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#Tip: Sign up to receive this daily newspaper summary

Image by NS Newsflash on Flickr. Some rights reserved

Image by NS Newsflash on Flickr. Some rights reserved

Adam Shaw, a former business presenter on the Today programme, used to read all the newspapers and summarise them for his own purposes.

He is no longer at Today but continues summarise – and he now shares his notes with others by way of a daily email.

He gets up early and so the email, with a summary of around 12 interesting articles, lands in inboxes by breakfast time.

Many of the articles are related to financial news, but journalists of all beats will no doubt find it a good round-up.

Shaw links to the full article so it is easy to click through and find out more.

To sign up for the list, which is called PressChoice and has around 2,000 subscribers, follow this link.

You can opt out at any time and Shaw tells me he never sends subscriber details to anyone else and never emails anything other than the newspaper round-up and a diary of forthcoming news events.

Here’s a screenshot of part of today’s round-up to give you a taster:

PressChoice

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#Podcast: How some publishers are sharing revenue, content and audiences

June 14th, 2013 | No Comments | Posted by in Business, Podcast

As the internet continues to affect how audiences find and read articles, media outlets are having to react and develop new models in order to stay relevant. This week’s podcast looks at the changing relationship between publishers, audiences and content – and how three organisations are taking different approaches.

From newsrooms splitting advertising payments with bloggers to the hosting and reposting of full articles, there is a theme creeping in of publishers sharing content, audiences and revenue in order to succeed.

We hear from:

  • Jeff Jarvis, media commentator and founder, BuzzMachine
  • James Randerson, science and environment news editor, the Guardian
  • Fiona Evans, head of publishing, Glam Media
  • John Pettitt, founder and CEO, Repost.us

You can hear future podcasts by signing up to the Journalism.co.uk iTunes podcast feed.

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#Tip: Funding advice for journalism start-ups

Jordan Young published a blog post earlier this month on the Knight Lab website aimed at those setting out with a new journalism business, and looking for some financial backing. The post features her 10 tips for securing funding, drawing from her own experience of doing just the same with Boxx Magazine.

Hatip: MediaShift (which has republished the post)

If you have a tip you would like to submit to us at Journalism.co.uk email us using this link.

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#Podcast – Then and now: Two years of the New York Times paywall

March 28th, 2013 | No Comments | Posted by in Business, Paid-for content, Podcast

Just two days ago in the UK the Telegraph launched a metered paywall, which would require subscription once users exceed a 10 article allowance, following the introduction of the model for international-only traffic last year.

The Telegraph’s model was described as having a “New York Times-style ‘meter’”, and was launched in the same week as the New York Times’s paywall reaches two years in operation – two years today, in fact.

So in this week’s podcast we speak to general manager for core digital products at the New York Times Paul Smurl about how the environment in 2011 at launch differs to that today, when it comes to launching an online payment model. We also discuss the impact of the metered model on the rest of the industry with Robert Picard, director of research at the Reuters Institute and Tim Cain, head of research and insight at the Association of Online Publishers.

Interviewees:

  • Paul Smurl, general manager for core digital products, New York Times
  • Robert Picard, director of research at the Reuters Institute, at the University of Oxford
  • Tim Cain, head of research and insight, Association of Online Publishers

For more on the first two years of the New York Times paywall see this Journalism.co.uk feature, based on our interview with Paul Smurl.

You can hear future podcasts by signing up to the Journalism.co.uk iTunes podcast feed.

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#wef12: CEO of Australia’s Fairfax Media encourages publishers to make ‘the big calls now’

September 4th, 2012 | No Comments | Posted by in Business, Newspapers, Online Journalism

The Sydney Morning Herald is one website which will see a paywall introduced

Earlier this year Australian publisher Fairfax Media announced what it described as ‘landmark’ events, including the introduction of a digital-first editorial strategy in Sydney, Melbourne and Canberra, as well as a paywall in front of its Metro Media digital content.

The strategy followed a 12-month review, which concluded a need for “decisive action to restructure our business model to better reflect audience and advertising trends”.

This included cost cutting measures such as the loss of 1,900 members of staff in a bid to make savings each year of $235 million AUD, within the next three years, according to a report by one of Fairfax Media’s metropolitan titles the Sydney Morning Herald.

At the time chief executive of Fairfax Media Greg Hywood said:

No one should be in any doubt that we are operating in very challenging times. Readers’ behaviours have changed and will not change back. As a result, we are taking decisive actions to fundamentally change the way we do business.

