The New York Times (The Times), one of America’s most influential newspapers, has a sizeable daily print volume. The newspaper is now at risk due to the rapid development of electronic devices and the trend toward digital transformation.
They created an app for The New York Times to help them overcome this problem. This is The New York Times mobile app in print format. However, it has fewer articles than the official publication. There is no desktop version of the app. A mobile version of the app is available for those who don’t want to pay $15 for the standard premium version.
The New York Times is no longer a business failure. It has been a symbol of industry leadership in digitization on mobile devices. This is something no newspaper could achieve. The development of a mobile version and integrating excellent features from The New York Times into the final mobile version. It has received a positive response from users.
We can easily find success stories about tech giants such as Google and Facebook on mass media. What will companies need to do to adapt to technology that is not already part of their business model?
Electronic devices’ undeniable appeal, convenience, and affordability have threatened traditional media like newspapers and magazines. Advertising revenue from traditional magazines and newspapers has declined significantly. Instead, advertising on digital media via the internet has increased in importance.
In the last 15 years, nearly 70% of advertising dollars were spent on printing publications. The influence of the New York Times (The Times), America’s oldest newspaper editor, is not lost on them. The Times made a remarkable comeback after turning a digital challenge into an opportunity.
Their shares rose nearly 60% over the past six months to their highest level in nine years, thanks to intelligent digitization strategies. The company published an earnings report in May that highlighted the impact of digital transformation on them.
In 2018, the New York Times generated more than $709million in digital revenue. With this growth rate, we expect them to reach their goal of $800 million by 2020.
The 2017 and 2018 Earnings reports show that subscription revenue for The New York Times digital platform increased by 40% each year. Print ads in The New York Times fell by 18% annually. However, this loss is offset by an increase in subscribers and the use of electronic ad templates. It increases sales and profits year-over-year. Mark Thompson, CEO of The New York Times, stated that these results demonstrate the potential and power of digital strategies. They promise to generate substantial revenue for The Times.
Viral Content Strategy
The viral popularity of social media platforms was a significant advantage for the New York Times. They chose Snapchat, Facebook Live, Instagram, and Facebook to communicate with their readers using modern content formats like VR (virtual reality experience) and 360-degree video. This was a new format for the newspaper’s readers.
Snapchat Discover was the platform that The Times used to launch The Daily podcast. It enjoyed great success. In the first three months, there have been 40 million downloads and over 40 million online views.
The Daily is an innovative product that brings The New York Times audio content into readers’ lives, making it a daily part of their day. The Times team implemented a marketing campaign to promote The Daily. They placed billboard ads outside three major cities. The show was broadcast on over 30 radio stations and attracted five million listeners monthly. It also inspired a new show from The New York Times, The Weekly.
The Daily’s success is due to an outstanding digital content product that conveys a complete message to spread the campaign’s image via digital media. Only 12 people have contributed to the success of The Daily. The Daily airs 20 minutes daily and is well-received by audiences from many fields, including experts.
The Key Features
To increase subscription fee tracking, leverage customer data
Subscriptions used by subscription or time-based subscriptions are currently the most popular monetization method available for app developers. The New York Times made investments in increasing subscriptions’ value using data.
Modernize your data environment and emphasize data analytics
Data analytics can be used to identify subscribe-points to brand tracking touches. Reach points where people are interested, and readers will be more likely to follow brands.
The New York Times currently identifies these factors from its readers. The New York Times wants a better experience to encourage them to return more often. This will lead to higher subscriber follow-up.
Instill a culture for digital transformation in your leadership team
Many companies today must find themselves in the same position as The Times. Digital seems to be the future. Old products and distribution channels still generate revenue. This raises the question of how much an organization should focus on digital transformation to improve its business model. The New York Times took a bold but not necessarily orthodox approach to this issue. These positive signs are evident.
The New York Times’ primary strategy for growth is digital transformation. Although the newspaper still makes a third of its revenue from print, it has made digital transformation its primary focus. With 14 people in the leadership team, only one person can manage and ensure that the printing press segment succeeds. The founders are the remaining 13 leadership team members, focusing on digital planning.
Construction of technical stacks
Because of their unique context, it has created hundreds of systems, from advertising funnel tools to various marketing facilities and payment systems.
To create a seamless customer experience across all platforms, implement a system change that will delight customers.
Using six different codes, you can run the main website from 6 different platforms
Re-architect their data environments and migrate to Google BigQuery.
The Wall Street Journal is a Recommended Alternative
The Wall Street Journal is the best digital and paper-reading app. All the information you would find in a newspaper, including expert opinion, news, investment, and money market. Columns can be found in the Wall Street Journal and the WSJ Weekend. It also provides separate watch lists, videos, graphs, and data to give an overall market view.
Follow The Wall Street Journal iPad to get news such as morning updates and archived releases from seven days ago. You can get the latest news on the iPad and iPhone with Now Edition.
You can save your favorite articles for offline reading. All content is available with a monthly subscription. It automatically downloads the latest news every morning to your iPhone or iPad. The WSJ icons will automatically be added to the newsstand folder of your phone.
The New York Times MOD APPK is one of America’s oldest newsrooms. The digital transformation has transformed it. The newsroom has dealt with the most critical issues in journalism as technology evolves, and electronic devices become more prominent.
With its untold wealth of content, The New York Times is a leader in digital transformation. Businesses will hopefully learn from The New York Times and make the right decision in their digital transformation.