A new report from UK-based FIPP, which calls itself a
network for global media, examines events in magazine media and how to
convert them into a revenue source. The report, authored by Sadie Hale,
examines contemporary event formats, monetization and wider branding benefits.
The report
provides accounts and case studies from leading industry
professionals including Hearst UK
Seventy-eight
percent of millennials choose to spend money on desirable experiences rather
than material products, meaning revenue streams are clearly switching towards
events, a press release on the report says.
“The ‘Four
Ps’ (Price, Product, Promotion, Place) are not as important as they once were,”
says Victoria Archbold, managing director of events and sponsorship at Hearst
Live. “When it comes to experience we are seeing them shift to the five W’s –
Where am I? Who am I with? What am I doing? Which channel shall I share it via?
Why am I or they (the organizer) doing it?”
The future
of all media companies looks set to come from an increasingly diverse field,
according to FIPP. In a separate whitepaper looking into the future of media,
FIPP and UPM recently looked at how big a part trends like “reverse printing”
are playing in the media mix. Hearst’s Airbnb magazine for example, shows how
more traditional content offerings can be born from existing digital
communities.
In the case
of events, this crossover is being heightened by augmented reality (AR),
virtual reality (VR) and other innovations, according to FIPP.
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