Chicago—With the overall market for print in the business publishing sector continuing to decline, the onus is on b-to-b media companies to develop strategies for events, mobile and other media channels to diversify their portfolios, Bloomberg Chief Content Officer Norman Pearlstine said Monday at American Business Media's Executive Forum here.
The theme of this year's ABM meeting is “Drive Recurring Revenue: Paid Content and Business Information Models.” Pearlstine, former editor in chief of Time Inc., offered several recommendations to help business publishers create new revenue streams despite the ongoing contraction in print advertising.
For starters, Pearlstine said, b-to-b media companies need a firm grasp of what makes their customers tick.
“Having a pretty good understanding of what business you're in is important,” he said. “It may be that the business you're in is information rather than news; it may be that certain things that you held absolutely sacred you have to reconsider.”
The development of online translation to multiple languages presents an opportunity for business publishers, Pearlstine said.
“I can see Bloomberg very well going into a local language in a number of markets without increasing staff a whole lot to do it,” he said.
Jim Friedlich, president of Empirical Media Partners, conducted the interview with Pearlstine.