How do media companies make money? Media business models

How do media companies make money? The digital world has been evolving rapidly. The growth of followers on Instagram, YouTube, and other social platforms increased significantly and brought new media business models. Each small startup or company on a small budget can develop their business via several methods and without great expanse.

Media business models: reinventing revenue in a wild, volatile landscape

The Media & Entertainment (M&E) world isn’t just changing—it’s doing somersaults while juggling flaming torches. Rapid-fire tech innovations, whirlwind shifts in what audiences crave, and virtually no barriers for disruptive newcomers make this a high-stakes playground. In such a landscape, small tweaks to profitability won’t cut it. What’s needed is a full-on rethink: Business Model Reinvention (BMR). Not convinced? PwC found that 57% of media execs are already sweating, believing their current models might not survive the next ten years.

BMR isn’t just rearranging deck chairs—it’s reimagining how a company creates, delivers, and cashes in on value. With global M&E revenue projected to top $3.4 trillion by 2028, there’s a massive pie—but you’ve got to adapt aggressively to grab your slice. The future isn’t about one-size-fits-all subscriptions or simple transactions anymore. Advertising is back in the spotlight, even for companies that historically swore by ad-free models. And the real growth hack? Hyper-focused content for “niche audiences” and micro-moments, tailored so precisely it feels like you’re reading your audience’s mind.

The five revenue pillars: your media money toolkit

Media consumption is scattered across formats—writing, video, music, podcasts, games—you name it. But underneath the chaos, there are five main ways media companies turn content into cash. Long-term survival depends on mixing and matching these pillars like a seasoned chef blending flavors for the perfect dish.

Transactional Models (TVOD / In-App Purchases)

Think of transactional models as the instant gratification lane. One-time payments get customers access to a movie, a show, or a game item—no strings attached. In video, this is TVOD, the streaming version of renting or buying a DVD: pay once, watch once, done. It’s great for exclusives or live events, but don’t expect a steady cash river—income is unpredictable, and customer retention can be tricky. In gaming, transactional purchases—like extra levels or cool gear—form a crucial pillar, generating immediate revenue while keeping the content experience exciting.

Subscription Models (SVOD / Reader Revenue)

Subscriptions are the dependable workhorse: pay a recurring fee, enjoy unlimited access. SVOD delivers ad-free bliss and higher lifetime value, while digital publishing dreams of subscriptions as the holy grail of sustainability. But it’s not all smooth sailing—high content costs, fierce competition, and subscriber fatigue mean churn is always lurking around the corner.

Licensing

Licensing is the long game. Grant third parties the rights to use your content or IP, and you extend its financial life beyond the initial release. Think global distribution, secondary markets, and squeezing every possible penny out of valuable content libraries and editorial brands.

Content Marketing (Branded Content)

This method is the oldest among others presented here and is a great example of magazine business models. It means the quality of content should prevail over the quantity. Inexperienced beginners usually try to release as many articles and posts about goods as possible, but that is wrong. Publications should contain engaging insides to catch readers from the start. Basically, it is a long process aimed at building a relationship between consumers and a brand. Additional support here would be special events with giveaways and free reading materials that deepen the audience into the world you have created.

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Advertising (AVOD / Programmatic)

Advertising is the classic “attention economy” play. AVOD turns viewers’ time into revenue: they watch ads in exchange for free content. It offers massive reach but depends on traffic volume and ad performance—one misstep, and viewers check out. The real magic? Mastering programmatic trading and omnichannel delivery to keep ads effective, engaging, and, ideally, not totally annoying.

The subscription economy – juggling optimization and fatigue

If you’re a content publisher looking to make subscription revenue stick, it’s not enough to slap up a paywall and hope for the best. The trick is a subtle dance: balancing access barriers with clever funnel design to turn casual visitors into loyal, paying readers.

Paywall mechanics – the what’s and how’s

Paywalls come in a few flavors, each with its own perks and pitfalls:

• Hard Paywalls: No freebies here. Almost all content is locked, and users have to pay upfront. Great for maxing revenue per user, but beware—alienating too many casual visitors is a real risk.
• Soft Paywalls: A middle ground. Some content stays free—think abstracts or summaries—but the premium stuff is gated. A nice compromise between acquisition and monetization.
• Metered Paywalls: Give users a taste—say, a set number of free articles or time-limited access—before the “subscribe now” prompt kicks in. Keeps interest piqued without scaring off the audience.
• Freemium Models: Keep a basic version always free, while a premium tier offers the bells and whistles. Classic move for apps and digital services.

