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Traditional media’s answer to declining revenue

Published on July 2, 2009 by Steve Thomas in News

I came across an interesting read today about how traditional media companies (mostly newspapers) are adapting to capture and monotenize the web audience.

The concept of a newspaper subscription will change completely.

Instead of throwing a paper over your fence we will offer you:

- a much more sophisticated package of print and electronic content

- incentives for loyalty

- and tools that allow you to conduct transactions with our advertisers.

We will make our content suitable for the next generation of smart phones  devices that are still in their infancy with potential to deliver news, information, entertainment and shopping in HD with full interactivity.

The old parish pump reporting on local news will be reinvented as hyperlocal coverage of real time events such as

- Where to find the cheapest petrol

- How to avoid roadworks and traffic jams and

- The best retail offers available in your suburb that day
You will even be able to evaluate the performance of local schools

I can’t help but get the feeling they have been terribly slow to embrace the internet, and adapt their model to tap into the vast audience at hand. Internet audiences will pay (or learn to pay) for unique quality content that is of specific interest to them.

I myself would be happy to pay a subscription for a service whereby a team of IT journalists provided quality original content that far exceeds in terms of depth, the information freely available on blogs and via other sources. I don’t think online journalism is about giving away news for free – its about embracing the internet as a medium to target niche markets.

See the full article here.

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