The LMA Fest 2024 session “Cashing in on Creativity: Boosting Revenue through Events” highlighted how media organizations are leveraging editorial events to drive engagement and revenue.

Industry leaders including Texas Tribune Chief Revenue Officer April Brumley Hinkle, The Gazette Executive Editor Zack Kucharski, and Chicago Public Media Chief Content Officer Tracy Brown shared insights into their strategies for successful event planning and execution.

Here are some key takeaways from the event:

The Gazette’s Iowa Ideas virtual festival

Kucharski introduced the “Iowa Ideas” project, a virtual festival that has grown significantly since its inception in 2017. Initially an in-person event, it transitioned to a virtual format because of the COVID-19 pandemic. Moving online reduced operational costs and allowed the event to grow to over 2,000 participants, he said.

The festival’s content is divided into nine tracks, driven by reporters. These tracks focus on key issues affecting Iowans, from politics to agriculture.

“For us, this has been a great experience,” Kucharski said, highlighting the revenue growth and continued partnership retention since the festival moved online.

The festival has also been a strong source of revenue, generating approximately $180,000 in 2024, and continues to grow by 15% annually. This success was attributed to both the expanded digital audience and the involvement of local businesses as sponsors.

Events at Texas Tribune are significant revenue driver

Brumley Hinkle detailed the organization’s event-driven revenue model, noting that 17% of its overall revenue comes from event sponsorships. The Texas Tribune Festival, held annually in Austin, is the company’s flagship event, attracting over 7,000 in-person attendees and 50,000 livestream viewers.

“This year, our goal is to generate $1.9 million from events,” she said, indicating the large role events play in their diversified revenue model.

In addition to the flagship event, the organization hosts 50 editorial events throughout the year, focusing on topics such as policy, politics, and statewide issues such as public education, access to health care and infrastructure issues. Brumley Hinkle emphasized that while the events are open to the public, the team maintains control over the content to avoid sponsor influence, ensuring that the conversations remain unbiased and driven by journalism.

Brumley Hinkle also shared creative sponsorship strategies, such as partnering with local businesses for cobranded marketing efforts. For instance, the team created a Texas Tribune cocktail, to be sold in bars during the upcoming Texas Legislature, with the Tribune receiving a portion of the proceeds.

Community engagement is key to driving revenue for Chicago Public Media

Brown described how Chicago Public Media shifted its event strategy from purely editorial-driven to a more revenue-focused model. The company expanded its events team from two to five members, which allowed for more ambitious goals, including generating $250,000 in revenue.

Chicago Public Media now aims to host 52 community engagement touchpoints annually, combining both editorial and revenue-driven events.

Brown shared examples such as the “We’re Not From Here” series, designed to highlight the immigrant experience through humor, which shifted from free to ticketed events to cover costs. The team also leverages media partnerships to offset expenses by offering free advertising in exchange for venue use or services.

Sponsorship strategies and challenges

All three panelists discussed the importance of understanding the needs of sponsors and aligning event topics with sponsor goals.

“People buy what they need, not what you want to sell them,” Brumley-Hinkle said, emphasizing the need for flexibility and customization when pitching event sponsorships.

Brown added that it is crucial to maintain mission alignment when selecting sponsors, as not every brand fits the values of their organization.

Kucharski highlighted the long-term benefits of building strong sponsor relationships.

“We can renew about half of those relationships in a few one-hour meetings,” he said, underscoring the importance of trust and transparency.

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