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As more and more news businesses turn to paywalls and subscriptions, The Financial Times looks like an early model and success story — a few months ago the organization announced that it’s passed 1 million paying readers, with digital subscribers accounting for more than three-fourths of its circulation.
Now The FT is looking to share some of what it’s learned (and further diversify its business) by launching a new consulting unit called FT Strategies.
Chief - Data - Officer - Tom - Betts
Chief Data Officer Tom Betts told me that The FT built a lot of the technology behind its subscription efforts. At first, the team assumed that it might be able to build a business selling that technology to other publishers. After all, Vox Media and The Washington Post are both trying to do something similar with their content management systems.
So it was surprising to hear Betts say that FT Strategy is actually “a pure consulting business.”
FT - Product - Never - Technology - Dimension
Asked whether The FT might eventually start selling a tech product as well, he replied, “Never say never about the technology dimension, but I think as we did our market research and started talking to customers and looking more at the technological landscape out there, we realized that over the years, many of the elements of the technology we have built have become commoditized.”
That doesn’t mean there’s a technology stack that publishers can buy off-the-shelf that can meet all their needs (there’s at least one startup called The News Project trying to piece that stack together).
Betts - Technology - Way - Revenues
But Betts argued, “Even if you go and buy best-of-breed technology, that doesn’t mean you can assembly it in the right way to make it useful and meaningful to scale and grow direct-to-consumer revenues. And most importantly it doesn’t mean that you...
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