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Running a business can be all-consuming. However, business people who only talk about work can sometimes struggle to network and socialize, ironically stunting their potential for growth as salespeople and entrepreneurs. That’s why taking up a hobby and developing a skill that might not relate directly to your work can help your company and career.

For a Memorial Day sale running through 11:59 p.m. PT on May 31, you can get a lifetime subscription to Skoove Premium Piano Lessons for only $119.99 (reg. $1,198). Rated 4.5/5 stars on the App Store, this platform is designed to help users develop their piano skills with interactive lessons powered by artificial intelligence.

Skoove uses cutting-edge AI technology that can recognize notes as you play them and then offer adjustments and notes in real time. With this approach, the platform can teach you a wide range of chart-topping songs with over 400 lessons and thousands of instructional videos. With the subscription, you can study tracks by artists ranging from the Beatles to Bach.

Skoove is also convenient to use and practice with. It’s compatible with all pianos and keyboards, including USB/MIDI and acoustic ones. It also works with both iOS and Android operating systems on tablets, smartphones, and computers. To broaden your horizons, consider adding it to your life today.

Remember that during a special Memorial Day sale that runs through 11:59 p.m. PT on May 31, you can get a lifetime subscription to Skoove Premium Piano Lessons for only $119.99 (reg. $1,198) with code ENJOY20 at checkout.

StackSocial prices subject to change.

Growing businesses around the world rely on traveling salespeople and representatives to fuel expansion. For those in the accounting department who are trying to make enough room for airline ticket budgeting, you can do them a lot of favors by hooking up yourself or a team member with this special deal.

Through 11:59 p.m. PT on May 31, you can get a lifetime subscription to this OneAir Elite Plan for only $79.97 (reg. $790). This deal gets you indefinite access to OneAir’s deals on business, first, premium, and economy class flights to and from destinations of your choosing and interest. These deals include mistake fares and advantageously priced ones that happen to pop up.

OneAir’s platform uses artificial intelligence (AI) to scan the web around the clock for deals so that they are ready for your team when someone needs to hit the road. In addition to getting to choose up to 10 departure airports with deals, Elite users can also take advantage of OneAir’s one-on-one business and first-class planning support.

Conveniently, the OneAir Mobile App lets you access these deals, book trips, and complete bookings all in one place. It is available for both iOS and Android devices.

One recent user, Ashok, who saved $1,080 on flights using OneAir, wrote, “I am so pleased with my decision to sign up with OneAir! Just booked a super cheap flight deal to Vancouver along with 5 nights of hotel stays.”

Remember that only through 11:59 p.m. PT on May 31, you can get a lifetime subscription to this OneAir Elite Plan for only $79.97 (reg. $790).

StackSocial prices subject to change.

Did OpenAI steal Scarlett Johansson’s voice? OpenAI has since paused the “Sky” voice feature, but Johansson argues that this is no coincidence. In response, Johansson delivers a masterclass for entrepreneurs on navigating the AI era successfully.

In today’s discussion, we delve into what this controversy means for business owners, highlighting five critical AI strategies they must deploy. We also explore essential methods to protect your intellectual property and leverage AI for a competitive edge—insights vital for keeping your venture ahead in the AI revolution to remain your competitive advantage.

Take the AI skills quiz here (available for a limited time) and equip yourself with practical knowledge by grabbing a copy of my new book, ‘The Wolf is at the Door – How to Survive and Thrive in an AI-Driven World.’

More people are starting businesses now than ever before — and the reason could be that the opportunity cost, or what they have to give up in exchange for entrepreneurship, is lower than ever.

Data that the U.S. Census Bureau released earlier this month shows that the total number of applications to start businesses hit a record 5.5 million last year.

That’s half a million more applications than what was filed in 2022.

Related: Here’s What Millions of Small Businesses Have in Common, According to a New Survey

Census Bureau data from the first four months of this year show that the startup boom is still going strong, too — from January through April, the number of new business applications totaled over 1.7 million.

Why are more people filing to start new businesses?

Columbia Business School professor Angela Lee told Entrepreneur that the reason could be the “unprecedented number of layoffs from big tech companies in the last several years, resulting in a large pool of talent freed up to pursue entrepreneurship.”

^{Columbia Business School professor Angela Lee (left) and Co-Founder of Plum Alley Investments Andrea Turner Moffitt (right). Photo by Monica Schipper/Getty Images)}

Lee, the director of the Eugene Lang Entrepreneurship Center, also noted that “entrepreneurship has historically been counter-cyclical because the opportunity cost to start a company goes down during a recession.”

