The job description for a chief revenue officer at a media company doesn’t resemble what it used to a decade ago.
“There was a time where the lion's share of my job was just going out on sales calls,” said Mia Libby, revenue chief of The Daily Beast, who’s held that position for nearly five years. That was back when she considered the CRO title as more of the head of ad sales given the fact that advertising was the primary source of revenue for the company.
Now, about half of her time is spent in internal meetings with the product, editorial, audience and subscription teams, in addition to sales, to find a healthy balance of how advertising, subscriptions, licensing and commerce all work together, Libby said on the latest episode of the Digiday Podcast.
Heading into 2022, The Daily Beast wanted to find a more efficient method of monetizing the site’s users, from one-time visitors to paid subscribers. This meant creating more of a pipeline for converting readers to subscribers, but also by finding ways to collect first-party data in the process.
With an economic slowdown creeping up on the horizon, however, Libby said that strategy is being looked to as the way of withstanding the potential headwinds, which could last a lot longer than the pandemic-induced recession of 2020.
This episode marks the first of a four-part series on the Digiday Podcast, which explores how media CROs are leading their companies through turbulent times and are taking on new responsibilities as companies batten down the hatches with new revenue streams.