Business Model Canvas (BMC)<\/a>, described by 9 building blocks that show the logic of how a company intends to make money. The tool helps to overcome the main challenge of the media today, generating revenue and benefits through its content. The 9 blocks of the BMC that follow a logical sequence are: (1) Customer Segments, (2) Value Proposition, (3) Channels, (4) Customer Relationships, (5) Revenue Streams, (6) Key resources, (7) Key Activities, (8) Key Partnerships, and (9) Cost Structure.\u00a0\u00a0<\/p>\n\n\n\nDigital revenue streams<\/h3>\n\n\n\n <\/p>\n\n\n\n
This tool helped Ul-Info to get an insight about the customer segments it serves and value propositions it offers; and subsequently find a way to diversify its financing sources beyond advertising and donations\/project grants. In a period of uncertainty caused by the pandemics it was a perfect time to look for different sources of financing. Going through their BMC they concluded that they should combine revenue streams, such as, advertisement, memberships, subscriptions, donations, paid content, and new digital service<\/strong>.\u00a0<\/p>\n\n\n\nAdvertisements and paid content were selling space and digital traffic to external advertisers. On the other hand, new digital service utilizes medias\u2019 content to achieve traffic and then use the traffic to push forward new digital service; in Ul-Info\u2019s case, the service of renting apartments for tourist purposes. Thus, the media outlet will earn income as a result of connecting a consumer and a supplier. This service will be connected to the media content having in mind that the portal covers news of Ulcinj and has sections of tourism and travelling within the website. <\/p>\n\n\n\n
Subscriptions will be used to sell media content to readers. In this case the revenue stream will be the reader\u2019s payment for access to media content. However, the Mom Test conducted by Ul-info revealed that the target readers at this point were not prepared to pay for news they could get for free elsewhere. Thus, it needs a lot of work to be done to converse the reader through the funnel. <\/p>\n\n\n\nAfter website redesign and new revenue streams for one-month Ul-Info managed to increase its revenues by almost 40%.\u00a0<\/p><\/blockquote><\/figure>\n\n\n\n
In sum, Ul-Info’s 3 steps to a sustainable news website ensure that its technology platform is up to date, its content is reader focused, and it uses the traffic to generate income<\/strong>. After all, the digital media landscape is not a terra incognita. <\/em>You just need to follow the good examples of the media industry!\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"A strong business is a carefully planned one, in pace with trends and focused on consumer needs; and this adheres to media industries, too. Being a capitalist economic system, the media industries are businesses that must be profitable in order to survive, while at the same time perform ethically and responsibly. Issues in regard to […]<\/p>\n","protected":false},"author":40,"featured_media":10215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[42,44,43,25,41],"tags":[895,898,896,897,610],"acf":[],"yoast_head":"\n
The economics of Balkan local news websites: lessons to learn from Montenegrin portal Ul-Info - Journalift<\/title>\n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n\t \n\t \n\t \n