“…finding a new way to make money will involve taking a look at all of its assets—its staff’s talents, the data its readers generate, the trucks that deliver its newsprint, its access to sources—and figuring out how to monetize them in ways that haven’t been tried before.”
—Slate columnist Farhad Manjoo writing about the recent acquisition of The Washington Post

With Amazon founder Jeff Bezos now owning the venerable Post, publishing observers will watch closely to see what he can do—or more accurately, if he can make money. Newspapers have struggled mightily to find new ways to monetize their excellent content and information.

Sound familiar?

Reporter Nu Yang posted an article recently on the Editor & Publisher site titled Revenue Strategies That Work. She writes about newspapers as online marketing and digital agencies, video studios, design and imaging centers, Web-based rewards programs, e-book centers, producers of live events and contest hosts. Live events are where SIPA members have already enjoyed some success, and a couple of Yang’s perspectives carry over in explaining why.

So here are 9 reasons to consider live events as an additional revenue stream:

1. To create another option for your advertisers/sponsors. Tabitha Cunningham, the promotions, events and sponsorships manager for the Arkansas Democrat-Gazette in Little Rock, told Yang that publishers “shouldn’t underestimate events as revenue generators. It offers existing advertisers a new opportunity and it also captures new advertisers. It’s also a branding experience. We’re lucky we have the paper to back us up and to use as a marketing tool.”

2. You have a built-in trust. Revenue for the Democrat-Gazette’s Bridal Expo event has grown by 200% in the last six years, as more businesses join as sponsors. “Readers trust our brand in the market,” said Cunningham. “…others have tried to come in and do their own show—some from out of state—but we live here, and we’re fully engaged with our vendors and their success…”

3. To be in the room with the right people. “Despite all of the changes in how people receive and absorb information, the value of getting the right people in the same room together has not been eclipsed,” Martin Schneider, CEO of ExchangeMonitor, told me last year. Many of these events emerge directly from the publications, such as Weapons Complex Monitor.

4. To help find the right channel. Bill Haight, president of Magna Publications, told me last summer that they had 900 people at a conference in Washington, D.C. He said the audience was “not as much crossover [with subscribers] as you might think. Different people like different channels…So you have to offer everything—let people receive content the way they want.”

5. To build a community. Astek has started a Think-n-Drink gathering the first Tuesday of every month in their office in Chicago. The evenings are free but the idea is to help them build a local community. The guests for their event last week included professional photographers and designers.

6. To build on your advantages. You have subscribers or members, depending on your model. You produce valuable content. You have publications/webinars/dailies where you can advertise. And you know how to market and sell.

7. To boost the profile of your editors/bloggers. Today, it helps to have personalities or experts that people can identify with. Getting your audience to see and hear them in person could further tie their interests to you. When I saw the Post’s theater critic, Peter Marks, host a panel discussion at the Kennedy Center, I felt a closer tie and looked for his reviews.

8. To build your “member” relationships. Many SIPA members are moving from having just subscribers to having members, or at the least, premium subscribers. Meeting these people in person will only further your relationships and perhaps get them even more engaged in your content.

9. To show your ability to be many things. You’ve already shown that you can produce great content. Now you’re doing webinars well. You’ve gotten into e-books. As your audience slides into this member area, show them that you can also stage events, gather thought leaders, bring important vendors into one space. Serve as host. Lead live forums. The more you can engage them with…

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Ronn Levine began his career as a reporter for The Washington Post and has won numerous writing and publications awards since. Most recently, he spent 12 years at the Newspaper Association of America covering a variety of topics before joining SIPA in 2009 as managing editor. Follow Ronn on Twitter at @SIPAOnline