Archive for the ‘Business of media’ Category

Who will pay?

Friday, September 11th, 2009

It was a piquant question . . . well, piquant if you took it the right way . . . and then-Chicago Tribune publisher Scott Smith seemed to ask it at all the right times.

“Who will pay?”

There was never any shortage of product ideas, and in fact never a shortage of good product ideas, at the Tribune during Scott’s era, roughly 1997 to 2008. For nearly all of these ideas, it was a simple matter to quantify and project the costs. For nearly as many, it was pretty straightforward to estimate the size of the audience and its members’ potential enthusiasm.

“But who will pay?”

Were there advertisers out there – real ones, not notional ones – ready to support this idea with actual dollars (and would those dollars be new, or just shifted from somewhere else?)? Were there potential partners willing to help bear the costs due to mutual self-interest? Or might there be actual consumers ready to fork out a quarter, or a couple of bucks?

Once in a while, we could answer Scott’s “pleasantly stimulating” question, and before long we’d have a RedEye or a Chicago Home & Garden or a Triblocal.com. But probably more often, we had to confess that we just had no idea.

I flashed back to this question today when I read of the demise, or transition, of the Chi-Town Daily News, ex-Tribune reporter Geoff Dougherty’s effort at nonprofit community journalism. (For a dandy compendium of links to reports and analysis, from harsh to hushed, head over to Eric Zorn’s Change of Subject at chicagotribune.com.)

(more…)

You never squawk alone

Thursday, September 10th, 2009

The last full week of August somehow wound up being Media Week at owenyoungman.com, maybe because I had been gone to Santa Fe for the opera and chamber music season for the previous 10 days. In addition to some interesting meetings involving the journalism school, the computer science school, and a prospective media partner for some of our work, I found myself on WTTW’s Chicago Tonight on Aug. 27 and on WGN Radio’s Extension 720 on Aug. 28.

chgotoniteThe Chicago Tonight gig (16-minute video at WTTW) was precipitated by the Chicago Reader’s changing hands, an outcome of the bankruptcy filing by parent Creative Loafing Inc.  Not surprisingly, the Chapter 11 status of the Tribune and the Sun-Times was also a focus, although the three cases are pretty different (particularly the Sun-Times’; see yesterday’s post).  And we talked about the state of community media on the Internet here in town, since one of the guests was Thom Clark, co-author of “The New News: Journalism We Want and Need” from the Chicago Community Trust.

The next night’s chat with Milt Rosenberg was two hours of unadulterated fun.  (Here is a 19-minute video excerpt of the opening of the program from the WGN Web site.) With Brad Flora of Windy Citizen – that’s @bradflora to you – and Bill Adee of the Tribune – that would be @Bill80 – we held forth on some of the same topics, but with way more emphasis on blogs and blog aggregations, social media, and all things digital (to coin a phrase).

(n.b.: Should you want to have the whole two hours playing in the background sometime, here’s the link. To quote a Kevin Pang tweet to me during the broadcast: “This is too entertaining for a Friday night….just hearing Uncle Milt say ‘Twitter’ makes me squeal with delight.”)

As we like to say, enough of the pasture.  Next up: more of the future.

A serious business

Wednesday, September 9th, 2009

Been having a hard time figuring the right way to re-enter the blog after a summer of many and various excuse-creating obligations.  In the absence of a better or original idea, let’s do it with my new favorite joke, and then an observation about something that isn’t particularly funny.

Joke, courtesy of Chuck Eklund (@ChazEk):

Descartes is in a bar and the bartender comes and over and asks him if he want another drink. Descartes pauses for a minute and says, “I think not.”

Poof. He disappears.

Chicago Sun-Times, 09/09/09

Chicago Sun-Times, 09/09/09

Non-joke, courtesy of today’s Tribune:

[Chicago financier Jim] Tyree’s group finally pledged to buy Sun-Times Media for $25 million in cash and assumed liabilities. The bid . . . includes the flagship Chicago Sun-Times daily tabloid as well as 58 suburban papers and their associated Web sites. Tyree’s group agreed to pay about $5 million for the company’s assets and assume $20 million worth of liabilities.

