Having spent more than 15 years running cross-media, digital content and technology platform companies, two years ago Tom Bureau co-founded the Immediate Media Co - a special interest content company, which is also the UK’s third largest magazine media publisher. Immediate’s focus is on being world class in print and technology-enabled models. Tom tells us how.
Tom will be one of more than 35 leading speakers at the Digital Innovators’ Summit in Berlin from 24-25 March 2014. Learn more about the DIS programme and speakers and/or register to join us in Berlin - but hurry, only days remain if you haven't booked yet and places are running out!
Many predicted print would be dead by now. But your business is big in print. So how is print surviving?
Print, at least in our business, is very much alive and kicking, and in the two years since we formed Immediate we’ve been able to grow revenues and profits from print.
Having said that, looking at the UK magazine industry as one homogenized market is increasingly outmoded. There are a number of sub-markets that have wildly varying prospects. In some sectors, like celebrity, digital migration is having a profound effect. But in special interest, which is where Immediate exclusively focuses, we have stable print, which gives us a great platform to develop the business.
One thing is certainly clear: the era of ‘print only’ is over. We are focused on becoming a fully fledged brand-development company, where as well as being world class at print, we are also world class at technology-enabled models – mobile, responsive web, transactional, digital subscriptions, face to face, data.
By being really strong in all these areas – and we are investing to do that – you can look at a brand with the strategic freedom to decide where the opportunity to develop the business is, and then have the ability to execute.
The advertising model for print has clearly been eroded – so how do you generate revenue from print products?
We position the business as ‘The special interest content and platform company’. We are focused on creating the very best content (and services), and the very best products on platforms and technologies mainly developed in-house for our special interest markets.
Around 80% of our revenue comes from selling content to our consumer base, via subscriptions or newsstand, which is a high percentage compared with market norms. Although advertising is a growth business for us, it’s a smaller part of our business than many of the other scaled magazine businesses. We like that split as it creates stability and consistency.
It also provides a driver for quality. Having a background in digital businesses, where advertising was the main model, I really like the huge focus on what the consumer wants, and delivering quality to subscribers. This makes ‘quality’ the business model, and of course creates huge engagement with consumers that advertisers want to leverage more than anything.
Print is only one part of what you do. How have you branched into new areas and how can traditional print businesses evolve to be ‘full service’?
We have merged a traditional print organization with a digital software business, and we are building a brand-development company across many platforms. That is a big cultural shift for everyone, and not without its challenges.
We talk about ‘cracking the code’ of creating a new sustainable model, and that involves developing our people, our structures and how we operate. We want the focus of the business to be around the brands and brand teams, supported by our platform and service teams, and that takes quite a shift in thinking.
In order to support this process, we have invested quite heavily in leadership and change-management training, as well as lots of set-piece communication and on-the-job training. We’ve made a lot of progress in two years, but there is further to go.
One of the key things, we believe, is developing platforms and content management systems that are content-team focused, easy to learn and use, and get teams learning new skills and innovating. After all, teach a man to fish and he eats forever.
You’ve had a varied career across media. What has been the most exciting period for you?
It’s got to be right now - running a market-leading scaled magazine media company at the most exciting period of change the industry has been through. It’s a massive challenge but the prize is to be among the group of businesses that helps redefine the magazine media model.
Which area of industry innovation excites you the most right now, and what could be the next big game-changer?
The rise of mobile and how mobile models will change consumer behavior is just at the beginning – and very exciting despite the huge challenges it provides. The changes in advertising to programmatic will fundamentally change that whole industry, and that’s accelerating at pace so we need to be nimble to take advantage. In addition, at the top of my 12-year-old’s wish list right now is Google Glass, so maybe wearable is one to watch.
About Tom Bureau
Tom Bureau is Chief Executive of Immediate Media Co. He has more than 15 years’ experience of running cross-media, digital content and technology platform companies.
After starting his career in media sales, then focusing on the nascent digital space, Tom was co-founder and CEO of digital start-up Silicon Media Group. On successful acquisition by CNET Networks in 2002, Tom led the expansion of CNET’s multi-brand business in the UK and across Europe, creating a highly profitable digital pure play in premium content.
After a period of consulting with various private equity funds, Tom joined cross-media platform business Magicalia as CEO in 2008, working with Exponent Private Equity.
Having spent three successful years developing the Magicalia platform business, Tom co-founded Immediate Media Co in November 2011. The company was formed by merging BBC Magazines, with its leading magazine brands, and Magicalia, with its digital platform.
Immediate Media Co is a leading UK consumer media business operating 72 brands, reaching 22 million consumers online monthly, and selling more than 70 million magazines every year.
Tom will be one of more than 35 leading speakers at the Digital Innovators’ Summit in Berlin from 24-25 March 2014. Learn more about the DIS programme and speakers and/or register to join us in Berlin - but hurry, only days remain if you haven't booked yet and places are running out!