THE EVENTS BUSINESS MODEL

The increasing benefits from events are being driven by the growth of the “experience economy.” According to the FIPP 2019 Events in Magazine Media report, 78% of millennials choose to spend money on a desirable experience rather than a material product. “People have so many digital experiences these days, they’re craving that live experience more and more.”

— Michael Caruso, Editor-in-chief at Smithsonian Magazine.

Media companies have a leg up on almost everyone else in the events space. Maybe two legs! OK, most media companies do not employ an army of event planners; many don’t even have one event planner on staff. But that’s the kind of expertise you can buy. Media companies DO have almost everything else needed to run a successful event:

• Relevant content

• Niche expertise

• A loyal following in that niche

• A targeted mailing list

• A niche customer database

• Existing relationships with potential event sponsors

• Media platforms with large followings to promote events

That is the kind of stuff you CAN’T buy! Magazine media companies who do run events say events:

• Deepen the company’s connections with its readers

• Attract new readers and subscribers

• Attract new advertisers who might not be interested in a print or digital relationship

• Deliver new revenue from fees and sponsorships

• Raise awareness and brand recognition

• Make news

• Create content