NEW YORK ( TheStreet) -- Extend your sympathies to traditional print media. While newspaper and magazine revenue has endured an increasingly steep decline for more than a decade, the online frontier has become crowded with "alternative" journalism. Buzzfeed, home to listicles and cat videos, was recently valued at $850 million, while Twitter ( TWTR) has become the widely recognized moderator to the country's biggest breaking news scoops.
No surprise then that traditional print circles have taken to teaming up in an effort to pursue of one of the highest-growing segments of digital: video advertising.
"There was the decline in print subscription, though that's steadied, and you have a very severe decline in print display," Magid Associates' President Mike Vorhaus told TheStreet in a phone interview, adding that traditional media are looking for new revenue sources to plug the leak.
The Local Media Consortium, a group housing more than 1,000 daily newspapers including McClatchy (MNI) and E.W. Scripps (SSP) , has signed on with video inventory aggregator Tout (of which Magid acts as a research firm) to animate local media's online presence.
The streamlined video strategy signals a shift from the independent publications' tendency to stick to tradition -- a smart move considering tradition is what caused print media its sluggish evolution as it was too stubborn to accept changing tides of consumer behavior.
Rusty Coats, executive director of the Local Media Consortium, conceded local media's video strategy had to date "been all over the place" in a phone interview with TheStreet. While larger companies such as McClatchy had been structured in their approach, smaller properties were less consistent given digital was "not as native to them."