New Challenges Publishing Companies Will Face in 2021
Publishers will face challenges in terms of performance, user identity and personal data protection. Initially, To survive, they will have to be at the forefront of technology. 2021 will either do it or break it to publishers. Content Development and design need to be worked on with a future perspective.
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Secondly, the year 2021, will double the pressure on media owners, with only the safest players remaining afloat. Digital Advertising, as we very well know, is coming to an end. We are moving towards a much more fragmented market, so publishers need to rethink their ecosystem.
Let’s break down the critical issues of 2021 for publishers and outline technologies that they can solve:
Unpleasant Times for Publishers:
2020 was a superstorm for the Publishing industry. As publishers suffered double pressure from an economic downturn and the gradual abolition of ad IDs. Legislative pressure for personal data protection and exhausted advertising budgets create a whole new environment in which digital publishing must meet the three main challenges.
Period of Crisis
COVID-19 is the first significant test for publishers. Advertisers are postponing their campaigns and reallocating budgets in more cost-effective ways. The coronary crisis has driven massive growth in news consumption, but publishers cannot make money.
Buzzfeed, a viral medium growing double-digit revenue over the last few years.This has recently implemented staff cuts and other digital news publishing pillars like Vox, Quartz, The Economist, and more. While global publishers had some flexibility during the crisis, the local and regional media went out of business.
One of the greatest challenges for Book Publishing Services for Fiction and Non-fiction will be establishing user identities in the coming year. With the removal of 3rd party cookies by Google, the address across web channels will decrease.
The digital advertising ecosystem is losing standard IDs, which would inevitably lead to a more fragmented landscape. The industry has already offered several alternatives to definitive tracking, based on evaluating the cohort’s effectiveness.
It is a new landscape, where it will be difficult for advertisers to avoid overspending in terms of reaching clients with the wrong message and targeting too broadly etc. It will take time to design new ways to get users. And they will need new tools and assignment models to evaluate effectiveness without relying on user advertising IDs.
Increasing privacy legislation, such as the European General Data Protection Regulation (GDPR) legislation and the California Consumer Privacy Act 2018, makes it much more difficult to carry and personalize ads for users’ users’ online behaviour.
Legislation that focuses on user data will define the forthcoming changes in technology and brand data strategies. This regulatory framework opens the doors for publishers to collect user data with their consent. There is no one-size-fits-all solution because there are different privacy regulations in other markets.
How Can Publishers make good in the New Environment?
In the new fragmented market, user data is an essential asset for advertisers. It gives brands an understanding of the clients, their interests, purchasing options, and behaviour at every contact with the brand.
One of the biggest opportunities for Book Publishers today is to divide their 1st party data. Next to initiate it in the external systems, or provide advertisers to focus more on their inventory.
Intelligent Publishers use machine learning algorithms better to understand Content Consumption, curriculum Design and Content Development and compile first-party behavioural profiles, which would be based on performance for a particular brand.
Modern websites and apps have an international audience, that can rarely be fully funded through direct deals. Publishers want a solution that will allow them to flexibly manage demand partners, analyze the best and worst-performing advertising placements, and evaluate bid rates.
By blending different partners, publishers can get the best price on their premium placements and remaining traffic. Header bidding is the perfect technology for this, and without much fixation, publishers can accept multiple offers from different on-demand platforms at the same time.
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