Despite the ever-changing methods of delivering content, Hearst, first and foremost, remains a magazine company.
“Magazine media is being redefined,” said Troy Young, president of Hearst magazines on the Cannes edition of the Digiday Podcast. “It’s obviously hard because the product before was so understandable –both the ad product and the physical product. Today it looks very different. We don’t just make text. We make everything and distribute it across 10 different endpoints. But underneath it, what magazine media is, which is somewhere between news and entertainment, is vital.”
In the latest episode of our podcast, Young talks about culture changes at Hearst, his ambition to integrate data in every part of the organization and more. Edited highlights below.
Executing strategy is the hard part.
“Today, we’re going through a very significant culture change. The game of the business is scale, quantifiable relationships with consumers and a mixed media delivery of content. The biggest challenge is to execute. It’s not hard to figure out where you have to go. You have to have strong IP, brilliant understanding of distribution an extraordinary monetization muscle and have a real technical and data competency but the path is hard.”
Data affects the organizational structure.
“Data is changing the structure of an organization. The more that you push data into an organization, the more you quantify the input and output [and] the more the organization is affected in self-organizing. I’m building data into our communication system. That’s how you get notified when there’s a follow-up required on an account that comes via Salesforce comes through Slack or how many followers we have on Instagram also comes through Slack. Dashboards are not embraced by most people. My goal is to have data flowing through the company.”
Subscriptions will be hard for the fashion space.
“When I break down the portfolio, some of them naturally fit a modern digital membership proposition. In the area of women’s service, there’s a lot of opportunities around commerce. In health, we’re launching VOD in July. In the fashion space, it’s harder to think [about] how you build a paid subscriber because there’s too many substitutes to the content. Vogue tried to go after the Business of Fashion, Women Wear Daily territory, which is logical. In that space, you have to mean more to people who buy your media.”
The Washington Post invests in climate coverage as its team expands to over 30 journalists
The Post's climate team continues to expand as the publisher makes big bets on the beat drawing younger audiences.
Inside one media company’s strategy to monetize the Fifa World Cup
Soccer media business Footballco has spent most of 2022 trying to make hay while the sun is shining.
Publishers continue to evaluate cost-cutting in Q4, with economic and budgetary pressures mounting
The wave of cost-cutting measures in Q3 is still flowing into Q4, with publishers under pressure to keep expenses down at a time of continuing economic uncertainty and budget planning.
SponsoredHow brands are measuring incremental performance on CTV
Connected TV is unique among other advertising channels because it combines linear television’s storytelling capabilities with digital marketing’s targeting and measurement. As more marketers leverage CTV advertisements to reach relevant and engaged audiences, they also want to understand the real value they are generating with their investment. Incrementality reporting and measurement allow advertisers to measure […]
Member ExclusiveMedia Briefing: Publishers’ Q3 earnings reports show promise, but not without sacrifice
Publishers' third quarter earning reports are in.
A new entrant in the data-driven linear TV measurement space aims to fill a gap left by Microsoft’s Xandr
As Xandr shuts down its Clypd platform, datafuelX's M3 SaaS product aims to solve some of the multi-currency, multi-platform problems with investing in convergent TV today.