The New Yorker's Subscription Strategy and Digital Adaptation - Episode Hero Image

The New Yorker's Subscription Strategy and Digital Adaptation

Mixed Signals from Semafor Media · · Listen to Original Episode →
Original Title:

TL;DR

  • The New Yorker's shift from advertising dependence to subscription revenue, initiated in the late 1990s, proved a correct business strategy, ensuring profitability for over two decades by leveraging a loyal, engaged readership.
  • Embracing digital media adoption was significantly delayed at Condé Nast and The New Yorker, requiring persistent advocacy for even modest website investments due to a cultural lag in understanding its potential.
  • The magazine's historical reliance on advertising revenue peaked in the late 1960s, after which a decline necessitated a strategic pivot towards subscriptions to maintain financial viability.
  • Despite the digital age, The New Yorker's audience values its deliberate pace and high-quality storytelling, indicating that a focus on "best of human storytelling" remains a viable editorial strategy.
  • The institution faces an "endangered point" due to threats against democratic institutions and the press, highlighting the fragility of free speech and the press's role in society.
  • AI integration, particularly for audio content, offers near-instantaneous production of articles, addressing the growing trend of listening over reading and enabling wider content distribution.
  • The magazine's iconic covers, while historically effective marketing tools, are now being re-evaluated for their diminishing importance in the contemporary media landscape.

Deep Dive

David Remnick, editor of The New Yorker for nearly three decades, stewards a venerable institution through the digital age by prioritizing subscriber loyalty over advertising revenue and embracing AI for content delivery while steadfastly maintaining the magazine's core identity. This strategic focus on readership has made The New Yorker profitable for over twenty years, yet the enduring challenge lies in balancing its rich legacy with the demands of a rapidly evolving media landscape.

The New Yorker's financial stability stems from a deliberate shift away from an advertising-dependent model, a strategy Remnick recognized as essential in the late 1990s when he took over. He understood that the magazine's educated and loyal readership was its true asset, capable of supporting the publication through subscriptions. This subscriber-centric approach allows the editorial product to remain true to its core values, serving an audience that desires depth and quality over fleeting trends or hot takes. This focus also informs their adaptation to new technologies, such as using AI to generate audio versions of articles, thereby increasing accessibility without compromising the integrity of the storytelling. However, this approach also presents a tension: while tradition and identity are strengths for subscriber retention, they can also risk stagnation if not actively managed against the natural aging process of any media product.

Remnick acknowledges the inherent risk of The New Yorker becoming a "museum of itself," a critique leveled against its past editors. While acknowledging the need for occasional self-celebration, particularly during its centenary, he emphasizes that the magazine's continued relevance and success are tied to its ability to offer a distinct perspective, even within a broadly liberal framework. He contrasts this with competitors like The Atlantic, which have adopted a more news-cycle-driven, higher-volume approach. Remnick views The New Yorker as a different animal, edited by those outside the constant churn of social media, a platform he actively avoids due to its negative impact on his well-being. This deliberate detachment from platforms like Twitter, while potentially seen as old-fashioned, allows for a more focused editorial vision.

The core implication for The New Yorker's future, and indeed for many legacy media organizations, is the ongoing negotiation between tradition and innovation. While Remnick expresses confidence in the enduring power of human storytelling and the magazine's ability to adapt, the specter of endangered democratic institutions and the press looms large. The magazine's ability to navigate these threats, while continuing to cultivate its unique voice and loyal readership, will determine its success in the next century.

Action Items

  • Audit digital media strategy: Evaluate current website and social media engagement against 3-5 key performance indicators (KPIs) to identify areas for growth.
  • Develop AI integration plan: Pilot AI-powered text-to-audio generation for 10-15 articles to assess quality and efficiency.
  • Create subscription model analysis: Compare current subscription pricing and benefits against 2-3 competitor offerings to identify optimization opportunities.
  • Draft succession criteria: Define 5 core competencies and 3 essential leadership qualities for potential future editors.

