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Diverse Business Models in Online Journalism
- 1. Diverse Business Models in Online Journalism: Are We Trying Hard Enough? Steve Outing – www.steveouting.com - steve@outing.us
- 2. Answering the question today • Chair: Steve Outing Columnist, Editor & Publisher and … • Premesh Chandran Chief Executive Officer, Malaysiakini.com (Malaysia) • Beth Frerking Assistant Managing Editor, partnership, Politico.com • Katie King Creative and Development Editor, MSN (United Kingdom) • Márion Strecker Content Director, UOL.com.br (Brazil)
- 3. Old media: NO (obviously) Steve Outing – www.steveouting.com - steve@outing.us Why are you doing this?
- 4. Last-minute save? Steve Outing – www.steveouting.com - steve@outing.us DON’T JUMP, NEWSPAPERS! • Digital-centric organization (finally!) • Content EVERYWHERE online! (Yes, free) • Mobile phone, Kindle development push ($ news) • Premium $ web content (new, unique, niche) • Agency model for ad department (ads everywhere) • Social marketing services for client base • Partner with all other media (content, ads) • Get a new CEO • Stop copying RIAA model!
- 5. Successor media: Maybe Steve Outing – www.steveouting.com - steve@outing.us
- 6. Successors will take chances Steve Outing – www.steveouting.com - steve@outing.us
- 7. We need to get outside the box more Steve Outing – www.steveouting.com - steve@outing.us
Hinweis der Redaktion
- Welcome. What we’ll be discussing.
- I’ll speak mostly about US developments in my allotted 10 minutes. But we have an international group, so we’ll go beyond that.
- First, summary of old media situation: newspapers, TV news, magazines. Picture worth 1,000 words … Found perfect one on istockphoto.com … This is how I see the newspaper industry after recent developments. I held out hope for long time that newspapers would survive. - Thought, “it’s finally bad enough,” they’ll see the light. - They’ll finally put digital strategy at center of operation; legacy print product just one of many distribution channels. - Even bankruptcies, big-newspaper shutdowns hasn’t done it. - They’re still fighting to hold onto print. - E.g., Star Tribune: holding back some content for print (exclusives) to give paying print customers reason to hang on. - Major west coast paper: about to turn paper’s news website paid; have free lighter site for younger audience who won’t pay. - Newspaper culture too difficult to change. - Not just executives unwilling to allow radical change. - Not enough people on staff able to change mindset; still can’t believe print isn’t dominant. - Experimentation: sure, plenty of it. Nowhere near enough to survive transition to digital media. Small papers: many still have time for print to live on; gradual decline over years. Metro papers have a business that no longer works. - High Internet usage; changing audience behavior. - Advertisers bailing; they have other, better options. Why image of people jumping off a cliff? - Couple months ago, Walter Isaacson started off cheerleading: “We must get paid for our news content. The end of free!” - Advocated micropayments model for news. - Since, lot of old-media people jumped on his bandwagon. (Either micropayments or subscriptions online.) - Last week: Dean Singleton, Tom Curley of AP made inflammatory statements. - Many other old-media leaders (Murdoch) saying same thing. - Want to take back control of content, so they can decide how to monetize it. - Internet is too out of control for them. - New-media pundits (Jarvis, others including me) fought back with words: - Suicidal for industry. - Too many other options. Couple clicks and get basically the same thing. - Tried and failed multiple times before.
- Newspapers (also applies to other legacy media) haven’t tried the big changes: 1. Digital at center. (relegate print to lesser role; maybe only Sunday edition; keep inserts revenue) - Don’t waste ton of money on print redesign. - Spend money developing new digital revenue streams. - It DOESN’T MATTER that print still brings most of revenues. -Readers, advertisers bailing. -So focus on “where the puck is going,” not where it is now! 2. Instead of controlling content, do opposite: GET IT ANY- AND EVERYWHERE! - monetize it on other sites with ADS accompanying distributed content - and many, many sites sending traffic back to you. - incent local websites to carry your news widgets … ad share. THEY CAN SELL ADS FOR YOU! 3. Mobile phones, Kindle, etc. - big push to create news products that you CAN charge for. - Kindle: owners used to paying; it’s super simple, 1-click to buy. - Phones: simple to charge; added to phone bill. IPHONE APPS!!!!! - PROBLEM WITH WEB: too difficult to sign up for paid content services. - Even free sites requiring user registrations keep many away. 4. Develop premium content; paid. - Maybe, but will have to be new, niche content that newspapers don’t have now. - Not available elsewhere; deeper. 5. Agency model for ad department. - Don’t just sell your own products (print editions, website, etc.) - Become digital agency for your clients. - Get them into local websites, digital venues that work for them. - E.g., chain of bike shops: in paper (maybe), contextual newspaper website ads, ads on websites of local bike clubs, - Sell to other papers (FORMER competitors). 6. Ad dept. becomes social marketing agency for local advertisers. - Teach local businesses to take advantage of social marketing techniques. - Host their blogs. - Hire cheap writers who know business niche to blog, twitter for company. - Make social media easy for those companies that don’t understand it. 7. Partner with other media. - No longer competitors. - Share content. - Share ad sales. - Share promotion.