Related: Want to Start a Billion-Dollar Business? Look to These Two Industries, Which Have the Most Unicorn Growth

Big tech companies have been laying off employees in record numbers in recent years.

Tech layoffs last year affected 263,180 employees globally according to tracker Layoffs.fyi.

Amazon laid off the most people (27,410) last year, but Meta (21,000), Google (12,115) and Microsoft (11,158) also contributed to record numbers.

The unemployment rate has remained stable, in the 3.7% to 3.9% range in the U.S. over the past nine months, according to the latest U.S. Bureau of Labor Statistics jobs report.

Related: ‘The Employment Situation’ Report for April Shows Employers Are Taking Hiring Down a Notch, Employee Wage Growth Slowing

I was talking to a friend recently who serves as the CTO at a mid-sized company and was struck by his sudden change in perspective on AI. Despite initial skepticism, he now believes artificial intelligence (AI) will revolutionize his industry. Yet, his main challenge has been convincing the rest of his executive team to adopt an AI roadmap. This scenario isn’t isolated.

In the last year, we’ve seen a contracted hype cycle around AI, which has caused many leaders to question if an investment in AI can truly yield proportional returns. These concerns aren’t without merit. VC firm Sequoia Capital recently estimated the AI industry spent $50 billion on Nvidia chips to train AI models last year, yet only yielded $3 billion in revenue.

Despite that disparity in investment, Sequoia went on to hypothesize AI is likely “the single greatest value creation opportunity” mankind has ever known, comparing its impact on business to that of the cloud transition. Unlike the cloud, however, which replaced software, AI has the potential to replace services, which the VC firm estimated has a total addressable market in the trillions. It’s the reason tech giants like Microsoft and Amazon continue to double down on AI investment.

Related: What Is Artificial Intelligence (AI)? Here Are Its Benefits, Uses and More

With so many competing narratives around the future of AI, it’s no wonder companies are misaligned on the best approach for integrating it into their organizations. The problem is most leaders are still looking at AI in its limited capacity as a software or tool rather than its ability to operate in a human-like capacity. Here are three common mistakes I see companies make when it comes to implementing an AI roadmap.

Underestimating and limiting AI’s potential

AI is widely viewed as a tool or software, but because it can create and reason, it has the ability to interact in a human-like capacity. Much like a junior employee who gets better at their job with experience, AI has the ability to learn from its interactions and refine its methods to improve its output and take on more work overtime.

For this reason, leaders who think of leveraging AI as “smart people” rather than software are better positioned to harness its full potential. Think about a company’s organization chart. If you were to write down the skills and tasks associated with each employee, then you can start to visualize where AI can be trained to augment or automate these tasks.

AI already outperforms humans in areas such as image classification, visual reasoning, and even English understanding, according to Stanford University’s recently published AI Index report. As of 2023, the report showed AI has surpassed human-level performance on several benchmark tasks, succeeding in helping workers become more productive and produce better-quality work. Another study out of the University of Arkansas showed AI outperformed humans in standardized tests of creative potential.

Unlike humans, however, AI scales up effortlessly as business demands increase, handling workloads without the physical and mental limits of humans. Adopting AI in this way means rethinking our team structures and workflows. It involves training teams to work alongside AI to enhance their roles and drive innovation.

This perspective shift is crucial because it allows leaders, who may not be accustomed to deploying technology themselves, to innately understand how to best leverage AI across their entire organization.

2. Trying to mimic another company’s AI use case

The more you start thinking of AI as smart people, the more you realize how individual every organization’s approach to building an AI roadmap should be. I like to think of AI implementation as the onboarding of new team members who need to fit within the specific dynamics of your company.

Take human resources for example — one company might have 10 people there; another only three, even if they’re the same size. This difference isn’t just about company size or revenue. It’s about how these companies have evolved.

Each business has its own unique structure, culture and needs. In order to realize generative AI’s full potential, PwC reported, businesses must take advantage of its capacity to be customized to a company’s specific needs and avoid the use-case trap.

Of course, general use cases for AI exist, particularly when it comes to enhancing customer service or sales. But, when you’re looking at a deeper integration of AI into a company’s operations, the approach needs to be custom-built, not copied and pasted from outside case studies.

Related: I Tested AI Tools So You Don’t Have To. Here’s What Worked — and What Didn’t.