The changes announced today have been selected after considering the merits of a full range of structural alternatives, including a demerger. The package of strategic initiatives is bold, and several are difficult, particularly as they will impact on some of our people.

However, we believe that they are in the best interests of Fairfax, our shareholders, and ultimately the majority of our people. They are necessary to ensure Fairfax retains its position as a leading independent media company and a key voice in our markets.

It is now a couple of months since the announcement was made and on Monday (3 September) Hywood spoke at the World Editors Forum in Kiev in detail about the restructure, and where it is hoped it will take the company in the next few years.

Hywood said the company was facing the same external pressures and declines as other media business and decided to respond by building a “platform or technological-agnostic” model.

And the company is “within reach of a very different profitable model for journalism focused primarily on digital distribution”, he said.

During his presentation to the conference he also called on other news outlets to “make the calls, and make the calls now”, in order to develop a “dominant digital news position”.

At Fairfax Media such big calls have included a move for two of its metropolitan titles – or mastheads as Hywood refers to them – SMH and The Age, to a compact format next year. The company is also closing down two large printing plants and moving the work to its regional plants.

In the newsroom there has also been a “revolution” he said, with the newspaper placed “at the end of the process”. Meanwhile sales teams are focused on offering “one media solution for each advertiser”, rather than going in with individual solutions per platform.

And while Fairfax Media is making these significant changes to its business, Hywood thinks other news organisations should also be reassessing their situations.

One day… it won’t be profitable to print any more. Then what you do is turn the digital tap on, what drops out is the entire costs of the manufacturing business underneath it.

As outlined in the ‘Fairfax of the Future’ strategy earlier this year, the company believes that implementing the changes it is will give it “significant flexibility to adjust the business model to reflect audience and advertising trends” should they change in the future.

But “you’ve got to make the big calls now”, he warned.

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#wef12: WSJ’s Raju Narisetti on ‘copycat’ paywalls and the ‘golden’ future of digital advertising

September 4th, 2012 | 1 Comment | Posted by in Business, Online Journalism

Raju Narisetti from the Wall Street Journal, pictured speaking at the news:rewired conference, earlier this year

Speaking at the World Editors Forum on Monday (3 September), managing editor for the Wall Street Journal’s digital network Raju Narisetti said he had concerns about many US “copycat” paywalls, and whether they would be able to generate the necessary revenues to succeed financially.

Instead, he predicted that “the golden age of digital advertising lies ahead of us” and that by “running towards paywalls” news outlets may be missing the challenges of the future, such as the mobile consumption of news and the need to produce content which can travel with its advertising to platforms outside the news outlet’s own.

I caught up with him after the session to speak to him more about his views on digital business strategy, “copycat” paywalls, and why he thinks smaller news brands shouldn’t be “throwing the advertising baby out with the bathwater”.

I think most US metro papers are looking at the New York Times and saying let’s follow their model, whether it’s 20 free stories or 30 free stories, it’s a metered wall, and I think the New York Times has seemed to have pulled it off but I think a lot of smaller papers will find that the content they have is not going to be enough for people to want to pay.

My worry is that you’re throwing the advertising baby out with the bathwater saying ‘oh advertising rates are falling, it’s a no-win situation’. As you saw, as an entire global industry, we only get 2 per cent of digital advertising, so my concern is why are we not focusing on the advertising end of the business which is … much larger and is growing, rather than focusing on the subscriber end of the business where we’re going to have a much harder time convincing people to pay for content?

News outlets should instead be asking “how should I expand the pie?”, he said. Narisetti added that part of the opportunity in the digital advertising business will require news organisations to do more to understand audience interactions with adverts.

As an industry we know our readers very well, we know what they do what, what they read, where they come from. Why is it that we haven’t invested enough to know how they interact with advertising and taken advantage of that?

He said some news outlets have “abdicated the responsibility of understanding their advertising behaviours and then taking advantage of that”.

Instead, “we’re just selling eyeballs as opposed to selling our knowledge of our reader behaviour”.

We know so much about what they consume … why don’t we know what advertising works for our readers then? We’ve just ignored that.

So why does he think news outlets without that are moving in the paywall direction? Factors include a “me too” mentality, he said, where news outlets see another succeeding and want to try it too, in other cases it may be seen as a “defensive mechanism”, he said, “to say it will stop people migrating from our print to our website”.

But this could be missing a bigger issue, he warned.

