Axel Springer CEO: How to monetize digital news
It's no secret that digital has brought about great change for newspapers. And while some news organizations have been negatively affected, others have thrived.
At Business Insider IGNITION 2016, Ken Auletta of The New Yorker sat down with Axel Springer SE Chairman and CEO Mathias Döpfner to discuss how Axel Springer has adapted to digital in the world of news.
Döpfner outlined three principles that Axel Springer used to find success in digital monetization.
- No silos. According to Döpfner, other media companies introduced the digital side of media as a separate entity. Axel Springer SE decided to include everyone on the integration. Separating the efforts would "cause winners and losers," Döpfner said. At Axel Springer SE, everyone was part of the growth and in charge of digitizing.
- No fear of self-cannibalization. When it comes to digitalization of classifieds, Axel Springer decided to embrace the change. Digital classifieds "are contributing today more than half of the profits to the bottom line of the company," Döpfner said.
- No integration in the traditional sense. According to Döpfner, when corporations buy companies, they tend to quickly integrate them, even if the fit is unnatural. Axel Springer encouraged its employees to use the company as a "toolbox," Döpfner said. Integration should be used to drive the business, but it should not be forced.
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