As has been previously noted, this bid to create a “good” STMG out of bankruptcy leaves $600 million or so of liabilities in a “bad” one.  That’s good.  The non-joke is quantifying the amount of value that has evaporated in order for the assets to be worth $5 million, and here’s one way:  Around 2001, the (subsequently imprisoned) Sun-Times executive David Radler mentioned in a phone conversation with my Tribune boss that whenever he, Radler, and Conrad Black got around to selling the enterprise, they wouldn’t take a penny less than $1 billion.

Sorry, investors.  Sorry, readers.  Good luck, Sun-Times.

Adventures in paid content, with actual payment

Thursday, May 21st, 2009
The check was in the mail.  I didn't cash it, however.

The check was in the mail. I didn't cash it, however.

Drowned out in the buzz about the yet-to-appear Kindle DX a couple of weeks ago was the semi-related announcement that Amazon was opening the gates of remunerated e-publishing not only to newspapers and magazines, but to everyday bloggers.  Among the first to “sell out,” as he headlined it, was my industry colleague Steve Yelvington, who blogs at yelvington.com.

Yes, you now can pay a monthly fee to Amazon.com not just to read the New York Times or LA Times or Chicago Tribune on your current and future Kindle.  You also can pay them to get yelvington.com, although  ”I don’t know whether anyone will buy it (and I have my doubts, since the idiot who manages this operation gives away the same content on the Web),” he noted.

Well, us journalist types at the end of the alphabet need to stick together. So as of today version 11.0 of “The next miracle” is also available in a Kindle edition (is that version 11.1?), and the low monthly price of $1.99 “includes wireless delivery via Amazon Whispernet.”

Line up, sign up, subscribe today.
Line up, sign up, subscribe today.

Plus, “Kindle Blogs are auto-delivered wirelessly to your Kindle and updated throughout the day so you can stay current.”

Plus plus, “It’s risk free—all Kindle Blog subscriptions start with a 14-day free trial. You can cancel at any time during the free trial period. If you enjoy your subscription, do nothing and it will automatically continue at the regular monthly price.”

Plus plus plus, I already know how to make money on the Internet!  Just look at the check at the top of this post!

Yes, in early 2000, I succumbed to another e-publishing siren song.  I signed up with MightyWords.com, which billed itself as ”a definitive digital marketplace for the written word.” According to Library Journal, MightyWords, which was launched by the evocatively named Fatbrain.com, “offers authors and publishers a new digital channel to read, write, buy, and sell written content, including essays, short stories, chapters, and additional works.”

“By creating the first digital marketplace to read, write, buy, and sell ideas, MightyWords will unleash a wealth of written content and will create a powerful distribution channel that will significantly affect the publishing world,” said Chris MacAskill, Fatbrain.com CEO. Well, who could resist?  Not me.  Even though it was available for free here at owenyoungman.com, I uploaded my 1997 travel essay “From Hong Kong to Hershey:  Or, I Liked the Thick Chocolate Shake More Than the Thick Soup of Snake” and waited for the royalties to roll in.

(more…)

The Internet, it’s a helluva town; the news is up, but the newsies are down (The Economist)

Tuesday, May 19th, 2009

The winds of ... (The Economist)

The winds of ... (The Economist)


(T)he plight of the news business does not presage the end of news. As large branches of the industry wither, new shoots are rising. The result is a business that is smaller and less profitable, but also more efficient and innovative.

via The news business: Tossed by a gale | The Economist.

New sources of news are proliferating online. Many, it is true, are unreliable. Most are badly funded. Some are the rantings of deranged extremists. But some—like Muckety, an American site which enriches news stories with interactive maps of the protagonists’ networks of influence, and NightJack, the revealing and depressing blog of an anonymous British policeman, which won the Orwell prize last month—enhance society’s understanding of itself, and could not have existed in the old world.

