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Despite the perceived demise of print magazines, niche media publishers – those passionate entrepreneurs who continue to produce print and digital publications for cities, hobbyists and more – are thriving. A niche is defined as a small, narrow audience interested in a specific topic or theme. Many are B2C.
GMA recently spoke with Ryan Dohrn, owner of both Niche Media and Brain Swell Media, who produces education and events for this unique sector. He also produces two annual events, held in hotels: the Niche Media Conference and Niche Leadership Summit.
Niche publishers share five characteristics – some of which may sound familiar to exhibition organisers:
1. Niche publishers discover that they have much in common when brought together at events such as the Niche Media CEO Summit, despite many thinking they are unique entities.
2. Almost all niche media owners are extremely entrepreneurial, running organisations that are lean and mean – and don’t follow a stereotypical publishing organisation chart. Many of their teams have multiple job functions, from the top down.
3. There’s been a shift in ownership over time. In fact, most owners (60-70%) are predominantly female these days. They also skew younger than they used to, with many in their 30’s and 40’s.
4. Many in the industry operate in a “controlled chaos” environment – in other words, owners/operators are passionate and driven about their niche and communities. He cited Manure Management magazine and expo (held last month), focused on agriculture and nutrient management in the US as an example of a successful, entrepreneurial niche company.
5. Owners are willing to try almost anything new. Since they run tight operations, their organisations are both eager and able to quickly embrace change and innovate.
Ryan shared that print publications flourish in industries that are visceral by nature. For example, the bridal segment continues to outpace almost everyone else in print. He said, “Magazines that are focused on individuals such as farmers, doctors and engineers still tend to do well in print.
“There is a real difference between online and print. For instance, doctors still want their research to be published in the New England Journal of Medicine print editions. This huge accomplishment wouldn’t be the same if it was a solely digital publication.”
Most of these niche publishers also produce events. In fact, it’s rare if they don’t, and unsurprisingly, the events tend to bring in more revenue than the publications. The events trend towards the festival model with experiences, celebrations of community, fun, passion, and connections being top of mind, with some commerce thrown in.
Being an event producer himself, Ryan said, “Integrating sponsors into every part of the events – from activities to educational sessions – is important. We have them co-host our speed networking sessions and provide lots of opportunities to organically introduce themselves and make meaningful connections with attendees. That’s why they’re there.
“At our events, we find that people will naturally network or mingle if we provide areas to sit down and charge devices, utilising tables and chairs with power outlets, along with having some food and drink. Other priorities for Niche Media events include diverse panels and speakers on stage, as well as providing interactive experiences for everyone throughout our time together.”
“Publishers who don’t have events are at a serious disadvantage to be acquired”
GMA asked about the state of M&A in the sector. Ryan shared: “M&A activity in niche media and events tends to be larger media businesses (those in the $5-6m range) buying up like-minded or complimentary industries where they already are. Those who don’t have events are at a serious disadvantage to be acquired.”
He added, “Niche publishers who want to successfully sell should have alternative revenue sources beyond print, along with very clean data.”
Lastly, Ryan said he surrounds himself with younger people and allows them the space to try new things, “even though I may not think they’ll work.” And many times, they do – successfully.
Grimes, McGovern & Associates is a leading lower middle-market Mergers & Acquisitions firm advising media, events, and information services businesses globally. See our transactions here.
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