Conversion science – making friction your friend

Paywalls aren’t just gates—they’re psychological playgrounds. Here’s the kicker: research shows that giving too much info in your teasers (like intros, summaries, or standfirsts) can actually reduce subscriptions. Why? If readers get enough info from the free content, their curiosity is satisfied, and they bail before paying.

The solution: strategic informational friction. Keep teasers minimal, punchy, and tantalizing. Make them crave more. Once someone’s in the funnel, smart discounts can dramatically boost conversions. Meanwhile, other incentives—like offering an ePaper, tweaking base prices, or tossing small gifts—aren’t nearly as effective in nudging people to hit “subscribe.”

Trial management & tackling churn

The subscription world is brutal, especially in apps: over 90% of users bail within the first 30 days. That remaining 10%? Gold. Free trials (typically 7–30 days) are your foot in the door, helping users form habits with the premium product.

Some key insights:

• Conversion rates vary wildly by sector and region. Business apps see the highest download-to-trial conversion (8.9%), while North America and Asia Pacific lead in trial-to-paid conversions.
• Trial length matters. Shorter trials mean fewer cancellations: 3-day trials average 26% churn, while 30-day trials spike to 51%.
• Price plays a role too: higher-priced subscriptions often convert better for serious, high-value users.

Bottom line? If you’re selling specialized or premium media, go for high-friction paywalls and short, sweet trials. Funnel the users who truly value your content fast, and don’t waste resources chasing casual, low-value subscribers with soft, volume-driven models.

The streaming wars: aggregation, bundling, and hybrid models

The streaming market has entered a mature phase characterized by intense competition and widespread consumer subscription fatigue.³ This requires a sophisticated integration of monetization methods.

The interplay of VOD models

Media companies must strategically choose among, or combine, the three primary Video-on-Demand (VOD) models:

Model	Primary Revenue Source	Key Advantage	Key Challenge	Applicable M&E Sector
SVOD (Subscription Video on Demand)	Recurring Monthly/Annual Fees	Predictable revenue, high LTV, ad-free user experience.	High content acquisition costs, competition, high churn risk due to fatigue.	Premium streaming, specialized news, educational services.
AVOD (Advertising Video on Demand)	Ad Impressions (CPM/CPV)	Largest potential audience, strong user acquisition tool (free access).	Revenue depends on ad performance/traffic volume, risk of ad fatigue.	Broad news, free streaming tiers, social media content.
TVOD (Transactional Video on Demand)	Per-Content Purchase or Rental	Instant high revenue per title, works well for exclusivity/live events.	Hard to scale, irregular income, weak customer retention.	Film rentals, live events, early-release titles.

Market maturation and the age of consolidation

The streaming world has officially hit “too many choices” territory. With a flood of direct-to-consumer (DTC) platforms popping up, the market is now correcting itself through consolidation and aggregation. In fact, forecasts suggest that wholesale distribution will soon account for 60–70% of streaming subscriptions in mature markets.

Welcome to the Re-bundling of the Unbundled Web. All those single-service DTC platforms created a headache for consumers—too many apps, too many logins, too many decisions. The market’s answer? Streamline around three to five major “central hubs.” Traditional Pay TV providers are smartly pivoting, transforming themselves into these wholesale powerhouses. They’re ditching the old linear bundles in favor of flexible, streaming-first offerings—think Xfinity’s StreamSaver.

Then there’s the “frenemy” approach: DTC platforms teaming up in experimental bundles, like Disney+, Hulu, and Max joining forces. These partnerships hint at a broader consolidation wave coming in 2025. For consumers, it’s a win: more value, less hassle. For platforms, it’s even better—they maintain tight control over subscriber relationships and valuable viewer data, keeping their competitive edge sharp.

The evolving advertising landscape – programmatic mastery in action

Programmatic advertising has come a long way from its humble beginnings as a simple tool for automated display buying. Today, it’s a full-blown, data-driven powerhouse, orchestrating personalized ad experiences across screens, devices, and formats like a maestro conducting a digital symphony.