Related Episodes

Key Quotes

"I was the most wrong about we were too slow on to embrace digital media fully we didn't understand it culturally at condé nast and i would say even at the new yorker although at a certain point and and really had to kind of push and push and push for pretty modest investment in just starting a website as if this was some incredibly radical act."

David Remnick explains that The New Yorker was initially hesitant to invest in digital media, viewing it as a radical departure from their established print model. Remnick acknowledges this as a misjudgment, highlighting the need for publications to adapt to evolving technological landscapes.

"What was obvious is that we had to like the new york times and like a number of places have tried shift for more emphasis from advertising to subscriptions and i was right about that my colleagues were right about that and um and the evolution of the business grew out of that."

Remnick discusses a strategic shift in The New Yorker's business model, moving from a reliance on advertising revenue to prioritizing subscription income. He asserts that this was a correct assessment of the business's needs and a key factor in its continued evolution and success.

"I would say that it was even more difficult for us because we were built around a certain metabolism that was built around the week and not just the week but a pretty damn stately approach to time and investment of time so tina brown innately just by her nature injected i think more vigor and a pulse here and i was all with her on that i mean i came from a newspaper background but i i think i don't find myself over worrying this i think we're in a very lucky place of when we're at our best that's exactly what our audience wants how do i know this i don't go around and check anybody's brainwaves but that's what i intuit."

Remnick reflects on the challenge of adapting The New Yorker's traditional, unhurried editorial pace to the faster metabolism of the web. He credits Tina Brown with injecting more energy and acknowledges that the publication's audience desires their best work, which he intuits aligns with their core identity.

"I may be wrong and i certainly don't have all the answers but at this point uh that's how i'm looking at ai so we we have conversations like this and bring in people that know what the hell they're talking about as opposed to yours truly"

Remnick expresses his perspective on Artificial Intelligence (AI), acknowledging that he may not have all the answers but is approaching it with a certain outlook. He emphasizes the importance of engaging in discussions with experts to better understand the implications of AI.

"I made two really really good decisions in my life i married the right person the first time around and still married to her esther fein and i didn't go on twitter and i remember david carr of sainted memory making endless fun of me for not going on twitter maybe he did too as if this was the the insignia of cluelessness and i i have to say i would have looked at it too much it would have made me feel shitty all the time and i can get that elsewhere and now it's like a toilet it's horrible people going on it and feeling bad about some bot in germany calling you responsible for the kennedy assassination it's insanity it's insanity"

Remnick shares two significant personal decisions he considers to be among his best: marrying his wife and abstaining from using Twitter. He describes Twitter as a negative and unpleasant platform that would have negatively impacted his well-being.

"The low point i feel now it's not a low point for it but it's an endangered point i think i think even journalists don't always take seriously the depth of this challenge i mean here we are talking freely on a podcast i'll publish an issue this week and and today without relatively little mind to any impeachment from donald trump or the federal government but this is a low point in the sense of i've never seen in my lifetime democratic institutions and the press and freedom of speech so endangered in a way that i i know we go to these you know committee to protect journalists dinners and and and we make speeches and i still don't think that it's recognized how fragile these things are and they could easily go belly up i really do"

Remnick expresses concern that democratic institutions, the press, and freedom of speech are currently endangered. He believes that the fragility of these elements is not always taken seriously, even by journalists, and that they could be lost if not adequately protected.

Resources

External Resources

Books

  • "Talk Magazine" by Tina Brown - Mentioned as the venture Tina Brown left The New Yorker to start.

Articles & Papers

  • "Tiny Mummies the true story of the ruler of 43rd street land of the walking dead" (Tom Wolfe) - Referenced as a critical piece on The New Yorker.

