Few people know the publishing industry as intimately as Colin Morrison. Over the course of his career, he has led major media businesses including Reed Business Information, ACP Magazines, Future, and Axel Springer International. Now, he runs the respected Flashes & Flames newsletter, which dives deep into the business strategies behind global media companies.
In this conversation with NDA Editor Justin Pearse, Colin discusses the state of publishing today, particularly B2B, and how business models, technology and audience expectations are transforming the media landscape.
Why did you launch Flashes & Flames and what’s its focus?
I started out wanting to be a journalist and was one for a short time before moving into commercial roles in magazine and B2B publishing. Over the years I ran media businesses in the UK, Europe and Australia. Eventually, I found myself fascinated by how media companies, especially legacy ones, were adapting to the digital age. or failing to.
That curiosity led me to start blogging over a decade ago, and eventually, Flashes & Flames was born. It’s become a place where I analyse media businesses, their strategies, successes, failures and lessons. I look at individual companies or sometimes wider industry trends, always with an eye on what really works. And increasingly, I have a global readership.roughly 45% British, 40% American, and 15% elsewhere.
What have you learned from examining different publishing business models?
The biggest lesson is that most problems in publishing are down to business models, not content.
There’s a tendency, especially among newspaper companies, to blame readers for not wanting news. But that’s often not true. More often, it’s about how the company has structured its revenue streams.
For years, advertising became too dominant. It distorted priorities and led many publishers to neglect their readers. Once classified and display advertising collapsed, particularly for controlled circulation titles like those Centaur used to run, many B2B publishers simply didn’t survive.
The key now is diversification, bringing together subscriptions, events, content studios, PR services, and more. That’s what makes many of today’s best B2B businesses so robust. And it brings you closer to your community, which is vital. Events, for example, are not just a revenue stream but also a way to build real-world relationships and understand your audience better.
How has the role of audience and community changed in B2B publishing?
Hugely. When we started out, most newspapers had a weekly media section and there were plenty of trade magazines. Now, there are fewer in-depth sources of analysis, but more snippets and noise.
At the same time, audiences, especially professional ones, have become more defined and more valuable. B2B has become a more successful model than B2C in many respects. It’s clearer, more purposeful.
If you help someone run their business better, they’ll pay for that. The need is obvious.
There’s also a stronger move toward specificity. I often say that today’s world values curated, focused content. If what you’re offering feels tailored just for me, whether that’s news, analysis or data, I’m more likely to pay. That’s the future: highly specific, subscription-based models that reflect real audience needs.
Is LinkedIn a threat to B2B media? Or more of a complement?
I think LinkedIn is a useful tool, but it doesn’t replace media brands. It’s part CV, part networking platform. Yes, there are active LinkedIn groups, and some industries use it almost like a trade association, but it’s not the same as curated journalism and analysis.
People still value trusted brands, especially ones that help them cut through the noise. LinkedIn can amplify content, but it doesn’t replace the need for editorial expertise.
That said, we are seeing fatigue, people getting bombarded with meaningless connection requests. Over time, that may erode trust. But for now, it’s complementary. It helps build audiences, but it’s not where the value lies.
Are we seeing a real shift back to niche publishing and specialist audiences?
Yes. Mass-market publishing struggled when programmatic advertising hollowed out value. But niche publishing has always been different. If you’re targeting, say, every drummer in the UK, and you actually reach them, that’s incredibly powerful. Advertisers love it, and so do readers. They’ll pay for information that’s curated specifically for them.
Technology helps too. Tools like Stripe make subscriptions easier to manage than ever. It’s simple, low cost and frictionless to take payments now. So, the combination of tech, changing consumer behavior, and the need for quality makes this a perfect moment for specialist media.
How do you see AI fitting into all of this?
AI will absolutely impact publishing, both positively and negatively. On the positive side, it will help make business processes more efficient, marketing, operations, even editorial workflows. But in terms of content, it highlights the need for originality.
The only defensible content going forward is what only you can provide. Generic news is everywhere now and no one will pay for it.
If you’re a B2B publisher and you can provide exclusive data, deep analysis or expert commentary, that’s where your value is. The rest, average content, is becoming increasingly worthless. AI is just accelerating a trend that was already happening. Quality and insight are what matter. And that’s a good thing. It will force the industry to raise its game.
Final thoughts on what makes a successful media business today?
Stay close to your audience. Constantly question your model. Don’t assume what worked yesterday will work tomorrow.
Be open to change and keep learning, from your competitors, your customers and your failures. Above all, never forget that without an engaged audience, you have nothing.
