5 Strategies to Boost Revenue for News Media Outlets * Anna Bruno

News outlets are also seeking support from philanthropic sources, many of which see corporate funding as an opportunity to grow their revenue. However, corporate giving can take different forms depending on the organization and how it intends to distribute resources.

Summary

Increasing corporate revenue for news organizations can be challenging, but with the right strategies and approach, it is possible. Remember, the key is to build relationships, understand your donors’ interests and goals, and show how you can help them achieve those goals. In this article, we look at what is happening in the United States.

The role of corporations in supporting community organizations

Corporations have always played a role in supporting community organizations and nonprofits. Total giving in 2021 in the United States was nearly $485 billion, according to Giving USA, a leading industry report on American philanthropy. Corporations contributed $22 billion to that total.

Types of corporate giving

Corporations can give to help drive their business, to support employee interests, or simply to give something back to their community. They give in various ways, from advertising to sponsorships, to events and philanthropy. Gifts can be in-kind support, matching employee gifts, or explicit gifts that are project-specific or unrestricted. And corporate support can come from several sources (event budgets, marketing budgets, or philanthropic budgets) aligned with their corporate social responsibility agenda.

Approaching corporations

It can be challenging to know how to start approaching corporations through all these channels, but several industry professionals have shared their best practices on how to engage corporate funders.

Building relationships

As with all fundraising, the key to success is building relationships, asking donors about their interests and goals, and showing how you can help them achieve those goals. And then, as always, thanking them and showing the impact of their gift is the first step towards the next donation.

Tips for increasing corporate support

Here are some tips on how to increase corporate support.

Thinking creatively

One way news organizations can pursue corporate support for the first time may be through existing products or opportunities that are already coming to them. For example, the Texas Tribune launched a paid speakers service. Companies and groups across Texas were frequently asking Tribune journalists to come speak to their groups or to share insights about their reporting, so the Tribune seized the opportunity and was able to turn it into a new revenue stream.

Articulate a clear value proposition

Many news organizations, especially small and local broadcasters, will not be able to compete with other platforms for reach or the ability to target specific consumers, but they offer an opportunity for corporate supporters to express their values and demonstrate their support for their communities.

Wait until you are ready

The nonprofit Block Club Chicago is celebrating its fifth anniversary this year. Until now, it hasn’t invested much in pursuing corporate funding because it didn’t have the resources and staff to manage the work while still focusing on other key revenue streams, such as subscriptions and institutional philanthropy.

Building mission-aligned relationships

In an effort to better support BIPOC-owned businesses in Vermont, the nonprofit news site VTDigger launched its racial equity subscription program, which provided surplus advertising space to Black-owned businesses.

Corporate matching gifts work!

Companies often provide matching gifts and match employee donations. Many public media outlets, including WSIU in southern Illinois, leverage corporate donations as part of matching campaigns during membership drives.