Tow-Knight just released a new survey of the state of business at hyperlocal sites, conducted by Michele McLellan, creator of the authoritative Michele’s List.
The bottom line remains: This is a tough business. A third of them bring in more than $100,000 a year; the rest under. Almost half are profitable and another quarter have a steady flow of income. Most are heavily dependent on advertising. The good news, as far as I’m concerned: Many have hired business and sales help.
This is important work, for as I wrote in Geeks Bearing Gifts, I believe that beat businesses can be a building block of broad new news ecosystems in communities. This is why we now support Michele’s List at Tow-Knight. This is why we just held training for new beat businesses here. This is why I work with the Dodge Foundation in New Jersey on helping to support and build the news ecosystem in my home state. We need more training in business to bring these journalists running beat businesses to sustainability. But as Michele shows, this is also hard work, damned hard work.
Michele suggests possible areas for further research. I will argue to foundations that care about healthy news ecosystems that they should help support their growth by giving seed grants and funding training for new beat businesses. I hope other journalism and business schools will help train these brave entrepreneurs who care about their communities.
We have a few seats available for a great event on innovation and news at the CUNY Graduate School of Journalism on Monday Dec. 1, starting at 230p and running through a reception ending at 730p:
* We will give Vice founder Shane Smith the Knight Innovation Award.
* Bill Gross, founder of Idealab and more than 125 companies, will deliver a keynote about how he innovates and invents, with lessons for us in media.
* A panel including former gubernatorial candidate Zephyr Teachout; Betaworks data genius Gilad Lotan; Milena Berry of PowerToFly; and angel investor Alicia Syrett– all from outside media — will explore the challenges and opportunities of media.
* Smith will also award a give-forward grant to a journalistic startup of his choice.
* I will present my new book, Geeks Bearing Gifts: Imagining New Futures for News — and give away copies.
All that plus wine, beer, and discussion.
Details here. Register here.
If you teach or soon plan to teach entrepreneurial journalism, the Tow-Knight Center for Entrepreneurial Journalism — my colleague Jeremy Caplan and I — invite you to attend a day-long summit at the CUNY Graduate School of Journalism in New York on July 10.
Our small, new field has grown like weeds. Dozens of journalism schools and foundations are now training and supporting the next generation of media leaders to report, edit, close sales, capture audiences, and run businesses. Our goal is to enable those of you who’ve pioneered these efforts — as well as those just getting into the field — to share best practices and common challenges.
We plan to invite an expert from entrepreneurial education in another field to speak, and ask some of our former students to discuss their experience starting up companies. But on the whole, the day is about your lessons learned, concerns, and needs — and to see whether and how we should collaborate as a group in the future.
Please register here if you plan to attend, or aren’t sure yet, but want to reserve a place. If you cannot attend, we will plan to stream the event and actively involve remote participants in the discussion. Watch this space.