By Nancy Lane, president, Local Media Association
INMA NewsMedia Outlook 2013
"The culture of the print bundle is toxic and corrupt and needs to end!", proclaimed Earl Wilkinson, CEO & Executive Director of INMA, during the opening keynote address at the 2013 Mega-Conference in New Orleans today.
Wilkinson shared many of the key takeaways from his recent outlook report during this lively and fast-paced session.
For 2013, the INMA board identified three main priorities: video, second wave mobile and revenue diversification beyond print advertising. They believe that video represents the number one revenue growth opportunity for local media companies in 2013.
As for print, they believe that the print economics are going to weaken. With more digital choices, customers will continue to shift. They acknowledge that the print audience is still strong and foundational. They see great value in print readers as they are "older, richer, well-educated, active seekers, habitual and brand-loyal."
On the mobile front, they predict that most publishers will have 50% of their digital content consumed via mobile devices by 2015.
In summary, Earl offered the following thoughts:
- To fill the hole left by print advertising, local media companies will need to develop at least ten new revenue opportunities
- Media companies need to focus relentlessly on core competencies (not the products themselves)
- Honesty is needed by the industry; we are not ready for 2017, and therefore we must accelerate
- Video is a huge revenue opportunity; mobile is an amazing audience opportunity (that will eventually be monetized)
Over 525 media executives and the research and development partners that serve the industry are in New Orleans this week to attend the third annual Mega-Conference, a collaborative effort between Local Media Association, Inland Press Association and SNPA. Check back often for more live updates, follow our tweets from the conference at #2013MegaConf and check out our photo galleries on our Facebook page.