What we learned from Reinventing Media Business Conference in Riga

The “Reinventing Media Business” conference, hosted by the Stockholm School of Economics in Riga, highlighted new strategies for media sustainability, digital innovation, and audience retention. As always – there’s no one-size-fits-all approach. Every media venture has its own individual offerings aligned with their audience preferences. Here’s a round-up of three critical insights shared by media leaders.

Lessons of financial resilience – independence and trust are the cornerstones 

Cécile Sourd, General Director of Mediapart, outlined the uncompromising business model that has sustained Mediapart, a French investigative outlet, in a challenging media landscape. Built on a reader-supported model, Mediapart abstains from ads, corporate funding, and remunerated shareholders. Financial agreements with Big Tech are also a “no-go”.

“Yes, we’re radical with our choices”, said Sourd. Despite this, Mediapart has managed to be financially sustainable for 12 years with no bank loans opting to self financing and building financial reserves for the future. As of now – 6,500 investigations, 3.5M visitors per month, 98% funded by reader-revenue using hard paywall and affordable membership offerings.

Trusted relationships with the audience is a cornerstone of the business model that Mediapart encourages through certain initiatives such as “Le Club,” an interactive forum on the website that fosters dialogue, supported by a free speech policy, and “Boîte noire” (black box) that provides behind-the-scenes insights into how stories are crafted, including who worked on them and the support received. Journalists interact directly with readers on platforms like Twitch. Mediapart hosts free events and gatherings across France, giving readers a chance to share feedback and critique in person. And the outlet offers dedicated client-centered service, where real people respond to emails and calls. 

On the other side – Wiener Zeitung – the world’s oldest daily print newspaper founded in 1703. From July 1st, 2023 it became publicly funded, brought to an end the print and started a whole new chapter transferring to TikTok, Instagram and YouTube with focus on younger audiences. 

Note: This structure does not grant the government any authority over the content on this website or other WZ channels. On the contrary, since July 1, 2023, WZ has operated under a public service mandate, producing independent journalism as an autonomous medium with a fully independent editorial team. More here.

Managing a no-subscription, ad-free, multi-channel model became challenging. It involved in-depth audience research that identified further directions – such as moving into new platforms and leaving out Twitter and Facebook where the target audience wasn’t present. Focus groups and usability tests continue to be the means to always stay on track with readers. Product development driven process was one of the core transformation points together with internal teams cross-collaboration. And as a unique selling proposition WZ sees transparency on every stage of content development that is described at the end of articles on the website. New strategy reflected on the overall numbers: website – 7M visits; Youtube Shorts – 1.7M; TikTok – 8.4M impressions; Instagram – 9.8M impressions. 

Next year is crucial for WZ as they will be audited by the government, so tracking the achievements and alignment with the goals is important, said Katharina Shmidt, WZ’s Editor-in-Chief. 

Driving subscriber loyalty through innovative offerings

Jonathan Knight, Head of Games at The New York Times showed the crucial role games play in strengthening subscriber loyalty as part of the NYT bundling strategy. With games as the largest “planet” in what Knight calls the NYT’s “solar system” of lifestyle products, they drive high-value engagement and build daily habits. In 2023 alone, NYT puzzles were played over 8 million times, illustrating the unique, consistent draw games provided compared to the cyclical nature of news consumption. Games are curated by a dedicated team, creating a more human experience. Looking ahead, the NYT Games app is central to its strategy, with over half of users now accessing games via the app, which has become the most effective conversion tool. This dual-directional funnel allows for seamless crossover between NYT news and games subscribers, reinforcing engagement across both platforms. 

Olena Lavruk, Executive Director of Inker, shares the story behind INKER, a groundbreaking Ukrainian social comics magazine that merges journalism with art to amplify Ukrainian voices.

“Malopus” is a concept of INKER, meaning sketch-based storytelling over traditional comics. With the full-scale Russian invasion INKER shifted its content strategy to be focused exclusively on Ukrainian-language and started to explore print. They’ve already reached a publishing milestone – 1000 pages within a year – by starting to publish monthly; they also secured key partnerships to support growth and development. As INKER shifts toward a project-based publication model, its presence on social media remains a vital tool for reaching readers and growing its community. Sustained through Amazon sales and grant funding, the magazine is able to support the high costs of producing high-quality sketches that resonate deeply with audiences.

Bridging editorial and product – uniting teams for newsroom transformation

Hannah Sarney, Editorial Product Director at the Financial Times shared her journey on newly-created role, where she focuses on uniting editorial and product teams that traditionally work on different timelines and priorities. Her approach brought both teams together through structured collaboration, using the Next Generation Board (NGB) as a key initiative. Started in 2020, NGB connects emerging leaders with senior FT mentors, encouraging fresh ideas and better alignment across the newsroom. To keep progress on track, the FT holds regular planning and review sessions: annual vision meetings, quarterly strategy check-ins, and monthly updates to clear any blockers. 

On a different note, Timo Kämäräinen, Editorial Development, Director Alma Media, shared how AI integration has enhanced newsroom efficiency at Iltalehti and Kauppalehti (Finland’s largest news outlet and the leading financial newspaper), showcasing the potential of technology to support journalists while fostering creativity. One of the latest AI tools that was developed in Alma media – sentiment analysis, which analyzes every published article headline and sub-headline using GPT-4o model aimed for improving discussion inside the newsroom and providing better content for the audience.  

Source of the cover photo: courtesy of Reinventing Media Business Conference

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