Having looked last week at how journalism was traditionally funded and how those models have been eroded (or, if you prefer, blown apart) by recent developments, this week’s Journalism Technologies lecture took the story on to the present day with an examination of what media companies have been doing to try to make money.
One thing that struck me about the material when delivering it, was actually how slowly some of the themes have moved in recent years. The Daily Mail and The Guardian are still pursuing a strategy of going for huge global audiences and trying to monetise those eyeballs, and while the former is still just about making a bit of money off the back of its sister Mail Online, the latter is, yet again, facing some kind of impending cliff-edge cash crisis. The Times’ paywall is holding firm and the paper just about makes a profit, while the Financial Times and The Economist continue to enjoy more success from their focus on the sort of quality that can’t be easily replicated elsewhere.
I remember mentioning most or all of this stuff to students when I first did some university teaching five or six years ago, and it feels as though we’re still waiting to see how it’ll all be resolved. If there was ever going to be a silver bullet to solve traditional journalism’s funding crisis, the fact it still hasn’t been fired rather suggests it never will be. This great list of 52 potential money-making ideas for local journalism by Josh Stearns offers as good a roadmap as any to the variety of ways in which digital publishers will have to raise revenue now and in the future. I’m slightly more confident than I was before that when it comes to hard cash, quality journalism might end up offering better prospects than the alternatives.