NEW YORK: To increase revenue, newspapers should add niche content offerings to their general news products, according to recommendations released this month by PricewaterhouseCoopers.
Largely struggling in an era of sharply declining print revenue, newspapers should also distribute that content across multiple platforms, and use partnerships with content providers to reach specific audiences, according to the firm's "Moving into Multiple Business Models: Outlook for Newspaper Publishing in the Digital Age" report.
A focus on local content by outsourcing generic editorial copy, as well as employing journalists who can work across various platforms would also help, according to the report.
And don't forget the advertisers. The study, which surveyed 4,900 people in seven countries, said local print media outlets could benefit working with advertisers "across a spectrum of economic arrangements."
"According to our findings, the primary challenge for newspapers is to balance where they can offer advertisers an integrated approach to reaching mass and niche audiences through both print and online media," David Moss, director of PricewaterhouseCoopers' US advisory practice, said in a statement. Moss could not be immediately reached for comment.
The study's findings echo those of the Pew Research Center's "State of the News Media Report," released in March, which recommended that newspapers develop "subscription-based niche products for elite professional audiences."