Programmatic 101 – who’s who in the Ad playground

The programmatic ecosystem is built on four core players that make real-time ad buying and selling tick:

• Demand-Side Platform (DSP): Think of this as the advertiser’s secret weapon. DSPs use smart algorithms to analyze bid requests and swoop in with the best offer during real-time auctions. Instant, automated, and highly strategic.
• Supply-Side Platform (SSP): The publisher’s counterpart. SSPs help media owners sell inventory efficiently, set price floors, and connect to multiple DSPs and exchanges. It’s the backstage magic that keeps the ad engine humming.
• Ad Exchange: The digital marketplace where buyers (DSPs) and sellers (SSPs) meet, negotiate, and execute deals. Most of the action happens in real-time auctions—fast, fluid, and fiercely competitive.
• Data Management Platform (DMP): The brains behind the operation. DMPs collect, organize, and activate all the data swirling through programmatic campaigns, enabling razor-sharp targeting and maximizing ROI.

Programmatic isn’t just a trend—it’s the foundation of modern advertising strategy. It’s about precision, personalization, and scale, all while keeping the audience engaged across every channel imaginable.

Trading mechanisms and value capture

Trading Mechanism	Access/Invitation	Pricing Control	Inventory Type	Publisher Benefit
Real-Time Bidding (RTB)	Open to all DSPs/Buyers	Market-driven auction (low price floor)	High volume, non-premium inventory	Maximizes fill rate and volume of transactions.
Private Marketplace (PMP)	Invite-Only (Selected Buyers)	Publisher-set price floors	Premium/Specific Audience Inventory	Better control over pricing and buyer quality.
Programmatic Direct (Guaranteed)	Direct sale between Buyer and Seller	Negotiated fixed price	Highest-value, reserved inventory	Transparent, guaranteed premium revenue.

Ad formats evolve – engagement level: expert

Programmatic buying isn’t just for banners anymore. To fight ad fatigue and keep audiences hooked, it’s branching out into slick, non-display formats:

• Native Advertising: These ads are the chameleons of the digital world. They blend seamlessly with surrounding content, creating a smooth, almost invisible user experience that actually boosts engagement. Programmatic platforms have embraced native formats, giving advertisers a smart, content-first way to reach audiences—even if producing high-quality content isn’t cheap.
• Programmatic Audio: Podcasts and music streaming are booming, and programmatic audio lets brands slip right into listeners’ earbuds. It’s personal, intimate, and non-visual—perfect for targeting audiences based on demographics and listening habits.
• Connected TV (CTV) & OTT: Programmatic now rules premium, addressable TV. Imagine combining the storytelling power of traditional TV with the data-driven precision of digital. Advertisers can personalize video ads, control how often they’re seen, and tweak campaigns on the fly. For modern viewers, programmatic is basically a must-have if you want to keep them engaged and coming back for more.

The rise of retail media networks  

The advertising world is shaking things up, thanks to the meteoric rise of Retail Media Networks (RMNs). Streaming, e-commerce, and retail media are colliding, and RMNs are accelerating disruption across the media landscape. Advertisers are taking notice—and reallocating their budgets accordingly.

RMNs are essentially digital advertising machines run by big retailers—think Walmart, Amazon, and major grocery chains. Their secret sauce? First-party data directly tied to customer purchases and behavior. This isn’t just nice-to-have intel; it fundamentally changes where advertisers put their dollars, letting them hit shoppers with precision that traditional media can only dream of.

For traditional media companies, this is a wake-up call. RMNs offer closed-loop purchase data, which means advertisers can measure exactly who bought what—and get a crystal-clear return on ad spend (ROAS). That leaves legacy publishers competing not just with Big Tech, but with these ultra-smart, retailer-run ecosystems that dominate bottom-of-the-funnel targeting. In other words: welcome to the new era, where precision beats reach every time.

Navigating platform power and protecting revenue

Big tech’s grip on media dollars

Let’s call it like it is: content creators and Big Tech have a codependent relationship, but it’s heavily tilted in favor of the tech giants. Google, Facebook, Amazon—they gobble up nearly two-thirds of all digital ad spending. Meanwhile, traditional media—think newspapers, local TV, and magazines—are left watching double-digit declines in ad revenue.