My point is that increasingly readers have the opportunity to be more and more promiscuous because technology allows them to go anywhere …

While we’re all on a journey of different speeds on, say, this information highway, there’s probably going to be a big mobile wave coming behind that will put all of us in a relatively level playing field. How do you monetise mobile… how do you create stickiness, is something we should be thinking about now rather than worrying about our website which are increasingly seeing fewer and fewer people come.

… I’m not sure we’re going after the right set of problems.

The Wall Street Journal “never gave its content away for free”, so it does not face the challenge he has highlighted for others of trying to charge for content that was once free. And of course other paywalls are also seeing success, but his argument is that digital advertising is far from being fully maximised and paywalls should not necessarily be the first answer for everyone.

If you have a paywall that’s working, more power to you, but if you’re going to jump in feet first or head first, think a little about what’s going to work rather than just saying the [New York] Times is doing it, let me follow.

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#wef12: 5 steps from New York Times Company on building digital subs model

September 3rd, 2012 | No Comments | Posted by in Business, Newspapers, Online Journalism

The latest results reported by the New York Times Company showed a total of more than 500,ooo paid digital subscribers. This was an increase on the 454,000 paying subscribers recorded a year after NYT.com launched its online subscriptions model, which refers to subscribers across the New York Times and International Herald Tribune.

And this is not including the 700,ooo print subscribers who also gain digital access to the company’s content, according to New York Times Company vice chairman Michael Golden.

In fact a report published last month, as covered by AllThingsD, predicted that the New York Times “will have more digital subscribers than print subs within a couple of years”.

So when Golden took to the stage at the World Editors Forum today for a session on ‘how some newspaper companies are succeeding’, his presentation was unsurprisingly focused on digital subscriptions.

We were laughed at we were scorned … after the launch here’s what we’re seeing now, people are saying it’s a great success

He said the introduction of digital subs at the New York Times has boosted staff morale: it has “changed the way people walk around the building”, he said.

So for others keen to also build a digital subscription model he offered these five steps:

  • Be very clear on what you’re doing

Golden said the company spent much time studying this, and what their overall goals were, such as”to develop a significant revenue source because our business model demanded it”.

The aim was also to build a “one-to-one digital relationship with consumers and protect digital advertising”.

  • Align the entire organisation around it

It “cannot be an editorial project alone”, he said.

  • Remember readers know what they want

Audiences are indicating every day what they do or do not want to read, and on what platform they like to consume it.

He added that the launch itself is “incredibly important” within this: it will either “create momentum or lack momentum” he said.

  • Think and act like a digital company
  • And finally, continue

He spoke about the ways publishers can work to continue to increase subscriptions, such as the Times’s ‘Most Engaged User’ initiative which rewarded the most engaged subscribers.

Its move from a “gateway” of 20 articles a month to 10 articles a month also helped it see “another boost in subscriptions”, he added.

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#MarketBriefing: How the FT is measuring its shift to mobile

Multichannel analytics is key for the Financial Times, which is well known as a leader in understanding its audience and using the data to increase revenues.

The FT, which has 4.5 million registered users of its digital offering and 285,000 paying digital subscribers, has a team of 30 people focusing on web analytics, data and digital marketing for the title.

The digital subscriber base grew by 29 per cent last year, demonstrating how understanding the audience pays off.

Why audience analytics is key

Tom Betts, head of web anaytics as the FT, told today’s ‘audience revenue tools for online publishers’ conference how it has grown its subscriber base and used data to help “fuel” their shift to mobile.

One of the things the FT has been doing for the past two or three years, Betts said, is personalising the communications with readers based on the types of editorial content they are are interested in.

The FT looks at customer DNA, at how much of each type of content, such as “markets”, “world”, “personal finance”, they read.

The FT can then tailor newsletters “to personalise the experience that people have with us”, Betts explained.

How mobile alters the digital landscape

But simply looking at digital analytics is not enough. Platform-specific data can give a better picture of the individual.

For example, Betts explained how if a reader has not read “weekend” or “personal finance” content online, it might be that they read it on a tablet or mobile when they are at home.

Mobile is altering the way our customers read our content.

And this information can turn into revenue. At least 20 per cent of new FT subscriptions comes from behaviour-driven data marketing, Betts said.

He also said it is essential to understand whether if people are engaging across platforms.

“Are the platforms generating a new audience or are we just moving the audience from one platform to another?” Betts asks the data, as that will dictate how much it is worth investing in digital offerings for different devices.

