How to Generate Income in a Digital Media?

Generate Income in a Digital Media

The focus of a communication medium is on offering truthful and quality information . But, in addition, we must not lose sight of the fact that it is also a business and, as such, it needs to monetize such content. How to do it?

We tell you some business models of digital media to generate income.

1.- Digital subscriptions

The media industry is changing. Both its business model and the way the headers themselves interact with their readers.

Digital subscriptions stand as one of the main strategies with which to generate income and monetize content.

In a previous article, I talked about the different types of paywalls that exist, and we also analyzed how to increase subscribers.

The current Covid-19 pandemic situation has caused a substantial impact on the media, as reflected in April’s latest Evoca dossier.

The business model aimed at collecting income from the payment that users make to read digital content has come face to face with a tragic reality. Some media have chosen to open their content. Others have kept the wall “up”. Others have temporarily replaced it with a registry, and others who planned to implement it in recent months have decided to delay it.

In any case, we will see how all this evolves as the days and weeks progress.

2.  Advertising

Advertising is one of the sources of income that is suffering the most due to the coronavirus crisis. The fall in advertising investment is apparent and one of the ones lengthening the most over time. But if we look at this monetization option, emerging for a moment from the circumstance we are experiencing, we see a strategy used in practically all digital media.

There are different models, and it is not the objective of this post to delve into them. However, I will remind you of the importance of having an exemplary media content manager to help you place the advertising modules and from where it is possible to manage the ads in a quick and easy. The strategy for the campaigns will depend on the objectives of each website.

3. Crowdfunding

Donations or micromanage actions are another alternative income generation.

It consists of people who wish to contribute a monetary amount that will serve as financing for the newspaper in question. Through crowdfunding campaigns, the media can collect those amounts that users decide to pay because they trust that media journalism and want to contribute to their subsistence. It can be done, for example, to finance the launch of a digital newspaper or for its regular maintenance. Keep in mind that crowdfunding is a fairly new phenomenon and as such, the technicalities surrounding it are meticulous. With that being said, consider filing your taxes with the help of an expert to ensure that you don’t make any mistakes regarding how you get your funding.

4. Affiliate programs

The affiliate programs are another tool that can draw digital media to generate more revenue.

One way to do this is through “commercial” content linked in our medium, provided that they are texts that may be of interest to our readers. Many topics can stay covered in affiliate content. It is essential to find the one that best fits your identity as a medium and what your audience would like to read from your website.

5. Sponsored texts

If we want to focus once more on the content, we can opt for sponsored texts.

Through these publications, the medium earns some money since the firm that wishes to write on a specific topic will pay for the text published in the digital newspaper.

Suppose the article in question is the quality (valuable and interesting content, impeccable writing and optimized for SEO). In that case, the user will perceive it as commercial (this must be indicated in the text itself). Still, it will give it more value than a simple advertisement or text promotional empty and without any contribution.

6.- The events

Considering that we will meet again in person in a while, the events become another way to generate income. And, while that moment arrives, it is also possible to do it with virtual events that we can monetize (such as online talks, webinars, training pills).

The medium can organize, for example, a thematic meeting according to the interests it has detected in its readers. It needs to study the audience well and obtain information about their tastes and needs.

Also read: What is SEO in Digital Marketing? And Its Factors?