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The Story so Far

The Story so Far. What We know About the Business of Digital Journalism -Grueskin, Seave & Graves (2011). Introduction. The current state of digital media The effects it has had on the nature of journalism as we know it The impact on consumers

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The Story so Far

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  1. The Story so Far What We know About the Business of Digital Journalism -Grueskin, Seave & Graves (2011)

  2. Introduction • The current state of digital media • The effects it has had on the nature of journalism as we know it • The impact on consumers • How media institutions are adapting to this current state • Recommendations and Predictions.

  3. The Story Back then…. • In 2001: new & traditional media were at a tie in terms of stock market value • Apple & Knight-Ridder were both valued at 3.8 billion • Traditional media was a legacy • Traditional media determined what story was the “lead”-which news was considered important

  4. The Story So Far… • In 2010: New Media had multiplied tens of fold in their value, whilst newspapers were having difficulty with survival • Knight-Ridder doesn’t exist independently anymore • Apple now valued at more than $300billion • Compromise: Newspapers find themselves having to cater to new media. • The present state of the publishing industry is “disrupted and transforming”.

  5. The Miami Herald Headquarters

  6. Changes that came with new media: • A different business • One that requires an “audience first” mentality • A shift from information scarcity to information abundance • News has become a commodity • Digital is where users are headed. • Audience is receptive and adaptive • Deepens negligence of old media?

  7. Changes • Rapid innovation • Audience size determined faster • Unsuccessful business can be wind down with minimal expense • Extended lifespan of journalism • Quick follow-up on stories • Continuous broadcasting • “No such thing as yesterday’s news”?

  8. Content & Distribution changes • Digital has disrupted a model that was profitable for so long • Content is now atomized, each article exists independently • Journalists can locate readers anywhere, as long as there is internet access • News has become global

  9. Consumers • Media institutions can easily build new audiences. • Consumers are put into “clusters” or boxes, according to their interest and preferences • Publishers able to gather fast information about their audience • Journalists are able to find out who’s viewing their content, where their coming from & how they are engaged • However, some stats can be unreliable • The consumer now makes the decision of the “lead”/most popular story.

  10. Cost Cutting & Revenue • Digital has interrupted the typical media pattern of fixed costs & low variable costs • News is now distributed at no cost • Digital has allowed news org’s to cut down journalism costs • Citizen journalism • Comment board participation • Quality and accuracy questionable

  11. Current Examples • Grueskin et al suggest that the digital game is where the money is, considering the players know how to deal their cards. • Sustained ideas and management attention are vital (pay big attention to the little things) • Companies must be proactive through watching changes in their environment.

  12. …current examples • Huffington Post • Spent more on technology & less on content • Encouraged reader commentary, hired people to ensure that conversation be democratic & open • “As the audience embraced social media, we followed” • Grocotts Mail • Pursuit of growth of their online presence • e.g: Grahamstown NOW, Online news site, NikaNOW • Currently pushing Digital subscriptions • Mail & Guradian • “Mobile is part of the M&G overall strategy” (7th mass media) • Newsroom completely separated between paper & digital • Predict tablets and applications will become huge, hence their developing for Kindle & iPad, Android & iPhone)

  13. Recommendations & Predictions • Digital advertising is bound to grow overtime • Sectors of traditonal media industry must embrace change • Legacy platforms should not be disregarded or disbanded • Digital content should be independent of traditional media content • Media co’s need to redefine the relationship between audience & advertising • Journalists should be prepared for continued pressure. The more saturated the digital field, the more intense the competition will get • Place small bets on many ventures, increases the probability of winning

  14. Refrences • Buren, K. 2011. Mobile media at sub-Saharan African newspapers: a guide to implementing mobile news and mobile business. WAN_IFRA: Paris. P.36-39 • Grueskin, B., Seave, A., Graves, L. 2011. The Story So Far: What We Know About the Business of Digital Journalism. Columbia Journalism School: Tow Centre for Digital Journalism.

  15. Thank You

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