Meredith Making The Most Of Mobile
Mobile has become a big source of traffic for Meredith Corp.’s digital products, Stephen Lacy, the company’s CEO, said during a Tuesday session at the UBS Global Media and Communications Conference.
“Approximately 30% of the traffic we generate is coming from mobile and tablet devices,” he said. The company has looked to take advantage of that audience by introducing a series of mobile-specific site apps, which Lacy said have generated more than 20 million downloads.
“Today, about 1.5% of our customers are reading tablet-specific editions of our brand,” he said. “We have a goal to move that to about 10% of our circulation by our fiscal 2015.”
Meredith is also eager to put recent acquisition Allrecipes.com to work for it. Lacy thinks of the site as a “social engine” and sees potential on every platform and in e-commerce.
Ad spending in the food category has grown faster than the average over the last decade, Lacy said, adding that the company’s magazines account for nearly 20% of all advertising in the category. “We are deliberately growing our scale in the food category.”
With Allrecipes, Lacy said Meredith is well-positioned to capitalize on the digital side of the food category as well. “We believe we can create even more social media connections and intent to leverage that community in new ways including e-commerce.”
“We’re now working aggressively to extend the Allrecipes brand to complementary media platforms, to grow consumer connection and drive revenue,” Lacy said, noting that the company is adding video to the site, as well as taking it mobile on smartphones and tablets.