3. Buying off-the-shelf products — not tailoring AI solutions to your needs

There are some great off-the-shelf AI products like ChatGPT, Dalle, and translation tools that solve specific problems within a company. The challenge with investing in a boxed solution for AI is that many leaders fail to see how AI can enhance operations at a systemic level.

The true power of AI lies in its ability to fundamentally transform your operations, not just perform isolated tasks. PwC’s 2024 AI predictions report states that many companies will find attractive ROI from generative AI. Still, few will succeed in achieving transformative value from it — the biggest barrier being the inability of leaders to think beyond boxed solutions and reimagine the way they work with AI.

When building an AI roadmap, leaders must first conduct a thorough assessment of their company’s processes. This means identifying areas with redundancies, recognizing outsourced tasks that could be automated, and pinpointing where the company invests heavily in human capital. By understanding these dynamics, leaders can tailor AI solutions to their company’s needs and transform how they work.

The more I talk to company leaders about integrating AI into their businesses, the more apparent it becomes that we leaders need to shift our perspective. When we view AI not just as a technological upgrade but as the onboarding of smart people, we’re better able to integrate it into our internal operations, enhancing performance and human ingenuity along the way.

The pandemic made global supply chain issues a common dinner table conversation. Now, with escalating geopolitical tensions and competing manufacturing hubs in China, India and Mexico, it can be hard for businesses to understand what the best strategy is for moving goods internationally.

Yet, despite the complexities affecting our global supply chains, the opportunity for businesses to engage in international trade has never been better. Advances in technology continue to make it easier to automate logistics. In fact, according to Acumen Research and Consulting, the global logistics automation market is predicted to reach $133 billion USD by 2030.

Not only is technology making supply chain logistics easier for businesses to manage, but in a down market, there can be opportunities to negotiate better deals with overseas suppliers, find new customers and create business models that adapt to future market conditions.

Regardless of your motivation, if you’re a business looking to expand abroad, here are three tips that can give you a competitive edge:

1. Understand regulatory requirements in advance

Paperwork may seem tedious, but in the world of global logistics, an incorrect or incomplete form can determine whether or not your shipment gets across the border. As the leader of a customs brokerage and freight forwarding business, I can tell you brokers spend a disproportionate amount of time following up with clients to complete the appropriate paperwork to clear customs.

Understanding simple but important details like what determines your product’s country of origin is instrumental for budgeting and planning. For example, if a business purchases materials from China and further develops them in the U.S. before resale, many leaders assume they qualify for reduced duty through North America’s free trade agreement (now known as the Canada, U.S., Mexico Agreement) — but this isn’t always the case. Products must meet a specific set of criteria to leverage the lower duty rates. Missed details like this can cost businesses a significant amount of money unexpectedly.

It’s also important to understand how exchange rates are calculated. Many businesses are surprised when they have to pay more for duty on a shipment when it arrives than they originally estimated. That’s because duty is calculated based on the exchange rate at the time the goods arrive at their destination. Exchange rates fluctuate, so it’s important for businesses to bear this in mind when creating budgets.

Related: Your Customers Don’t Care Where Your Ecommerce Business Is Based, So Be Ready to Ship Anywhere in the World

Factor In geopolitical tensions and changing market conditions

From China’s recently passed “retaliation tariff” to attacks on merchant ships in the Red Sea, growing geopolitical tensions are causing businesses to rethink their trade routes.

How a business navigates geopolitical disruptions largely depends on whether it is looking for a short-term or long-term strategy. If a company is looking for a short-term strategy, for example, it can likely adapt more swiftly to trade route disruptions. Businesses focused on long-term logistical planning, however, need to factor in the big-picture implications of geopolitical stability.

Take, for example, the current tensions between the U.S. and China, which have caused more manufacturers to set up operations in Mexico. If the U.S. decides to permanently shift its purchasing from China to Mexico, this change would have significant implications on the trade route’s pricing and capacity in the long term.

Businesses entering into international markets should factor in what parts of the supply chain are likely to be disrupted within the time frame they are targeting and consider whether or not they are well positioned to pivot, as necessary.

Related: How to Find International Customers and Partners as You Expand Your Market

Build strong relationships with international partners

One of the most overlooked factors in navigating global logistics is the importance of building strong relationships with partners abroad. Businesses seeking strong international partnerships must learn and adapt to the customs and cultures of the regions they operate within.