Platforms play a dual role: they’re both the highway to reach audiences and competitors with their own content. To get eyeballs, publishers have to dance to the platforms’ tune—accepting distribution and monetization rules whether they like it or not. This creates what some call a “Distribution Tax on Quality.” You invest millions producing top-notch journalism, and the platforms slice off a big chunk of potential revenue. For example, local broadcasters often get just over half the revenue from video ads running on YouTube or Facebook. The result? Less money reinvested into journalism, fewer resources for community reporting, and a faster decline of independent media.

Content moderation: more than just good manners

How a platform makes money directly shapes how it moderates content. The incentives differ depending on the revenue model:

• Advertising-Fueled Platforms: These players care about growing their user base to serve more ads. Content moderation here is more of a marketing tool than a moral crusade—it helps expand appeal to a broad, moderate audience. Aggressive moderation? Not so much. The bigger goal is eyeballs, eyeballs, eyeballs.
• Subscription-Based Platforms: With subscriptions, it’s all about willingness-to-pay (WTP). These platforms tailor content experiences to meet the exact needs of paying users. High-quality moderation reduces friction and boosts satisfaction, directly impacting revenue. So yes—they’re more likely to invest heavily in moderation tools.

The takeaway? If you’re regulating platforms, focus on the incentives, not just the content itself. Also, moderation tech isn’t perfect. Sometimes, platforms filter moderate content more than extreme stuff. So don’t judge a platform’s political or ethical stance purely by what it flags or leaves up.

Regulating the giants: global policy moves

The power imbalance between Big Tech and publishers has triggered lawmakers worldwide to step in. Countries from the U.S. to Canada, Australia, and the EU are exploring ways to level the playing field and make sure publishers get paid for their content.

Policy efforts generally focus on three big areas:

1. Intellectual Property (IP): Platforms may be required to pay licensing fees or negotiate with publishers for using news snippets. Australia’s 2021 News Media Bargaining Code is a trailblazer, forcing negotiation between platforms and media outlets.
2. Competition / Antitrust: Lawmakers are deploying policies to tackle the concentrated power of Big Tech in AdTech, sometimes allowing news organizations to bargain collectively without breaking antitrust laws.
3. Taxation: Some regions are eyeing taxes on digital ad revenue, funneling the funds to support local news. This could create an alternative funding stream for public-interest journalism and help keep essential reporting alive.

Strategic diversification and non-core revenue growth

Relying solely on subscriptions that have plateaued or ad revenue that barely moves the needle? Yeah… not sustainable. Media companies need to get creative and diversify their revenue streams—aggressively. Think beyond clicks: branded content, online commerce, premium products and services, institutional grants, and even individual donations all play a role in keeping the lights on (and the innovation engine running).

Live experiences and events (LXP)

Events are the rising star in the media revenue galaxy. Nearly 30% of news organizations now rank events among their top three income sources. Why? Because live experiences monetize not just content but the brand authority and community trust that media companies have painstakingly built.

These events are like advertising on steroids—they’re immersive, experiential, and impossible for digital platforms to replicate. Case in point: FT Live, the events arm of the Financial Times. By pairing high-quality journalism with bold, interactive formats, FT Live raked in roughly £60 million in 2024—double what it earned in 2021. Boom. This proves that monetizing community and curated expertise through live experiences isn’t just trendy; it’s a sustainable, high-growth strategy.

Live commerce: merging streaming with sales

Enter live commerce, the next frontier of e-commerce. Imagine a livestream where you can watch, engage, and buy instantly—think Alibaba’s Taobao Live, which hit $7.5 billion in presales in just the first 30 minutes of a Singles’ Day campaign. Mind-blowing, right?

Live commerce collapses the traditional sales funnel, turning awareness into purchase in one fluid motion. By creating urgency and leveraging limited-time offers, conversion rates soar. Predictions suggest live-commerce-driven sales could make up 10–20% of total e-commerce by 2026. Media companies are perfectly positioned here: they already have trusted audiences, which makes these events a goldmine for monetization.

What’s key? The media asset of the future isn’t just content—it’s trust and curation. Your audience is engaged, loyal, and ready to spend, and these ancillary revenue streams tap directly into that intensity, allowing for higher pricing and faster conversions.

