Media industry leaders described how they foster long-term partnerships and generate new business opportunities amid digital transformation during a recent panel discussion at LMA Fest 2024.

The panel included industry leaders Sonny Messiah Jiles, Defender Media Group CEO; Larry Lee, president and publisher of The Sacramento Observer; and Tom Sly, vice president of enterprise strategy at The E.W. Scripps Co. Robert Walker-Smith, digital revenue director for the Knight x LMA BloomLab, facilitated the session.

Each panelist highlighted the importance of collaboration and innovation in the modern media landscape.

Walker-Smith opened the session by emphasizing the work in the Knight x LMA BloomLab working with 26 Black newspaper organizations, and the goal of enhancing digital revenue without sacrificing revenue from print products.

“We achieved a result of 133% digital revenue growth,” he said, adding that diversification was key to success. He mentioned how local publishers in the first cohort of 10 publishers had seen a cumulative digital growth rate of 205%, attributing this success to the strategy of balancing digital and print revenue streams.

Jiles shared insights into the Defender’s efforts to drive new business and long-term partnerships. She explained that fostering client relationships requires finding common ground, participating in community events and giving back to the community to build trust.

She also noted the importance of being visible at business events, emphasizing, “People buy people.” She described the Defender’s recent efforts to reinvent its approach to stakeholders and segmentation of the audience by targeted groups.

Lee recounted the challenges the publication has faced since 2019, including financial struggles and leadership transitions. In response, the Observer launched new initiatives such as “Observer at 60: Engaging a New Black Consumer,” which served as an opportunity for reintroducing the publication to the community and key stakeholders.

Lee emphasized the need for continuous reinvention and forming new partnerships, particularly through reintroduction strategies, such as successful partnerships with the City of Sacramento and First Five California.

Jiles also spoke about rethinking products and services, focusing on branded content, and leveraging grants from institutions such as Google and the Knight Foundation.

“Branded content brought us $300,000 extra new revenue,” she said.

Jiles also highlighted efforts to create combo packages involving newsletters, social media, and digital specials, which Sunny predicted would become significant revenue drivers. Reinventing its offerings allowed the Defender to diversify its income streams and gain new clients.

Sly contributed a broadcaster’s perspective, speaking about how changes in advertising and the growing demand for return on investment require media organizations to innovate.

“There was a time when 50% of my advertising dollars didn’t work, and I didn’t really know which 50% didn’t work,” he said, highlighting the shifts in accountability and client expectations brought by the digital age.

Sly also discussed integrating linear TV and digital solutions to provide more targeted and effective advertising strategies.

The panelists stressed the necessity of leveraging available technology grants, transforming internal cultures, and adapting business strategies to better connect with evolving consumer needs. They also encouraged media practitioners to seek innovative partnerships that align with both profitability and community service.

Editor’s note: Artificial intelligence was used to transcribe and create an initial summary for this article, which was then edited by LMA staff.