People

  • David Remnick - Editor-in-chief of The New Yorker, protagonist of a Netflix documentary about the magazine.
  • Tina Brown - Former editor of The New Yorker.
  • Harvey Weinstein - Mentioned in relation to Tina Brown starting "Talk Magazine."
  • Sid Newhouse - Mentioned in the context of David Remnick's initial plans for The New Yorker.
  • William Shawn - Former editor of The New Yorker.
  • Freud - Mentioned in relation to accounting for the unconscious.
  • Jane Mayer - Mentioned as a contributor to The New Yorker whose investigative work is a point of pride.
  • Seymour Hersh (Si Hersh) - Mentioned as a contributor to The New Yorker whose investigative work is a point of pride.
  • Sandy Fraser - Mentioned as a writer who left The New Yorker during a period of change and later returned.
  • Ian Fraser - Mentioned as a writer who left The New Yorker during a period of change and later returned.
  • Barack Obama - Mentioned as a potential successor to David Remnick, and in relation to his presidency.
  • Eric Schultz - Mentioned as a former communications person for Barack Obama.
  • Donald Trump - Mentioned frequently in relation to current events, political commentary, and his impact on media.
  • Arnold Schwarzenegger - Mentioned in the context of Donald Trump's comments about his role on "The Apprentice."
  • Kellyanne Conway - Mentioned as being seated next to David Remnick during a meeting with Donald Trump.
  • Graydon Carter - Mentioned as having written about an off-the-record meeting of Condé Nast editors.
  • Mitch McConnell - Mentioned in a New Yorker cover depicting politicians running a race.
  • Nancy Pelosi - Mentioned in a New Yorker cover depicting politicians running a race.
  • Josh Spanjer - VP of Marketing at Google, discussed in a branded segment.
  • M. Gessen - Mentioned as a potential successor to David Remnick, having run a magazine in Moscow.
  • Debra Treisman - Fiction editor at The New Yorker.
  • Willie Davidson - Mentioned in relation to fiction selection at The New Yorker.
  • Chris Election - Mentioned in relation to fiction selection at The New Yorker.
  • Emma Allen - Mentioned in relation to cartoon selection at The New Yorker.
  • John Lee Anderson - Mentioned as a writer whose work is highlighted in the documentary.
  • Roz Chast - Mentioned as an artist whose work is highlighted in the documentary.
  • Kalifa - Mentioned as a writer whose work is highlighted in the documentary.
  • Esther Fein - Mentioned as David Remnick's wife.
  • David Carr - Mentioned as having made fun of David Remnick for not being on Twitter.
  • Jeff Bezos - Mentioned in relation to potentially hiring David Remnick for The Washington Post.
  • Jeff - Mentioned as the editor of The Atlantic, a competitor.

Organizations & Institutions

  • The New Yorker - The subject of a Netflix documentary and discussion regarding its past, present, and future.
  • Semafor Media - The podcast network producing "Mixed Signals."
  • Condé Nast - The parent company of The New Yorker.
  • Netflix - Producer of a documentary about The New Yorker.
  • The Washington Post - Mentioned as a former employer of David Remnick and a source for The Atlantic's hires.
  • Pro Football Focus (PFF) - Mentioned in the context of Kevin Cole's background.
  • The Atlantic - Discussed as a competitor to The New Yorker with a different editorial approach.
  • Politico - Mentioned as a former employer of Max Tani.
  • Spotify - Mentioned in relation to Barack Obama's post-presidency activities.
  • The New York Times - Mentioned in relation to its conversion to a digital newspaper.
  • The Wall Street Journal - Mentioned for its op-ed page.

Websites & Online Resources

  • Think with Google - A resource for marketers, mentioned multiple times.
  • Semafor.com - Website for Semafor Media, with a link to their newsletter signup.
  • ThinkwithGoogle.com - Website for Think with Google.
  • Twitter - Social media platform discussed in relation to its impact and usage by media figures.

Other Resources

  • AI (Artificial Intelligence) - Discussed as a technology impacting media and content creation.
  • Gemini AI technologies - Mentioned in relation to Google's offerings for CFOs.
  • "Mixed Signals from Semafor Media" (Podcast) - The podcast episode featuring David Remnick.
  • "The New Yorker at 100" (Documentary) - A Netflix documentary about The New Yorker.
  • "Pod Save America" (Podcast) - Mentioned in relation to discussions about the Obama presidency.

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