In my work, I do business with partners in multiple countries. Every year, when I attend their annual conferences, I notice the difference between leaders who respect the local customs and those who operate as though they were on home soil. Often, this attitudinal difference determines who establishes long-lasting, cooperative partnerships that lead to better pricing and referrals and who loses business altogether.

According to the International Labour Union, a staggering 70% of international ventures collapse due to cultural disparities. Every culture has its own etiquette. Doing a little research on the communication rules and accepted behaviors in the countries you’re operating in can go a long way toward establishing a cooperative partnership.

As a seasoned leader in international logistics, I’ve seen firsthand the transformative power of adapting to global market dynamics. For businesses venturing into international terrain, understanding regulatory landscapes, geopolitical shifts and cultural nuances not only mitigates the risk of expansion but can help maximize the opportunity.

The best commencement speeches are often motivational and thought-provoking, leaving new graduates optimistic as they head into the “real world.”

But for the Class of 2024 at the University of Massachusetts Dartmouth, new grads walked away with more than just a wealth of knowledge — they left their ceremony with an extra $1,000 in their pockets.

Related: ‘There Is More To Life Than Work’: Bill Gates Delivers Emotional Message To Graduates About Learning To Take A Break

Last week, the founder and CEO of Granite Telecommunications, Robert Hale Jr., spoke to grads at the University of Massachusetts Dartmouth about their futures and shared a story about a time when his business suffered a $1 billion loss in just one day to explain the importance of perseverance through failure.

“It’s okay to fail,” Hale told graduates. “Life will give you challenges and if you take those challenges you’ll fail from time to time — don’t worry about it … don’t fear failure, understand that it’s just part of the process, and if you use that fear of failure to motivate yourself, you’ll be better for it.”

Then, as he wrapped up, he shocked the audience by announcing he was giving each graduate graduate $1,000 — but there was a catch.

“These trying times have heightened the need for sharing, caring, and giving,” Hale told students. “Our community needs you and your generosity more than ever.”

The students were given two envelopes with $500 each — one was intended for the students to keep for themselves while the other was for them to give to someone else in need.

Related: Sheryl Sandberg’s Advice to Grads: Banish Self-Doubt, Dream Bigger and Lean In, Always

“As the degree conferral was about to begin, Hale came forward and let the graduates know he had one more bit of advice for them. He told the eager crowd that for him and his wife Karen, ‘the greatest joys we’ve had in our life have been the gift of giving,'” UMass Dartmouth said in a release. “Hale let the Class of 2024 know that the two large duffle bags being brought up on stage by security were packed with envelopes full of cash.”

There were roughly 1,200 students in UMass Dartmouth’s 2024 graduating class.

Hale’s current net worth is an estimated $5.4 billion.

Many entrepreneurs value being able to choose where and when they work. However, you must maintain maximum connectivity to optimize your remote workflow, and the 8-in-1 Tablet Docking Stand was designed to do exactly that. It’s on sale for just $54.99, which is lower than Amazon pricing.

This docking stand is compatible with laptops and tablets and has all the ports you need. With 5Gbps data transfer speeds, working remotely won’t slow you down. Plus, high-powered devices up to 100W can be fast-charged with a Power Delivery port. A regular SD and microSD slot also make storing and accessing your media on memory cards easy.

The stand has three USB 3.0 ports, so you can connect a variety of peripherals, including a mouse, keyboard, external hard drives, and more. You’ll also be able to expand your visuals by connecting to the stand’s HDMI port. There’s even a 3.5mm audio jack, so you can listen to your favorite music, podcasts, and audiobooks with wired speakers or headphones.

This docking stand also makes working with tablets and extra monitors much more comfortable. Its height can be adjusted to help you maintain a healthy posture, up to 70°. The tablet holder is also adjustable and can be tilted up to 180°. This can all benefit your daily ergonomics, which can help you be more productive (according to Forbes).

The docking station easily folds up for packing or storage. It has a tiny footprint and weighs less than a pound, yet its aluminum alloy construction is sturdy and durable. There are non-slip silicone strips on the bottom of the stand to hold it steady and keep it from sliding around.

Get the 8-in-1 Tablet Docking Stand today while it’s available at a price lower than you’ll find on Amazon, just $54.99 (reg. $69).

StackSocial prices subject to change.