Specialized nonprofit models

For nonprofit journalism—especially public-interest and local-focused outlets—diversification isn’t optional; it’s essential. The revenue mix typically includes:

• Institutional grants (some investigative units have pulled in $100+ million over six years)
• Individual donations (spiking after major news events—hello, “Trump bump”)
• Commercial activities (events, branded content, or other revenue-adjacent initiatives)

Nonprofit leaders must actively design and diversify their revenue streams to build reserves, weather economic swings, and keep the mission alive. Relying on one or two streams is like building a house on sand—it’ll crumble at the first big wave.

Governance: diversification with a safety net

Diversification sounds great, but without governance, it can spiral into costly overinvestment. Smart organizations run controlled experiments: test new products, pilot new audiences, track key metrics, and only scale what works. This is how media companies can explore innovative revenue streams without risking the core business. It’s like trying out a new recipe—taste-test first before serving it to the whole crowd.

Diversification Strategy	Primary Income Stream	Mission Alignment	Investment Risk	Scaling Potential
Live Events / Experiences (LXP)	Sponsorships, Ticketing, Experiential Ads	High (leveraging brand and content expertise)	Moderate (logistics, staffing)	High (scalable digital/in-person hybrid)
E-Commerce / Live Commerce	Product Sales, Affiliate Fees	Moderate (requires specialized logistics)	Low-Moderate (requires IT integration)	High (leveraging existing content traffic)
Premium Consulting/Services	B2B Fees, Data Licensing	High (leveraging internal subject matter experts)	Low (utilizes existing staff resources)	Moderate (limited by expert bandwidth)
Non-Profit Funding (News)	Grants, Individual Donations	Very High (direct alignment with public interest mission)	Low-Moderate (dependent on political/economic climate)	Variable (subject to ‘bump’ events and funder focus)

Future business models: Web3, AI, and perpetual value capture

Web3 and Decentralized Ownership 

Web3, powered by blockchain, is redefining media business models by creating new ways to establish ownership, incentivize engagement, and build communities. Digital assets can now be treated like physical goods—transferable, tradable, and monetizable in entirely new ways.

NFTs and Residual Revenue

Non-Fungible Tokens (NFTs) give creators verifiable, unique ownership of digital assets. But the real game-changer is the ability to capture perpetual value. Smart contracts ensure that every time an NFT changes hands—whether it’s art, music, or digital content—the creator automatically earns royalties. This fixes a long-standing challenge of digital IP: the inability to monetize secondary usage or resale.

NFTs can also double as access passes for premium experiences or tokenized loyalty programs, allowing consumers to buy, sell, and trade rewards. In effect, this creates a new tier of super-loyalty, while locking in ongoing revenue streams for creators.

Emerging Web3 Ecosystem Models

Web3 is fostering innovative ecosystem models, including:

• DAOs (Decentralized Autonomous Organizations): Community-led governance for content platforms.
• Tokenized ecosystems: Community-driven marketplaces where ownership and participation are rewarded.
• Play-to-Earn models: Users earn tangible rewards for engaging with content or games.

These structures blur the lines between consumers and stakeholders, creating new engagement incentives and sustainable revenue loops.

AI as a disruptor and strategic imperative

Artificial Intelligence (AI) is the dominant force transforming media, challenging traditional operations, creative workflows, and business models alike.

Transforming Operations and Creativity

AI isn’t here to replace humans—it’s here to supercharge creativity. In TV, film, and digital media, AI tools are reshaping workflows, augmenting talent, and unlocking new storytelling possibilities.

However, there’s a catch: the industry faces a looming skills gap. Reports predict a shortage of creative professionals adept at leveraging AI tools effectively in 2025. Beyond creative domains, AI is also reshaping business models in gaming, sports betting, and search, aligning offerings with evolving consumer preferences.

Disruption in Search and Distribution

AI poses an existential threat to traditional content distribution. Platforms like OpenAI and Perplexity are starting to challenge Google’s dominance in search, signaling a new era where synthesized answers may replace organic traffic.

This creates what could be called an AI Toll on Traffic: if AI models provide answers directly instead of directing users to publisher sites, organic discovery—and the programmatic revenue tied to it—declines sharply. Media companies must proactively strategize around this shift, exploring compensation frameworks for AI platforms that ingest and use their content.

In short, AI isn’t just a tool—it’s a strategic imperative. Adapting now is essential to retain value and ensure sustainable revenue in a rapidly changing distribution landscape.

