In this section we discuss the implementation approaches that can enable a successful digital transformation to different content monetization models. While any approach should take into account the publisher’s industry, the technology components the publisher has already invested in and the strategic intent of the publisher to experiment with different models – discussing a generic implementation approach serves as a framework for reference. With its end-to-end capabilities across the stages, Wipro can play an important role as a consultant, design partner, vendor, system integrator and quality assurance provider through the implementation cycle.
The implementation approach is presented in four stages:
Stage 1 – Analysis
The publisher first needs to analyze the content creation process that is currently followed in the organization and performs an audit of the current technology components and architecture. It is important to formulate a vision for the content monetization model to be adopted so that the design and implementation follows smoothly.
Stage 2 – Design
In the design phase, the publisher does an information-modeling exercise on the current architecture – with or without the reference architecture – to arrive at the enterprise architecture required to support the vision that was formulated in Stage 1. The publisher should also define the metadata model for the content and any features or applications required.
Stage 3 – Selecting Tools & Technologies
An overview of the technologies required for a content strategy was presented in the previous section. The publisher selects the tools required and the respective suppliers for each of these technology areas. The publisher might also decide to choose a system integrator for implementation.
Stage 4 - Implementation
The tools and applications are built and integrated in the implementation stage and configured for the publisher. It is here where supporting tools such as payment gateways, analytics systems, authentication and access systems are also integrated. At this stage, the publisher will also have the opportunity to experiment with different content monetization models and adopt one or more models as desired.
Stage 1: Analysis
- Analyse the content creation lifecycle.
- Perform a strategic audit of the current technology solutions and architecture.
- Identify the “pain” points in the process.
- Formulate a vision and strategic intent for a new content creation and monetization life cycle
Stage 2: Design
- Information modeling
- Define metadata
- Define the features and applications required
- Design workflows
- Define the future architecture to support the vision and strategic intent.
Stage 3: Selecting Tools and Technology
- Selecting the right tools -authoring, workflow, asset management, analytics, rights mangement, payment and distribution tools and supporting technologies
- Vendor selection
Stage 4: Implement and Monetize
- Implement the design
- Install and configure software
- Create and configure workflows
- Interface with payment gateways
- Analyse information from Analytics system
- Customize offerings
- Experiment and Evolve
There is a pressing need for publishers to monetize their content assets by adopting new business models. The decline in advertising revenues, new competitive forces within and outside the publishing industry, changing consumer attitudes and digital transformation are all greatly influencing this transformation.
There are already different revenue and pricing models in use for monetizing digital content in the publishing industry segments of newspapers, magazines and trade publishing – some have already realized success. However, publishers must note that consumers are willing to pay for content not just when it is appealing, but they also require transparent pricing and billing models that are easily understood.
Many companies in the music, movies and gaming industries have been successful in monetizing their digital content and publishers could learn a lesson or two from these industries. Publishers have a variety of levers that can be employed to grow revenues in the digital world including a pay wall, single item sales, tiered access, extra content and archive access. After identifying the correct business model, publishers must next ensure they have the data tools and applications that will guarantee success. The key for publishers is to adopt more flexible approaches, experiment and evolve in order to win in the digital future.