No matter how gifted or driven you are, starting a business is hard, taxing work. In 2021, I left my 21-year career in finance and became a success coach, leadership consultant and author. I’d heard the statistic that 90% of all small businesses fail, but I thought starting my business would somehow be miraculously easy — it wasn’t. Here are four things I’ve since learned.

1. Self-discipline is harder than you think

Owning a business means you’re the boss. There are no assignments to turn in and no deadlines to meet. No one writes a performance review for you. However, this can be very difficult for some — and I had to learn this unexpected lesson the hard way.

I’ve always been highly organized and structured. For the last decade of my professional career, everything I did was scheduled and calendared in advance. Things were different when I struck out on my own. Conference calls and meetings weren’t on a recurring cadence, and that caused big gaps in my calendar. At first, it was hard to get in a rhythm. I began noticing I wasn’t leveraging my time well. I was sleeping in. If I said I’d check email for 10 minutes, it often turned into an hour. I realized I was allowing myself to become distracted throughout the day because my day wasn’t full of all the same hard stops that had previously existed.

I begin setting a schedule for myself. The only way I was able to write two books in my first two years was by scheduling time to write. At the start of each week, I write down the week’s most important priorities and set goals for myself. I list what actions I’ll need to take to achieve those goals. I schedule them on my calendar. Then, I stick to it. This takes willpower, but if you don’t do it, you’ll find yourself wasting time.

What gets measured gets done, so I also set goals and KPIs for myself. It’s easy to lose motivation when you’re not graded against a scoreboard — so I created my own. I set goals for how many hours, pages or words I’d write each week. I set goals for how many people I’d respond to and how many prospective calls I’d make. When my books hit the market, I tracked sales, revenue and income. On social media platforms, I set some KPIs for my engagement rates. Figuring out what metrics you’re going to watch is critical for success.

Related: 10 Things I’ve Learned In 10 Years of Running My Own Business

2. Pick the right clients and partners

Not everyone is going to be a fit for your services and products, and you’re not going to be a fit for everyone else’s needs, either. One mistake I made in my first year was taking on anyone who would have me as a client or a partner. I’ve since parted ways with my business coach, two vendors and two clients. People who suck your energy or drain your time with nonsense shouldn’t be on your calendar.

In the case of my “fired” clients, they resisted all my suggestions and were hesitant to take my advice. I eventually realized neither of us was getting much from the relationship. It feels good to hold space on my calendar for only those who are aligned in their thinking and want to achieve great things. Initially, because I was just starting out, I was afraid to let go of the income. If someone was willing to pay me, I was willing to take their money. That isn’t the case anymore. Great businesses only work with great clients.

When it comes to vendors, I now shop around. Early on, I hired the first coach, web designer and publishing team I found. Some of those decisions were mistakes. I’ve since decided to broaden my search process when hunting for the right vendor. I do my homework and ask for referrals. In other cases, I like to see examples of prior work. When vendors can’t produce that (or seem annoyed that I’m even asking), I know I’m not dealing with the right partner.

3. It can get lonely sometimes; find ways to add human interaction into your day

Before going solo, I was always part of a team. During most of my career, I interacted with a few hundred people at work. That all changed when I became a private coach and consultant — suddenly, it was just me. When you’re an employee, you’re often constantly involved in conversations with others. When I went independent, there were several hours a day I wasn’t. Right away, I felt a twinge of loneliness. I didn’t have an endless reserve of people with whom I could share ideas.

I now make a point to schedule lunch with clients, prospective clients or colleagues a couple of times a week. I also have found great joy in sharing what I call “Transformation Tuesday” videos with my network and regularly engaging on a few social media platforms with like-minded people. When I’m sharing videos and articles on leadership or mindset, it puts me into conversations with others about things that are important to me. That helps me overcome these solitary feelings. If your job is primarily done solo and you’re feeling a bit lonely, find ways to connect with others regularly.

Related: I Started My Business In My Mom’s Basement at the Age of 17. Here are 5 Rules I Wish I Had Known, But Had to Learn the Hard Way

4. Building a network of your peers is imperative

Initially, I was hesitant to meet other authors and coaches. To some degree, I saw them as competition. I’ve since had a complete change of heart. Last year, I was introduced to another coach who does exactly what I do. When we met, we’d both published our first books. Since then, we’ve written the forewords for each other’s second books! It’s been an honor and a joy to support each other like that. For my third book, I want to work with a publisher. I recently joined a group of authors, agents and publishers and went to one of their events. I couldn’t believe the camaraderie and value I found there. I met other authors who are facing (but overcoming) the same challenges I face. I also met a plethora of agents and publishers who might help me. There’s power in numbers. We are stronger together. Networking with others who are doing exactly what you’re doing (and doing it well) can only help you, not hinder you.

