According to Trip Jennings, executive director and co-founder of NM In-Depth, here are four reasons for holding public events:
- Getting the name out
- Promotion for the organization
- Actual revenue
- Cost-benefits analysis
One of the ways nonprofit news organizations can make money is by hosting events that draw revenue. During these events, organizations try to gather members from the public to speak, the teaching of certain topics and also to promote their companies or names. Audiences usually consist of different ethnicities, cultures and beliefs. People come in and pay a certain fee to participate in the event. The company starts giving some promotion to a other companies and institutions in the market, while doing some instructional teaching about a public issue.
“The cost-benefit analysis is the most important part when it comes to event revenues,” said Jennings when he spoke to the CJ376 Media Management class at University of New Mexico in October 2016. According to Jennings, the amount of money that comes in when doing these public events should always be bigger that the amount of money that companies spend.
“Getting the name out is a significant point when it comes to event revenues. It could be the one aspect that could generate most revenues for organizations and companies. If people from a certain state or city come to the event, and like a certain company; which could be a new newspaper, a blog, or even a small business printing company; they will subscribe, buy, and be a new customer to that business. People will never know about a business’s existence until they get the name of the company out to the public,” said Jennings, when referring to the the importance of revenues and promotion when doing event revenues.
The Texas Tribune, who started in 2009 thanks to $4 million in private contributions, draws on huge event revenue to sustain their newspaper. One such event was “The Shale Life,” and according to their website, the event was six months in the making, focusing on the work of a dozen reporters and videographers fanned out across the state to tell the stories of few boomtowns, new jobs and the potential environmental effects of gas drilling. From a 2009 view perspective, “In five years, the Tribune has raise nearly $27 million in support of its work.”
The Shale Life it is not the only event The Texas Tribune is doing. According to an article published by the NiemanLab website, also listed below. Every year the newspaper has its own festival called, The Texas Tribune Festival. Justin Ellis, the author of the article on the website noted that the event “expects between 2,000 and 2,500 attendees at this year’s festival, and at a ticket price of $225 a piece, that translates into substantial revenue.” So, this is a really good example of how nonprofit organizations and especially newspapers can make money from events.
Victor Santos a senior student at the University of New Mexico, majoring in communication and Spanish.