The FT famously created a web app in order to have a direct relationship with the customer, which it was not able to do with its previous iOS native iPad app.

As well as providing data from the web app and bypassing Apple’s 30 per cent levy, the technology behind the app also makes “deployment easier”, Betts said.

“HTML5 makes deployment easier” as the “core remains the same with different wrap-arounds” overlaid for the Android and Windows 8 native apps.

And looking at the data demonstrating when the various devices are used is also beneficial.

Betts demonstrated with a graph to show the main smartphone and tablet usage peaks at breakfast, with another rise in the evening.

Existing subscribers are not just reading during the business day.

They therefore get better value of their subscriptions and less likely to cancel.

Update: This post initially quoted Tom Betts as saying “everything we’ve done that has been successful at the FT has been related to data”. The FT would like to clarify that Betts was referring to the fact that “the intelligent use of data has been a significant driver of our commercial success”.

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#MarketBriefing: ’80% of digital revenue comes from your loyal audience’

June 20th, 2012 | No Comments | Posted by in Business, Paid-for content

Eighty per cent of a typical news site’s digital revenue comes from their loyal, returning audience, those the publisher has an email addresses for, with 20 per cent of revenues coming from flyby users.

But 80 per cent of traffic comes from the flybys who generate the minority of the revenue.

The statistics, which are unlikely to come as a great surprise to many publishers, were shared at today’s ‘audience revenue tools for online publishers’ conference by Matt Shanahan, SVP strategy for Scout Analytics, one of the data tools discussed at the event.

Shanahan talked of the positives and negatives of revenues from print versus digital.

He said the main difference is that print is based on “distribution” whereas in digital, publishers get paid for “usage”.

Outlining the negatives of shifting to digital, Shanahan said publishers can expect “to chop in half” revenues. Meanwhile, there is a need to sell more ads, he said.

One of the many positives, Shanahan said, is that with analytics “you know what people are reading”.

Shanahan therefore encourages publishers to focus on analytics and to segment the audience by revenue. Scout Analytics calls it “revenue-weighted behavioural segmentation”.

A publisher should:

  • Look at what editorial is generating the most ad revenue
  • Ask ‘can readers be converted to subscribers?’
  • Look at what usage profiles have most event revenue potential
  • Look at audience development and what sources have the highest lifetime value

He says those who dig into the data in this way can “grow revenues by 200 to 500 per cent”.

“An anonymous audience is an anchor,” Shanahan said, explaining the value that comes when a publisher has an email address for a reader.

He showed statistics to demonstrate how a registered audience will “always be much smaller in number” but showed how they generate far more revenue for the publisher.

Shanahan said that “even if you have a registered user it doesn’t mean they come everyday”. But if you have their email address, you still get to market to them.

And loyal readers have the same conversion rate as those who do visit the site every day, he said, when marketing daily deals by email, for example.

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#GEN2012: ‘If journalism isn’t there to protect people, people get hurt’

May 31st, 2012 | No Comments | Posted by in Business, Events, Online Journalism

Monetisation of digital journalism, described earlier today as the “elephant in this room” by CNN’s Peter Bale, formed the basis of an afternoon session at the News World Summit in Paris today, with a focus on financing investigative journalism.

There was no dancing around the importance of the issue. As Howard Finberg of the Poynter Institute put it:

The challenge, as Paul [Steiger] pointed out, is if we don’t do this people die. If journalism isn’t there to protect people, then people will get hurt.

This is not just a matter of economics to keep jobs, this is about economics that support democracy.

I feel passionately that we need more experiments, more subscription models, more donation models. We also need to figure out how we can tell the public the value of investigative journalism … even if they don’t support if financially they can support it in other ways.

He called for more creative solutions. Online it is “going to be increasingly difficult for traditional media”, adding that recent figures showed 68 per cent of online display advertising in the US controlled by the five big technology firms.

Our difficulties are fairly well documented so we need to start looking for some solutions that are different.

Also speaking about the issue on the panel, ProPublica founder Paul Steiger said he expects the decline in print advertising accelerate, “so the challenge of getting more and more revenue from online is going to be greater rather than less”.

He said ProPublica, which is funded largely by donations, is “looking at the possibility of subscriptions, but we need to make all of our stuff accessible and so the challenge is to figure out to how to keep in the conversation and how to find a variety of sources of revenues.”

He added that investigative journalism is significant for democracy and therefore “worth supporting in multiple ways, including charitable contributions”.

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