The Local Media Consortium, which represents 5,000 newspaper, radio, TV and online only news outlets in the U.S. Canada and Puerto Rico, is out with its second annual member economic impact report. The report quantifies how the trade group’s strength-in-numbers business model helps local newspapers, broadcasters and online outlets maximize digital cost savings and increase revenue through partnerships with digital platforms and service providers.
Among the year-over-year gains is a 21% increase in cumulative revenue and cost savings, and a 34% increase in member engagements with consortium’s 30 partners, which include Google, AdCellerant, Monster, Outbrain, and LiveIntent.
“By banding together to leverage scale, in 2021 the LMC delivered an estimated $54 million in benefits to its now 101 media members,” the report says. That included $14 million in cost savings and $39 million in member partner revenue based on numbers reported by the organization's partners. The report also finds that 98% of LMC members realized an annual ROI of 100% or higher compared to their membership dues last year.
During calendar year 2021, LMC says its members enjoyed a 21% increase in cost savings and revenue generation benefits, with 357 new partner engagements.
In addition to releasing these cumulative results, the LMC has provided its members with individual impact reports detailing their revenue, cost savings, total annual benefit, ROI, number of partner engagements and recommended partner opportunities.
"After joining the LMC in 2021, we started participating in three partnerships and realized over $150,000 of benefit in less than six months," said Jamie Cohen, Senior VP of Broadcast Digital at Salem Media Group.