LAS VEGAS (AP) The online ad market is still struggling with a lack of innovation in search, and that’s putting a strain on the ad revenue for the local news business.
The loss of online advertising revenue has put the Las Vegas Sun in a bind, which is putting pressure on its advertisers and its management team.
But the paper is getting creative.
The newspaper has launched a new strategy to create new revenue streams through digital ad platforms.
And it’s starting with local advertising.
The paper announced Tuesday that it is launching a digital advertising program, called LAFAYETTE, to help it boost its online ad sales.
The newspaper is also adding a new partnership with local radio station KNX 1070 to increase its online advertising sales.LAFAYEETTE will be the newspaper’s first new advertising platform since its $2.5 billion merger with Hearst Media in 2014.
The new ad program is designed to build the newspaper into a digital powerhouse.
“The news business in Las Vegas is struggling to find its footing in this market,” said Gary Smith, the paper’s executive editor.
“The lack of local ads and the loss of revenue have created a very big challenge.”
Local ad sales in the newspaper have declined since last year.
Last year, the Las Vegas Times reported that local ad revenue declined by 9.6 percent, or $2 billion.
That number was down from 12.6% in 2016.
“Our business model is built on a business model that works well for us,” Smith said.
“It’s been proven in this space, so we feel confident that we can take advantage of it.”LAFEYETTE is not just a digital ad program.
It is a new way for the paper to engage its audience on social media.
The paper will also add a new Facebook page called LASVEGAS NEWSLETTER to help readers stay in touch.