Saturday, March 25, 2006
Newspapers - Troubles and Opportunities
There is little doubt that the traditional or mainstream media (MSM) is having serious credibility problems with their public. Much of this is due to a growing and largely accurate perception of excessive bias in both the reportage of events and in the selection of what is reported. An additional element is the easy availabilty of alternative new media sources.
For newspapers, this is becoming existentially critical, as shown by this admonition,-'Adapt to new technology or die,' Murdoch tells newspapers: "The newspaper industry needs to embrace the technological revolution of the Internet, MP3 players, laptops and mobile phones or face extinction, media tycoon Rupert Murdoch said."
I'm in no position to argue with Mr. Murdoch about business trends in his industry. Besides I agree strongly about the impact of technology; as an example, I read many papers, magazines and reports - but almost always online.
Glenn Reynolds, the Instapundit, presents another insightful perspective on the newspaper business in this TCS Daily column. He concludes that newspapers have seriously damaged their "core competency (and killer app) -- actual gathering and reporting of truthful, accurate, hard news. But I don't think it's too late for imaginative newspapers to save themselves."
Describing a new era newspaper he prescribes four rules for success:
"First, skip the "paper" part. ...... Their product is information. Paper is just an increasingly obsolete delivery platform.
Second, reporters would also all be photographers, equipped with digital cameras, and videographers, shooting clips of video that could be placed on the website along with their stories.
Third, stop insulting readers .... (and) give them the news, with as little bias as possible.
Fourth, incorporate readers and bloggers into the reporting, fact-checking, and revision of news stories. ... With digital cameras, cameraphones, etc., all over, there's usually somebody on the scene when something happens .... take advantage of that .... (and) of readers with special expertise in particular areas - use them as color commentators on stories in their areas. "
In the information technology (and particularly software) industry, it's recognized that a firm's real value is based on the intellectual power of the employees. That model seems applicable to the news business. So, anyone care to start a news(non)paper business on those rules ?
For newspapers, this is becoming existentially critical, as shown by this admonition,-'Adapt to new technology or die,' Murdoch tells newspapers: "The newspaper industry needs to embrace the technological revolution of the Internet, MP3 players, laptops and mobile phones or face extinction, media tycoon Rupert Murdoch said."
I'm in no position to argue with Mr. Murdoch about business trends in his industry. Besides I agree strongly about the impact of technology; as an example, I read many papers, magazines and reports - but almost always online.
Glenn Reynolds, the Instapundit, presents another insightful perspective on the newspaper business in this TCS Daily column. He concludes that newspapers have seriously damaged their "core competency (and killer app) -- actual gathering and reporting of truthful, accurate, hard news. But I don't think it's too late for imaginative newspapers to save themselves."
Describing a new era newspaper he prescribes four rules for success:
"First, skip the "paper" part. ...... Their product is information. Paper is just an increasingly obsolete delivery platform.
Second, reporters would also all be photographers, equipped with digital cameras, and videographers, shooting clips of video that could be placed on the website along with their stories.
Third, stop insulting readers .... (and) give them the news, with as little bias as possible.
Fourth, incorporate readers and bloggers into the reporting, fact-checking, and revision of news stories. ... With digital cameras, cameraphones, etc., all over, there's usually somebody on the scene when something happens .... take advantage of that .... (and) of readers with special expertise in particular areas - use them as color commentators on stories in their areas. "
In the information technology (and particularly software) industry, it's recognized that a firm's real value is based on the intellectual power of the employees. That model seems applicable to the news business. So, anyone care to start a news(non)paper business on those rules ?
