Fox Television Stations, Meredith Corp. and WRAL/Capitol Broadcasting will serve as pilot media company partners with Accelerate Local to develop new modes of consumer engagement and revenue.
Accelerate Local, designed by the Local Media Association to reinvent business models for news, today announced the TV Membership Project to research and develop new modes of consumer engagement and revenue via membership and other direct to consumer models for local television broadcasters.
Fox Television Stations, Meredith Corp. and WRAL/Capitol Broadcasting Co. will serve as pilot media company partners in this unique project, the first for Accelerate Local aimed specifically at broadcasters.
“This is truly a first-of-its-kind project, and we’re eager to uncover how TV broadcasters can tap into the membership economy to create new consumer revenue streams,” said Jed Williams, chief strategy officer, Local Media Association. “Testing new business models is exactly why we developed and launched Accelerate Local.”
Accelerate Local, owned by LMA, and the pilot partners will each invest significantly in this initiative. The project includes two distinct phases:
- Accelerate Local will partner with leading research and data firms to conduct in-depth customer research. Magid will deploy focus groups and surveys to uncover key trends and customer motivations by segment. LEAP Media Solutions1, a BlueVenn company, will manage and enhance consumer data collected on behalf of participants.
- Upon completion of the research phase of the project, partners will receive custom insights and actionable recommendations, which they will then use to inform the actual design, build and launch of paid membership models. Participants will share strategies and best practices, and learn from each other, to accelerate progress.
“The entire industry will benefit from this nine-month project,” said Nancy Lane, president, Local Media Association and Local Media Foundation. “We’ll share what we learn, especially from the consumer research, every step of the way. The first report will be published by the end of the year.”
“TV broadcasters have strong local brands. A membership model presents a unique opportunity to extend those brands with new products and services,” said Peter Newton, managing director, Accelerate Local. “This project’s deep consumer research will help them figure out the best way to do that.”
View the original article on TVNewsCheck.