The BMR roadmap for 2025–2028

The media landscape is at a crossroads, where the need for Business Model Reinvention (BMR) is urgent. To survive and thrive, companies must pivot from gradual optimization to bold, structural transformation. Success depends on securing core revenue streams—Subscription and Advertising—while actively diversifying income sources and mitigating risks tied to platform dependency.

Drawing from current market shifts, technological disruptions, and competitive pressures, the following strategic recommendations form the BMR roadmap for 2025–2028:

Strategic Recommendation 1: Mastering Engagement Friction to Boost Reader Revenue

Immediate investments should focus on refining paywall strategies and reducing trial churn. This involves shortening trial periods and utilizing high-friction paywalls for specialized content to quickly qualify high-willingness-to-pay (WTP) users. The design of paywalls should also leverage strategic informational friction, limiting free content to maintain curiosity and encourage conversion to subscriptions.

Strategic Recommendation 2: Verticalizing the Customer Relationship

To counter platform dominance and data limitations posed by Retail Media Networks, media organizations must pivot from mass content distribution to more verticalized, high-value community experiences. This includes scaling investments in Live Experiences (LXP) and E-Commerce/Live Commerce, which monetize audience trust and engagement, providing a direct, high-margin revenue stream that media companies control.

Strategic Recommendation 3: Preparing for Web3 and Perpetual IP Value

The transition to Web3 should move beyond experimentation into building foundational infrastructure. This approach serves as a defensive financial strategy, allowing companies to secure perpetual IP value through NFTs and tokenized loyalty programs. By leveraging smart contracts and secondary sale royalties, media companies can safeguard long-term revenue from intellectual property against the erosion of traditional digital monetization.

Strategic Recommendation 4: AI Competency and Traffic Compensation

Companies must invest in upskilling creative and operational teams to effectively use AI tools, enhancing both content creation and operational efficiency. Alongside this, organizations should develop financial models that anticipate the impact of AI-driven content aggregation (the AI Toll on Traffic). Proactive negotiations with AI platforms will be crucial to securing fair compensation for content use, safeguarding organic traffic, and preserving ad revenue streams.

Jared Floyd, founder at Ajax Creative

Media business models can be divided into two broad categories: advertising-based models and subscription-based models.

Advertising-based models involve selling advertising space to businesses who want to reach the media company’s audience. The media company then uses the revenue from the sale of advertising space to fund its operations.

Subscription-based models involve charging individuals or businesses a fee for access to the media company’s content. The media company then uses the revenue from the sale of subscriptions to fund its operations.

There are a number of challenges that media companies face when it comes to making money. First, the growth of digital media has made it easier for individuals to access content for free. This has led to a decline in revenue for many media companies. Next, the cost of producing quality content has continued to increase. This has made it difficult for media companies to generate enough revenue to cover the costs of production. Finally, the rise of social media has made it difficult for media companies to monetize their content. While social media platforms such as Facebook and Twitter do generate revenue for media companies, the revenue is typically a fraction of what the media company could earn if the content was distributed through traditional channels.

Kyle Marquardt, Co-Founder of Homestead Brands

As the world becomes increasingly digitized, the media business model is evolving. Traditional media companies are struggling to keep up with the changes and consumers are demanding more control over their media experience. There are a number of new business models that are emerging, such as content curation, content marketing, and native advertising. Each of these models has its own advantages and disadvantages, but they all offer a way for media companies to adapt to the changing landscape.

Content curation is a model that relies on curating and organizing content from a variety of sources. This can be a time-consuming process, but it can be very effective in providing a one-stop-shop for consumers. Content marketing is a model that focuses on creating and distributing high-quality content. This model can be very effective in building an audience, but it requires a lot of time and effort to produce quality content. Native advertising is a model that involves placing ads in a way that is not intrusive and that blends in with the surrounding content. This model can be very effective in reaching consumers, but it can also be seen as dishonest and intrusive.

Each of these models has its own merits and drawbacks, but they all offer a way for media companies to survive in the digital age. It is up to each company to decide which model is right for them, but all of these models offer a way to keep the media business alive and thriving.

There are several ways for media companies to generate revenue. Some generate revenue through advertising, while others rely on subscriptions or pay-per-view models. Some media companies also have merchandise divisions that sell items related to their content.