A proposal for a new Constitution, elections and democracy, fraud and scams—these are some of the topics addressed in a series of virtual and in-person events recently organized by Colombian magazine Cambio.
The events have been sponsored by major public entities—including the Office of the Inspector General of the Republic—as well as by companies like Bancolombia.
They have also become a key pillar of Cambio’s business model. The magazine, originally founded in 1993, was relaunched by new owners as a digital publication in 2022, with the aim of resuming its original mission: to offer an alternative of rigorous investigative journalism.
Its new executives built a business model around selling subscriptions, Federico Gómez Lara, the outlet’s director, told LatAm Journalism Review (LJR). The "founder" subscription was priced at 1 million Colombian pesos (approximately US$400 at the time), while the basic subscription cost 89,000 Colombian pesos.
Although this model was initially successful—reaching over 8,000 general subscribers and 700 founding members—they soon realized it could not be sustained in the long term.
It was during this process that the events line became one of Cambio's strengths.
Capitalizing on the fact that they were establishing themselves as a publication read by decision-makers—and capable of setting the public agenda—they ramped up this strategy, Gómez Lara said. Currently, he added, events account for approximately 20% of their total revenue.
Cambio’s events are typically sponsored by a public or private entity, thereby ensuring the audience can participate for free. This business model also facilitates a scenario in which these sponsors may eventually advertise directly with the media outlet.
At their in-person events, they have managed to gather up to 300 people, and during their virtual broadcasts, up to 30,000 connected viewers, Gómez Lara said.
“I believe we managed to position ourselves as a media outlet that seeks to practice journalism, that covers high-impact issues and that can drive the public agenda,” Gómez Lara said. “So, we developed an events strategy based on that.”
Cambio also has a line of special projects that can go hand in hand with the events.
“My motto was, ‘I won’t do anything for money that I wouldn’t do for free,’” Gómez Lara said. “Among the altruistic interests of these companies or organizations is finding stories that allow them to fulfill that purpose, while also enabling us to earn the funds to survive—and, moreover, to produce high-quality content.”
Two examples of special projects are those undertaken with the insurer Sura, with whom they signed a three-year contract worth US$500,000 to organize expert panels on democracy and its impact. Every Sunday, they publish a piece on the subject; and each year, they are required to publish a book containing these texts.
In collaboration with the Norwegian Embassy in Colombia, they produced a special journalistic feature on the Colombian Amazon that eventually received a jury commendation at the 2023 Simón Bolívar National Journalism Awards.
Of course, they are not the only ones. In Colombia, the business daily La República is also distinguished by its events. Prisa Media also organizes events.
However, the Media Development Investment Fund (MDIF)—which supports independent media outlets with loans, investments and consulting services—highlights the success of Cambio’s events.
“They are very influential,” Ana Soffietto, MDIF’s director for Latin America, told LJR. They represent “incredible value for brands, and events are the best example of how to monetize it.”
In 2024, the MDIF invested in Cambio magazine to boost its commercial revenue.
“The Cambio strategy is valuable because it demonstrates that there is no need to compete for the audience of major mass media outlets, but rather to truly understand the value we can offer an advertiser—a value directly tied to the media outlet’s mission and editorial proposition,” Soffieto said.
Recently, the MDIF highlighted Cambio’s achievement of breaking even financially at the end of 2025 as “a milestone rooted in innovation, not austerity alone.”
Organizing events has “always” been used by media outlets as a strategy to boost their brand and generate revenue, Lluís Cucarella, CEO of Next Idea Media—a media consultancy in Spain and Latin America—told LJR.
However, events “are more important than ever” due to well-known reasons, including the media crisis, the decline in advertising and the lack of connection with audiences, he added.
According to his consulting work and studies—such as WAN-IFRA’s World Press Trends Outlook 2025-2026— he said “other revenue” for media outlets now accounts for 25% of total revenue. Within this category, events make up 32% of that revenue.
“Events,” Cucarella said, “are truly a gateway for generating additional revenue—specifically through the sale of advertising to direct brands that have not yet ventured into sponsorship, and to whom, following that experience, you can subsequently offer new sales products.”
In the case of Cambio, many of the sponsors of its events have become clients who advertise in the publication or with whom other projects can be undertaken.
On the other hand, audiences find a setting where they can speak directly with the media outlet, Cucarella said. And while it is true that an event does not necessarily translate into subscriptions, the audience base being built allows for the attraction of new sponsors.
That said, Cucarella emphasizes that the events themselves must have a clear business strategy, and that failing to execute them properly carries very high risks.
“If an event goes wrong, it damages the brand, damages relationships and damages credibility,” Cucarella said emphatically.
For example, if an event fails to attract a sufficient audience, it may scare off future sponsors, and the media outlet could lose its investment in the event. However, a fundamental risk may be reputational. When events become mere showcases for sponsors—leading the media outlet to lose sight of its editorial line—its reputation is compromised.
Cucarella offers three pieces of advice for organizing events. The first is professionalization—that is, conducting events with experts in the field rather than with "enthusiasts." Events involve highly complex preparation that demands time from team members themselves, but, above all, requires expertise. If necessary, it is better to hire an external firm to assist with the organization.
Second, be clear about the subject matter of the event and whether it is a topic capable of attracting a “critical mass” of participants. It must be a subject that genuinely interests the community—not merely the sponsor or the media outlet. This requires an awareness of the current agenda while simultaneously ensuring alignment with market needs.
And third, before planning an event, you need to have a strong brand. When a name is well-known, active participation is guaranteed. If this is not the case for the media outlet, it is advisable to wait.
“It has to be something very professional, because what’s at stake isn’t the event itself, but the subsequent relationship—with readers and subscribers, as well as with the brand and the sponsors,” Cucarella said.
This article was translated with AI assistance and reviewed by Teresa Mioli
