After taking a bit of time off, I’m going to restart the posting of chapters from Geeks Bearing Gifts: Imagining New Futures for News — for free on Medium. This last half of the book is the meaty bit, the good part, the climax. This is the part about money and sustaining journalism.
First, a brief recap of the first two sections of the book about relationships as the basis of a new strategy for news and then about new forms of news, then a preview of the rest of the book. It’s short, so I’ll quote the entire thing here:
I hear it often: News doesn’t have a journalism problem. It has a business-model problem. I will disagree on two counts. It is willfully blind and suicidally deaf to say that journalism doesn’t have a problem when its institutions are all suffering falling audience and plummeting trust — only about a fifth of Americans have “a great deal” or “quite a lot of” confidence in news media, according to Gallup. More important, to pose journalism’s plight as a problem is to suggest that journalism as it was needs saving, that there’s some fix out there that will make everything all right again if only we can find it. I prefer to state the quandary from an antipodal point of view: Journalism has no end of new opportunities and our problem is that we have not yet explored nearly enough of them.
In the first part of this essay, I explored the new relationships journalism can have with the public that it never could have before:
* understanding, interacting with, and serving people as individuals and communities rather than as a mass;
* shifting our goals, organizations, and cultures from manufacturing content to providing service, helping the public we serve meet its needs and goals;
* using, building, and offering new tools and transforming journalism into a platform with greater utility, often at scale;
* working collaboratively with the public and with fellow members of growing news ecosystems and networks;
* recasting the journalist as more than storyteller: as convener, partner, helper, educator, organizer, even advocate.
In the second part, I began to explore new forms for news that cascade from these new relationships. We can recast the article with new-media tools, then move past the article with new means of providing service: news through links, news via data, news as a flow, news through tools, news as a tool. More important than reconsidering the forms news can take is the value we can provide. Our new and richer relationships with the public we serve give us the opportunity to offer greater relevance in the context of their needs; to specialize in the journalistic skills that are most needed; to improve the quality of our work; to explore new methods to fulfill our mission. News can take on countless more forms I cannot begin to imagine because I am too old and the technologies are too new.
Now we arrive at the big question: how to sustain journalism. In this last half of the essay, I will explore business models for the new layers of news ecosystems that are supplanting the old, vertically integrated corporations that dominated news for more than a century: beat businesses, new news organizations (some of them rebuilt from the ashes of the old), networks, and platforms. For old or new news companies, I will suggest how to implement the relationship strategy as a business strategy, knowing our users better so we can increase the value we provide them and thus extend their use, engagement, and loyalty. I will suggest that knowing our users better will also yield greater value and revenue in advertising — using data about users not as a commodity to sell but as a tool to build worth. I will explore other revenue streams at small and large scale: events, digital services, ad networks, commerce, memberships, patronage, and consumer payment. I will suggest new metrics to drive our media businesses and new perspectives to consider regarding such protective concepts as copyright and intellectual property. In the end, instead of asking the question I so often hear — Who will pay for journalism? — I will ask the one that troubles me more: Who will invest in innovation? Who will help us explore journalism’s many and promising but certainly unsure opportunities?
But first, we have some unpleasant business to get through. We must examine the weaknesses of the present business models for news and why they cannot carry over to our new digital world. And we need to explore further cost efficiencies, difficult as that can be. For journalism must finally reach the point at which the cutting ends so it can find ways to grow again.
If you can’t wait for the rest of the book, then you can buy it here.