How publishers can make money from social media
An article by Mediabiznet.com looks at media companies using social media as an alternative revenue source. Newsrooms are definitely getting creative, using tools like ScribbleLive. Here’s some of the tips they unearthed:
Quintessential men’s mag Esquire published it’s own (paid) iPad puzzle app. Others buy advertising or sponsorships within popular games. Some are partnering with social commerce initiatives such as coupon giant Groupon, or creating their owns (Boston.com publishes its own daily deals).
Some media companies are actually hosting their advertisers’ social updates on their site. (ScribbleLive is a great tool for this). Publishers “can also advertise via their own social stream, selling sponsored tweets or Facebook posts.”
And, of course, the bread and butter of any publisher is journalism. “Many publishers are trying more than one of the above tactics to make social a part of their revenue stream,” Mediabiznet reports. “Sometimes the same social content can be monetized in many different ways. For example, the liveblogging platform ScribbleLive is promoting four different ways news organizations can make money from liveblogging.”