope to see an industry-wide shift away from transient trends and risky bets, and one towards strategies that provide tangible returns and long-term stability.

To ensure a sustainable future, we need to prioritize the less glamorous, but critically important parts of our business. Projects must include ruthlessly optimizing owned assets, backing products with a clear ROI, and bolstering/rebuilding direct traffic and direct relationships with readers. If you are a site that is 100% ad-supported, now is the time to seriously consider how you introduce consumer revenue into your revenue mix. Embracing consumer revenue diversifies income streams and fosters more profound and meaningful audience relationships. It’s time to refocus our efforts on what truly drives value and growth.