Print Publications Make Progress with Video
Print publishers (magazines and newspapers) are starting to understand the opportunity to expand into broadband video. They bring recognized brands, editorial expertise and advertising to their video initiatives.
“But they have plenty of learning to do about how to create compelling yet inexpensive video that serves their audience’s needs,” Will Richmond says.
Video ad spending will increase 45 % in 2009 to $850 million, or just over 3 % of the $25.7 million total projected in online ad spending, according to eMarketer.
Following this trend there are publishers like Forbes, Conde Nast, the New York Times and TheStreet.com. They relaunched their video platforms this fall with plans for further grows in 2009. And in the meantime they are cutting staff. Media Post has an interesting article about that.
What follows are its main conclusions:
- CondeNet has relaunched video operation on the back of Brightcove’s latest video platform, Brightcove 3. It offers a widescreen format, features aimed at improving search engine optimization, synchronized companion ads, and the ability to syndicate video. Conde Nast plans to expend the new platform to 16 Web properties in the coming months, with upgrades to sites as Wired.com, Portfolio.com and Glamour.com
- Forbes.com this month unveiled a revamped video network with a widescreen, high-definition player and options that allow users to search for videos by different categories including new releases, most-watched and editor’s choice.
- Forbes.com is now producing 10 to 15 video segments a day. Its limited inventory of high-end video online has helped keep ad rates high, with CPM of $25 to $40 compared to $5 or so for traditional display ads. Video contributes about 5% of Forbes.com revenues, but he expects that proportion to double to 10 % in 2009 and reach as high as 30 % to 50 % in the coming years.
The case of Philly.com
But it is not only about big publications. See for example how Philly.com, the website associated with the Philadelphia Inquirer is doing. Philly.com has been building out a number of programs this year on topics including wine (“Philly Uncorked”), local restaurants ("The Philly Dish") and local gossip ("The Gossip with Marnie Hall").
Some analysts say that Philly.com seems to have hit on an initial formula for identifying a sponsor first, recruiting outside talent and regularly releasing episodes. This online newspaper says that he is not trying to compete with local broadcasters, but rather trying to do something new and different. The programs are inexpensive to make, buy have high advertiser appeal.
Broadband is becoming the most adopted medium ever
“Broadband is well on its way to becoming the most adopted and heavily-used medium ever,” writes consultant Will Richmond.
“2008 was an important year of growth and change for the broadband video industry. To me, the most significant development was the first-time use of broadband video by million of users and the depending use of it by millions of others.”