Editor & Publisher has some great tips in this story. They really defy excerpting, despite my rather long one here. This is worth the read. Trend watch: Digital marketing services:
In 2008, The Dallas Morning News began to experience what publisher and chief executive officer Jim Moroney called “a significant decline in print ad revenue for the second consecutive year.”
The paper approached the problem by diversifying from several angles. It “aggressively” sought more commercial printing and distribution, and now prints The New York Times, The Wall Street Journal, and Investor’s Business Daily, along with USA Today, formerly its sole commercial printing client.
The Morning News also created CrowdSource, an event marketing division, as an addition to its portfolio. The purpose was to generate incremental revenue while engaging consumers with the brand. Last year, for example, CrowdSource created an event called Walk In The Park to bring residents out to a new downtown park in which the paper sponsors a reading and games room. Currently, CrowdSource is working with other organizations on a 50th anniversary commemoration of the JFK assassination in Dallas.
Another new part of the company is 508 Digital. This business — named for the address of the newspaper’s building — operates like an agency, offering digital, social media, and search engine optimization services for small- and medium-sized businesses. Speakeasy is another marketing and promotions division that provides social media strategy and execution for local businesses that offers “content marketing delivered via smart social media.”
Finally, the Dallas Morning News started two magazines, Texas Wedding Guide and Design Guide, as yet another way to expand the brand and increase revenue.
Based on results thus far, Moroney said, “We will continue to pursue a strategy that builds new sources of revenue off the foundation of our brand, our core competencies, and our infrastructure.”