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The New Economics of News

The New Economics of News. Journalism Principles and Practices. Economic and Editorial Models. Impermeable paywall Leaky paywall Metered system Free, ad supported via lots of page views Free, curated network Free, value added Highly specialized, team with existing media.

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The New Economics of News

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  1. The New Economics of News Journalism Principles and Practices

  2. Economic and Editorial Models • Impermeable paywall • Leaky paywall • Metered system • Free, ad supported via lots of page views • Free, curated network • Free, value added • Highly specialized, team with existing media

  3. Economic and Editorial Models, Continued • De-facto ad agency • Hyperlocal • Social-media oriented • Community funded • One-person operation • Subscription

  4. Impermeable Paywall • Newsday http://www.newsday.com/ • $5 week, $260 a year. Rolled out after $4 million re-design. Subscribers during first three months” 35. • Not reached by search….at least in part the problem faced by Times Select

  5. Leaky Paywall • About $150 per year. • Some is available online, and pretty much anything can be searched for. By making available for search engines, more page views. • WJS has seen steady growth.

  6. Metered System • Financial Times, read a certain amount, then pay. http://www.ft.com/home/uk • Pretty much same in NYT. Apparently in response to 19% who said they would pay more. Easier to go after those that try to extract from other sources. • Note that Times Select was not total failure – did generate 227K subscribers and made about $10 million, but Times recognized future was in search

  7. Free, Rely on Revenue from Page Views • ChicagoNow. http://www.chicagonow.com/ • Big collection of bloggers. About 100. • Theory, more pages, more page views. • Here is mix of new and old media. Brand name? • Curated

  8. Two Approaches to Free Curated Free, Curated network: Glam http://www.glam.com/ Free, but value added: Footballoutsiders.com http://footballoutsiders.com/ link to paid articles, own products

  9. Highly Specialized, Sometimes Nonprofit, Teamed with Existing Media CircleofBlue.org • Parallel with magazines in 1950s and 60s • Editorial mission of WSJ when founded in 1889 viewed as crazy – bring market information to people • Nonprofit, foundations • Says it adheres to NPR, SPJ code of ethics

  10. Highly Specialized, Sometimes Nonprofit, Teamed with Existing Media, Continued... Propublica.org • Stories with “moral force” • Teams with other organizations

  11. Highly Specialized, Sometimes Nonprofit, Teamed with Existing Media, Continued... Minnpost.com • Political reporters • Some grant money GlobalPost • Phil Balboni raised $8 million, • 70 journalists • In response to increasingly global world where global coverage is cut • Offers membership deals

  12. Become De-Facto Ad Agency • Palm Beach Post. • 40 million page views per month, profits up with advertising partners across multiple platforms. • Seminars

  13. Hyperlocal Everyblock.com • Many cities • News within a few hundred feet • Aggregates data, including Craigslist, filters to location • Raw information, not edited

  14. Social-Media Oriented Fwix • Aggregates blog postings • When cursor is over, automatically provides options to send to friends on social media networks

  15. Community Funded Spot.us • You ID an issue • Community raises money til enough to pay

  16. One-Person Operation http://garyvaynerchuk.com/ http://tv.winelibrary.com/2011/02/08/loire-valley-malbec-tasting-episode-982/ I.F. Stone

  17. Subscription Thedaily.com • 39.99 year • Apps – tactile • Hot spots – pull up what want • Integrate twitter feeds into stories • News can break into app

  18. Possible Ideas for Future • Government subsidy, perhaps from tax on ISPs, cable • Not entirely new idea: remember tax subsidies, anti-trust exemptions…Ben Franklin • Micropayments

  19. What’s Holding Us Back? • Privacy • Payment systems AP

  20. But Will People Pay for It? • Buy apps • Buy cable TV • Eduardo Porter – The Price of Everything • What we pay makes little sense – $3 for bitter coffee • Less likely to give blood if pay for it than give for free • Distorted prices steer value wrong way

  21. What is the Value of News? • Not going to denigrate blogs, but do remember that blogs have to feed on something • News, the way we’ve come to know it, affects way we think • Accept serendipity and learn from it • Get out of our high-volume echo chambers, which not only feed us one view but magnify it

  22. This is the Value of News • Certainly opinion has its place • Some celebrate the impending death of “elitist” or “institutional” news • Maybe some relevance, but also some value • Attribution • Forced to seek out other views – maybe learned that people who held them weren’t demons • Let’s not marinate in nostalgia, but recognize considerable value • Orchestra at full volume

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