- Old media’s failure to adapt = great for new news entrepreneurs, - which will include lots of laid-off old-media journalists. - faster newspapers and other old media die, the faster new initiatives will emerge and grow. Tough road to profitability. - Google, especially, is hogging much of ad dollars; not sharing enough with news producers (new and old) to make it easy. - Difficult to sell news content; too much competition that’s free. - Little time spent on any one site by typical user. Hard to monetize that. We’ll see lots of non-profit and foundation-funded initiatives. - Propublica: national level. (Perhaps a few more of these.) - Local: VoiceofSanDiego, Minnpost.com, many others. (Should see a LOT of these spring up.) - Local: Placeblogs grow into small non-profit operations with more than 1 staffer. - Combo foundation grant, user donations, some advertising/sponsorships, low costs. PROBLEM WITH FOUNDATIONS: - Potential conflicts, of course. (Community foundation; board member on company that’s done wrong.) - Grants usually just get you started. - 2-3 years and you need to sustain yourself without them. For-profit initiatives: - More of these as more newspapers fail. - They’ll rise up to fill the holes left by newspaper shutdowns or declines in quality. - Small investments; digital-only. $1 million from angel investors, typical. Who is a “reporter” or “editor” for new news initiatives: - I suspect not all journalists. - Type of people involved may broaden. - More topic experts. - More bloggers who are passionate; write or video for free or cheap. - They’ll hire more tech people (%) than newspapers and TV stations did.
- I think that new digital-only news initiatives will take chances that old media culture was unable to accept. Examples: InDenverTimes.com - 30 laid off Rocky Mountain News journalists - 3 investors with no publishing background - $4.99/month for “premium” content (columns, enterprise reporting) + commenting/discussion access. - April 23: want 50K subscribers to launch for real. - WON’T WORK, my guess. - BUT, applaud trying something new … like charging for readers to chat and communicate with the journalists. Intriguing idea!! - Personality driven; very good. San Diego News Network - $1 million from local investors (some with news experience) - Strategy: partner with every possible local media outlet (websites, newspapers, magazines, TV, radio) - Share content. - Share ad revenues; sell into multiple local media. - Free promotion for SDNN from every media partner. - Small FT staff (10, low paid) - Lots of freelancers, contractors; paid a little, plus ad revenue share based on page-views to content. - 30 sections planned Idea is to take on topics where SD Union-Tribune has dropped the ball with newsroom cutbacks. (Food, movies, theater, etc.) - WILL IT WORK? Too early to tell. - But joining all local media together – that’s new; something old media companies won’t do. (Outside comfort zone.) Spot.us - Will people pay for stories they want reported? - Wonderful experiment. - Assists other struggling news outlets (that can’t afford investigative reporting). - May pave way for independent pro journalists to self-fund stories; no institutional support. 4.The Batavian - Howard Owens (ex-Gatehouse Media) bought it from old employers. - Web-only local news source for Batavia, NY - Thinks he can compete in town with a newspaper that’s been weak online. - He’ll do stuff that old-thinking competitor won’t (like create online community; conversation, interaction). 5.Huffington Post - $1.75 million investigative reporting fund. Foundation funded. - Commercial venture doing non-profit work too. (Also remember Off-the-Bus “citizen political correspondent” program done with NYU.
- Stop fighting against Google; figure out how to work with it to make Google money AND news publisher money. Kachingle: love this model; voluntary monthly payment everyone joins ($5/month), and you specify which websites, news sites or blogs you like and want to support. Tracks your visits to sites you support. Gives them portion of your money. Like perpetual, automatic, Internet-wide pledge campaign. It could make a difference … to bloggers, new news initiatives, even mainstream media website 3. Classifieds Manifesto: - From ReinventingClassifieds.com - Change your model - Help people sell cars, buy houses, find people jobs. - Become part of the selling process; extract money for that. - Don’t just sell advertising. We have got try things that may sound crazy. - The Internet is different. - New rules; old business models often don’t apply, you can’t just modify them. - Make up new rules, new models that break old rules.