The world is changing, and technology is taking the lead. Today, everything is going digital, which means traditional media outlets are having to jump online to evolve their business models and counteract declining ad revenues.
Thomson Foundation’s OPEN Media Hub project is helping media outlets across the European Neighbourhood develop promising new revenue streams and maximise opportunities offered by the digital media marketplace.
Navigating this space presents particular challenges for independent media as they operate in a volatile time of transition and discovery, but with tailor-made in-house consultations, top-class management expertise and creative revenue solutions, OPEN Media Hub has been helping media businesses in the region succeed.
“Financial sustainability is the bedrock of independent, pluralistic media, but attaining it is becoming even harder,” explains David Quin, the foundation’s director of development. “That’s why our long legacy of supporting not just quality content but the practical needs of media businesses has never been more needed."
He continues: “Our unrivalled network of cutting-edge digital media expertise means we’re at the forefront of finding answers and opportunities for our partner media programmes, and OPEN Media Hub is no different.”
Our unrivalled network of digital media expertise means we’re at the forefront of finding answers.
Defining the monetisation model and capturing digital revenue to sustain media and quality journalism is a new area for the foundation’s EU-funded project. It is already helping media businesses design strategic management tools and implement realistic business plans that are accustomed to the digital age.
The project’s comprehensive media management support package is based on sustained long-term engagement with key media partners in the region and includes consultations and masterclasses with top media professionals, access to world-class industry events and online courses on topics such as maximising print and online revenue, engaging online audiences and most recently, developing media business plans.
Veselin Vačkov (pictured above), director of the daily Czech newspaper, Lidové noviny, leads the newest online course. A course in advanced digital audience monetisation tools will be introduced as part of the next media management support package.
For more information: openmediahub.com
OPEN Media Hub is an EU-funded project implemented by a Thomson Foundation-led consortium.
Illustration: Nathalie Lees
Senior media training and exchange expert
Petko is the senior media training and exchange expert for the OPEN Media Hub project. He designs and oversees the implementation of management training, consulting and content production for print and online media.