From online publications to social media reporting, the media industry is evolving and changing the way people consume news. With the advancement of the media space, online gaming could become an important component in supporting the news. Media companies not only benefit from a creative revenue stream but also brand growth.
Last year, two renowned publications moved into the sportsbook space. Carousel Group and men’s magazine, Maxim, rolled out MaximBet. Similarly, Sports Illustrated and 888 Holdings launched the SI Sportsbook. These collaborations are a win-win for both sides—operators reach a huge new audience while publications get a new revenue stream and expand their brand. Maxim and Sports Illustrated can utilize their digital, print, and social media platforms to expand their sportsbooks by reaching out to not only their loyal readership but also sports wagerers who in return will discover these publications through their sportsbooks. Through their sportsbooks and brand growth, these publications are able to support all sorts of industries, including the sports industry. Recently, in order to start building awareness, MaximBet offered NIL deals to every NCAA female student-athlete in Colorado. In a recent interview with Forbes, Doug Terfehr, vice president of brand and communications at MaximBet, explained the importance of this deal.
“We saw that student athletes were not excluded from the right to partner with sports betting brands, so we thought it was a great opportunity to give back to the student athletes,” said Terfehr.
Media companies are also considering the move into the online gaming space to support community-based journalism. With many advertisers shifting towards the internet and social media-based platforms, community-based print publications could be losing out on revenue streams that support local reporting. Last year, Canadian media company, Torstar, announced that it would launch its own online gaming platform. This is an important step by a publication as it showcases a creative revenue stream that would create new jobs, offer growth to the economy, and assist in creating important provincial programs. But most importantly, by expanding into the online gaming industry, media companies such as Torstar who have multiple community newspapers can continue supporting local journalism. According to Toronto Star, chair and co-owner of Torstar, Paul Rivett, explained the significance of expanding into the online gaming space.
“Doing this as part of Torstar will help support the growth and expansion of quality community-based journalism,” said Rivett.
The online gaming and media industry collaboration is a very important one. These partnerships will not only improve brand expansion, but will provide much-needed revenue streams to subsidize community-based publications.