From the same issue, a leader: Media: The rebirth of news | The Economist.

 

Many of the hard lessons being learned around the industry this year and last are assembled in one place in these pieces from The Economist, living up to its reputation as the best source in the world for carefully selected obituaries.  No, wait, just kidding; of course it is the best place in the world to find those one or two obits you need to read per fortnight (this week: Margaret Gelling, “expert on British place names”). But taken together, and even taken separately, the editorial and the news story show a better than fair understanding of what has happened (“The main victim is not so much the newspaper . . . as the conventional news package”) and what might happen next.

(more…)

All the news that fits in links

Monday, May 11th, 2009

(Note:  I usually limit the number of links in a post, so maybe I got carried away a little.  So OK, the fun stuff is the Intel ad site and the Jenny 8. Lee Twitterstream.  Other links for reference if you missed them.)

Taking a cue from Hearst President Steve Swartz, with whom I sat on a Medill panel last week in New York, I tweeted early this morning that today’s Business Day in the NYT had fallen short of its Monday quota of death-of-newspapers stories today, with approximately one instead of the usual three-plus, though they did substitute in some dispatches from other death-spiral fronts.  (Perhaps yesterday’s Week in Review counted for some of the quota, with pieces from Frank Rich and Maureen Dowd sandwiching a public editor column on Times coverage of the Boston Globe.)

But Monday just can’t go by without the Times elbowing its way to the forefront of consciousness.  First there was this piece from CrunchGear about TimesReader 2.0, asking whether dead-trees editions might be on the way to being dead.  

The NYT in 2040, courtesy Intel

The NYT in 2040, courtesy Intel

(On my way there, I ran across a screen-filling ad on nytimes.com (at right) that confused me, because I had already been alerted to a NiemanLabs video of New York Times 2.0, as opposed to TimesReader 2.0  But it was an Intel ad; the actual Nieman video is here.)

And then finally, courtesy of TweetDeck, the news that Jennifer 8. Lee was live-Tweeting a nytimes.com strategy presentation to newsroom employees about  the state of its business. Her 25 tweets are well worth the visit.

(more…)

Kindling

Wednesday, May 6th, 2009
The Kindle DX

The Kindle DX

No shortage of coverage of today’s announcement, telegraphed in the NYT on Monday, of a new, larger Kindle from Amazon:

  • Matt Mansfield of Medill points out this good comparison with the Plastic Logic eReader at PaidContent.org, for instance.
  • Commenters at several sites, including the NYT, point out that while this new Kindle costs as much as some laptops, it includes free wireless access, use of which is not limited to downloading books, magazines, and newspapers.
  • And I even got into the act (video link), appearing on CBS2Chicago.  My points are similar to those I made in an April 11 post here on owenyoungman.com about the Kindle 2:
  • There is a lot to like already about the Kindle as a platform for magazine and newspaper content, but I haven’t read much about the reason I think it works, and is worth paying for: unlike the Web sites of most newspapers, the Kindle preserves a key newspaper-reading experience: Serendipity. [Read the whole post]

I talked more about that today, as well as a point I also made this past Monday when I spoke in New York on a Medill-sponsored panel, “Managing in a Time of Crisis and Opportunities”: Implementations like the Kindle help to demonstrate that even if people aren’t much paying for news content today, they ultimately are likely to pay for content that is tailored to their needs, their use cases, and experiences they value.  Publishers need to pay attention to that, not to eking out micropayments on yesterday’s platforms.

I may yet double back on Monday’s presentation, but for now suffice it to say that nothing I saw about the new Kindle today made me any less cheerful, except perhaps the price.  And I’m cheerfully hoping it comes down soon, for others’  sake if not my own.

Obsolete jobs: Wire editor, features editor [yelvington.com]

Saturday, May 2nd, 2009

If Steve Yelvington didn’t exist, we would have to invent him.  Latest evidence:

Read my lips: This is not a temporary maneuver in response to an economic cycle. This is permanent structural change.

via Obsolete jobs: Wire editor, features editor | yelvington.com.