Trust is one of the major byproducts of good media. Although we live in an era where trust in the media is at an all-time low, when it comes to individual publications, my suspicion is people trust what they read. If you consistently deliver valuable information to people, over time, they are going to inherently trust the brand.
That trust is an asset even if it doesn’t directly show on the balance sheet. One major strategy media companies have used to monetize that asset is through awards. At the core, an award is simply a brand passing some of its trust to another company.