Online content creators like BuzzFeed have long relied on advertising as their main source of income. But more and more of these businesses are beginning to realize the benefits of diversifying their business model, according to Product Hunt.
Multiple Streams of Income Examples
And BuzzFeed, for one, seems to be having fun with it. One example is the case of “The President and the Big Boy Truck.” The whole thing started when BuzzFeed wrote an article about President Trump in a truck. The article went viral. And so (naturally?), they turned it into a children’s book that you can purchase online.
BuzzFeed has also created some other product offerings based on its online content, like political garbage cans, a hot cheese glue gun called the Fondoodler and even cookbooks based on the company’s viral Tasty videos.
Other content kings have also begun following this model. Twitch started selling games. Medium has started offering subscription models. And Facebook launched a platform that’s similar to Craigslist.
Looking for Other Streams of Revenue
So it seems that all of these businesses are trying to rely less on advertising by bringing in revenue in a variety of different ways. And this is something that small businesses can learn from as well.
If you rely on only one source of revenue, any hit to that source can be a major negative for your business. But if you have multiple streams of income, you can enjoy more security and bring in more over the long run as well.
BuzzFeed Photo via Shutterstock