The publisher has pushed to increase the percentage of its ad revenue that comes from direct sales, and it has seen success on that front, albeit from a low base. Revenue from direct sales rose 20%, and deal size is up 30%, according to Stoneman. 

Less tangibly, the AP has broken into the consideration set for direct budgets, according to Heitmann. Last year, it had little visibility at the agency or client level.

But the bulk of its advertising revenue—around 70%—still comes from open-programmatic sources tied to traffic. The boost in traffic has produced a concomitant boost in revenue, but the publisher still hopes to gradually shift its business to more consistent lines of revenue, like direct buys, donations and affiliate revenue, according to Stoneman.

Shifting revenue mix

The AP’s push into advertising is only one part of its broader push toward revenue diversity.

Its new donation platform has solicited donations from over 7,000 people since November—an encouraging start, but one that leaves ample room for improvement. Likewise, the affiliate business it launched in partnership with Taboola is still in its infancy.

The donation infrastructure could evolve into a more active call to action for reader support, according to Stoneman. The AP will never paywall its full reporting, but the publisher is considering strategies for presenting its most avid readers with opportunities to access gated content. At the least, a more prevalent registration wall is likely. It also plans to soon unveil a games and crossword offering.

These tactics, combined with its burgeoning newsletter library, all encourage readers to make a habit out of consuming the AP. This, in turn, provides the publisher with better data on its audience, which it can use to craft more sophisticated advertising pitches. 

“It’s been a satisfying year,” Stoneman said. “It’s been challenging because so much work has been needed to go from a business-to-business to a direct-to-consumer workflow, but there has been reciprocity in that effort. Improving one has improved the other.”