Understanding the Digital Space is Key for Growth
Capitalizing on the digital space is key for growth – but in no industry does this ring more true than within the media sector. Generating original content across multiple platforms is how magazines, newspapers and television networks keep their users engaged and stay relevant in this 24-7 news cycle. However, we found it interesting how some established outlets have been unable to transition from traditional print to a mult-tiered platform, especially in the financial media.
The industry standard, Dow Jones, was one of the few that saw the value in attracting users through multiple platforms and as a result, has remained the industry leader throughout the change.
Conversely, outlets like The Deal magazine, which launched to much fanfare in 1999 as chronicled by the New York Observer, did not develop a strong online presence which has hurt the niche publication. When it launched, it was hoping to target 125,000 within the financial deal industry, but a recent scan shows that their online presence brings in roughly 9,000 unique visitors. That’s a very low number and leads industry insiders to wonder how long Bruce Wasserstein’s labor of love can survive.
Some other print financial sites have also seen rough times navigating the digital space. Portfolio was an expensive new business publication that survived just a few years before shutting down the presses and coming back as an online only publication.