I wish I’d known these four things on my first day as an entrepreneur, but I’m also grateful I know them now. Implementing them will only make you and your business stronger; I guarantee it.

Two years ago, while putting together a strategic plan for the launch of my venture studio, Evernomic, I began searching for ways to differentiate and build a competitive edge. This formed the strategies we rely on today, setting our operations apart from similar firms.

One thing in particular that we stuck to was initially focusing on media-based startups. To put it simply, I identified what I suspected we would be competing on in the future — skills, experience, network, capital and so on. The fact is, most of the above are prerequisites that every firm must possess. However, if we had a strong portfolio of audience-based offerings, we could leverage that in numerous ways to propel us forward.

Effortless networking

In the media industry, almost every demographic can benefit from your work in some way, from businesses seeking promotions to consumers seeking information. This sets a unique stage for networking. The broad appeal and reach of media can open doors to valuable circles and opportunities that might otherwise remain inaccessible.

For instance, with a local digital newspaper, we manage in the Netherlands, we pursue strategic partnerships with other local organizations and associations by offering them free coverage of their initiatives. Naturally, we must maintain the quality of our content, so we are rather selective with the organizations we approach. Nonetheless, this local network has strengthened our community ties and connected us with invaluable contacts for our international projects.

Related: 8 Reasons to Make Networking Part of Your Everyday Life

Promoting your own initiatives

Media platforms offer an exceptional channel for marketing projects and initiatives directly to your audience. This direct line of communication allows you to shape the narrative and control the messaging around your products or services, ensuring that your promotional efforts align perfectly with your brand’s voice and goals.

You should never exploit your audience’s trust and spam promotional materials. However, you understand the preferences of an audience you manage better than anyone, enabling you to engage effectively with such campaigns.

By consistently communicating with your audience through these platforms, you can build a loyal customer base more receptive to your new and existing offerings. This strategy enhances brand visibility and drives engagement and sales more effectively than traditional advertising channels.

Recycling your audience

One of the most strategic moves in media is the ability to recycle an existing audience to benefit other projects or brands within your portfolio. A prime example of this is our approach with one of our prominent media brands with a highly engaged audience. Instead of continuously promoting our other ventures to the same audience, we arranged cross-promotions with other creators and media brands. However, rather than promoting our media brand reciprocally, they would encourage a different venture of ours. This tactic allows us to introduce our projects to several audiences by utilizing a single audience without additional acquisition costs.

Related: If You Want Funding, These Are the Financial Reports VCs Need to See

Access to market insights

Operating a media entity provides more than just an outlet for content; it offers invaluable market insights derived from audience data and content interactions. This continuous data stream includes consumer preferences, behavioral trends and engagement metrics, which are critical for tailoring content and marketing strategies.

Such insights also enable media companies to anticipate market trends, adapt to consumer needs more swiftly, and make informed decisions that align with current and future market dynamics. The ability to analyze these insights gives media investors a significant advantage in staying ahead of the curve.

Influence in strategic partnerships

The influence gathered through successful media projects is valuable in forming strategic partnerships and negotiating deals. Media companies can leverage their reach and visibility to attract and secure beneficial partnerships with other brands, sponsors and influencers. This influence acts as a currency that provides media owners with the leverage needed to negotiate favorable terms and collaborate on projects that can amplify mutual success.

Whether on a local scale or an international one, when we seek partnerships with new startups, the most common obstacles they face are exposure and ineffective marketing. Our media portfolio has been an invaluable asset in solving such obstacles with minimal inconveniences on our end.

Related: What’s Up With the Global Media Industry?

High-profit margins

Media projects offer attractive profit margins, particularly once an established audience is in place. Media companies can significantly increase profitability with various revenue streams such as advertising, subscriptions and sponsored content.

After the initial phases of setup and audience building, the costs of content production often decrease, while revenue potential scales with audience size and engagement. This scalability and the ability to leverage content across multiple platforms enhance the profit margins, making media investments particularly lucrative.

I urge you to look around the global business landscape, the most innovative organizations have been building or acquiring media assets rapidly for some time now. Especially given the more efficient pathways to creating content, setting up media subsidiaries should be a strategy all businesses should consider undertaking.