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The Economist Branded Content Video Advertising

The Economist goes short (form) to turn attention on video to revenue

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By Seb Joseph, News editor

June 29, 2015 | 5 min read

The Economist wants to make short-form videos the next extension of its editorial product, embarking on a measured attempt to turn the attention around brand-funded mini-documentaries into revenue.

“If The Economist was created today then video would be a key to extending its principles to readers,” claimed Nicholas Minter Green of Economist Films. It is this realisation that sparked the formation of Economist Films in March and consequently what Minter Green said was an “existential crisis” of three parts; how it is The Economist’s right to do video, how its journalists adapt to the shift and working out what its readers will watch.

Mini-documentaries sponsored by brands is its answer. Pilots for two five-part series (see below) launched earlier this month with the full set of episodes planned for September ahead of a further 12 films that are already in development. It is testament to the confidence the publisher has in its first major push into video that 22 films are already in production despite not yet announcing any brand partners.

The “Future Works” series explores the jobs of the future that are being done today. The first episode, titled “Drone Rangers” charts the day-to-day work of civilian drone operations in the fields of conservation, disaster recovery and construction.

The “Global Compass” investigates the countries and people pioneering alternative approaches to persistent social problems. The first film in the series is “Drugs: War or Store?” and looks at the new kinds of drugs from Portugal to Colorado.

“We’ve had a lot of positive conversations in the pipeline,” said Minter Green. However, the first batch of films aren’t beholden to the coffers of advertising, a position the publisher hopes to strengthen moving forward by exploring alternative monetisation models.

“Delivering free-to-air films that have been enabled by brand partnerships is a model I think we’ll stick with while it makes sense,” added Minter Green. “But there’s absolutely no reason why that should be a solo strategy when there are lots of different options available. At the moment we’re talking 10 to 12-minute videos for our own platforms. There’s nothing stopping us using long-form content, digital partners’ distribution channels, VOD or subscription as alternatives.”

Despite acknowledging the importance of advertiser revenue to support its videos, The Economist’s films will not be developed in partnership with them. Instead, Minter Green said it will be down to brands to ensure they create an engaging link between the documentaries and their own content though the publisher’s branded content experts will be on hand to assist with building these strategic links.

“The films are completely self-funded currently,” he continued. “The model is to create brand partnerships as what we’re doing is looking at how they link their interests and audiences to ours so that it’s a meaningful brand exercise for them.”

Minter Green’s comments highlights the tightrope publishers are walking when it comes to how closely they work with advertisers in order to achieve campaign KPIs while also reaching new readers with free content.

Conde Nast Britain embarked on its video push earlier this month, which saw it go one step further than its peer by creating films that give advertisers a more prominent role alongside the expertise of journalists from titles such as Vogue and Wired.

While video’s capacity to reach new audiences and revenues isn’t lost on the publisher, it is adamant that the videos first and foremost represent the quality and integrity of the brand. “We didn’t want to get overly obsessed with commercial models and distribution platforms,” said Minter Green. “What we wanted to think about was the content and make sure that it would be something audiences would love. If we get that right then the opportunities, the audiences and the partnerships will emerge.”

A stronger stream of video content will no doubt help The Economist’s ongoing efforts to appeal to younger readers. Its brand is far more liberal than people probably realise, the publisher has admitted to The Drum, which in turn has seen its own marketing take on an edgier and more provocative tone.

Minter Green said: “[The Economist Films] is a very knowing attempt to say we believe in the way that we do journalism. We believe we have something to say about the world to people who want mind-stretching content and we think that if The Economist would have been set up now as then video would have been key right from the beginning as one of the most powerful ways to develop those principles.”

The Economist Branded Content Video Advertising

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