The US Bureau of Labor Statistics has put together a chart showing how expenditure on the written word varies by demographic. It focuses on newspapers, magazines, books and ebooks. That’s a bit odd because it includes the digital versions of books (ebooks) but not the digital versions of magazines and newspapers (websites).
I was recently asked to speak at The Hub’s One Dayer event, called Joining the Dots: Finance, Technology and the Future of Independent Music. I sat on a panel with a lawyer, an agent and a venue owner and argued about how musicians can make money in the digital age.
You can see the full video of the panel below.
YouTube is a very powerful medium for reaching an audience, and starting the process of earning the right to talk to them. So much so that in the games industry, YouTubers have become the tastemakers who can make or break games, much more so than that traditional press channels of reviews and the specialist press.
A successful YouTuber recently wrote up what it takes to become a successful YouTuber, the financial model, the benefits and pitfalls of signing up to a multi-channel network and the ethical challenges that YouTubers face.
In June 2014, I was asked by Google to go to their offices and talk about the ideas of the Curve to a room full of etailers. It was part of an afternoon when Google pointed out that ecommerce providers in the UK have three times as many page views as every newspaper and magazine in the UK combined. They are fixated on conversion rates and sales, yet they offer a enormous, free, value-added resource to their customers which can be harnessed as a revenue strategy (through advertising) and through a Curve strategy (through content marketing, earning the right to talk to their customers again and enabling superfans.)
When you have seventy-five years of history and over 5,000 characters in your archives, including Spiderman, The Incredible Hulk and Captain America, you have a lot of potential to experiment with a Curve strategy.
Marvel is in such a lucky position. In 2009 Disney acquired the comic book publisher for $4 billion. At the time, it was the eighth largest magazine publisher in the US, and 4.1 million people read its content every month. That said, even by the time of the acquisition Marvel was far from just a comic book business. Although it made $125 million from publishing in 2008, that represented less than a fifth of its revenue: the bulk was made up from licensing ($293 million, 43 per cent) and film production ($255 million, 38 per cent). It’s a brand and movie business, and since 2000 there has been a Marvel-licensed blockbuster in cinemas every single year. Continue Reading
In November 2013 I received an email from Kaleel Zibe, a professional wildlife and nature photographer. His business has been under pressure for many years. ‘The crash of stock price imagery, and the fact that everyone is now an amateur photographer, means we in the profession need to re-think what we’re doing to make money. For years now the classic ways of earning a living from photography have had eroding returns.’
One of the key tenets of the Curve is that you use free to find an audience and earn the right to talk to them again. A content marketing strategy that just finds an audience with no follow-through is not a strategy.
My preference is email, because it is in my control, but it is important to be where your audience is: YouTube, Twitter, Pinterest, Tumblr and so on.
I have long joked that Facebook is different. On FB, you are “earning the right to pay Facebook to speak to your fans”, and their ongoing changes like hiding the most recent posts and encouraging users only to see the posts that Facebook wants you to see are part of this monetisation strategy.
In late 2013 I spoke to the customers of Peer One, a provider of hosting and related services for the web. Many of their customers are technology consultancies that build e-commerce systems for large retailers using third-party tools such as Magento, and are often known as systems integrators.
The question I was asked most was: ‘How can we apply the Curve when our core product is so expensive to deliver? We can’t afford to keep giving away our services for free, because they have a substantial cost to us. We know that we need to find customers, but the Curve doesn’t seem to help us, particularly those of us in small businesses with only ten or twenty staff.’