Hiring Data Protection Officers as GDPR Looms, Time Inc.’s Sale of Essence, Another Profitable Year at Hearst, Where Publishers Plan to Invest in 2018, TFP CEO Margot Knorr Mancini’s 2017 Wrap-up and 2018 Predictions, InDesign Tip: Creating Endnotes
Happy New Year! This week’s roundup of news, stories of interest, and tips for media industry pros includes posts on the need for data protection officers as the new EU consumer data law approaches, Time Inc.’s sale of Essence, how Hearst remained profitable for the seventh consecutive year, areas publishers plan to focus on in 2018, and more.
With the European Union’s General Data Protection Regulation fast approaching, publishers are considering a new role to help them achieve and maintain compliance: chief data protection officer. Whether based in the EU or not, all publishers that collect the data of EU consumers are affected by the law—and face the prospect of having to create a DPO role without prior experience. The challenges are many, says Digiday, including a shortage of qualified candidates and lack of guidance. Using a third party to ensure GDPR compliance is an option, it notes, though the size of the company and the volume of consumer data it stores will ultimately determine the resources needed. Check out a guide on Poynter’s site for more on preparing for GDPR.- As Meredith completes its acquisition of Time Inc., the latter announced it’s selling Essence, an African-American women’s magazine launched in 1970. The buyer is Essence Ventures LLC, a private equity firm headed by Richelieu Dennis, founder of Sundial, a beauty products company that was acquired by Unilever last year, a MediaPost article says. Essence President Michelle Ebanks said the move is “an exciting transformation of our iconic brand as it evolves…in an even more elevated and comprehensive way across print, digital, ecommerce, and experiential platforms.”
- Hearst hit record profits in 2017—the seventh year in a row, Adweek reported. The news came despite upheaval across the publishing industry last year, as “media brands struggled to get their share of the advertising pie and consumers bought fewer television bundles or magazine subscriptions,” CEO Steve Swartz said in a memo. While revenue was flat at $10.8 billion, the overall business was profitable “due largely in part to investments made in companies related to business data,” according to the post.
- Finally, Folio polled 10 publishers and industry partners to see how they plan to “get the job done” in 2018. At many publishers, the focus is on data: “We need to continue to be about capturing more information and insights on existing customers and prospective customers,” says Jerry Ferrara, president of Investor’s Business Daily. “Continuing to emphasize analytics and data capture and understanding what our customers are thinking, feeling, and believing is going to be key.” Other priorities include diversifying revenue streams via multichannel initiatives, breaking down silos to increase efficiencies, building niche vs. mass titles, and leveraging tech to better understand consumer behavior.
On the Technology for Publishing Blog
- What’s ahead? TFP CEO Margot Knorr Mancini’s year-end Content Strategy article explores the major media trends we saw in 2017—including more consolidation, reorganization, and diversification—and predictions for the coming the year.
- InDesign Tip: Want to add endnotes to your InDesign documents without having to use third-party products or scripts? The wait is over! Check out Monica Murphy’s tip to learn more.
- ICYMI: Our latest infographic pick highlights the growing popularity of voice-activated digital assistant products and how that will impact publishers, marketers, and brands.
Image: Digiday
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Posted by: Monica Sambataro
