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BUSINESS MODELS FOR COMMUNITY NEWS IN A DIGITAL AGE

BUSINESS MODELS FOR COMMUNITY NEWS IN A DIGITAL AGE. AEJMC Conference 2011. www. jomc.unc.edu/abernathyaejmc. Penelope Muse Abernathy Knight Chair of Journalism and Media Economics School of Journalism and Mass Communication The University of North Carolina at Chapel Hill.

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BUSINESS MODELS FOR COMMUNITY NEWS IN A DIGITAL AGE

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  1. BUSINESS MODELS FOR • COMMUNITY NEWS IN A DIGITAL AGE AEJMC Conference 2011 www.jomc.unc.edu/abernathyaejmc Penelope Muse Abernathy Knight Chair of Journalism and Media Economics School of Journalism and Mass Communication The University of North Carolina at Chapel Hill August 11, 2011

  2. newspaper participants Les High, Managing Editor Ray McKeithan, Managing Editor Jule Hubbard, Editor

  3. Chicago studies Nile Wendorf, Associate Publisher HemantBrahmabhaatt, Publisher and Owner Glenn Reedus, Editor

  4. Tutorial 1: Embrace Change Help publishers, editors and advertising directors understand the imperative for change and articulate and convey their vision to employees in a positive and motivational way.

  5. Why is it important that community newspapers survive? 1. Foster and build a sense of geographic community Encourage regional economic growth and commerce, providing market place 2. Set agenda for public policy debate, informing citizens and elected officials

  6. The Internet’s Knockout Punch • Destroyed barriers to entry • Diminished pricing leverage • Eliminated entire categories of advertising

  7. Path To Renewal Destroyed barriers to entry Shed Legacy costs Reestablish involved community online Diminished pricing leverage Eliminated entire categories of advertising Build new online advertising “categories”

  8. How Fast Do We Need to Change? 6 % a year

  9. Building a Strategy Mission Why Do We Exist? What Do We Want to Be? Vision Why Do We Need to Change? Strategy How Will We Do It? Strategic Initiatives What Specifically Do We Need to Change? Measurement How Will We Determine Success or Failure?

  10. Tutorial 2: Developing A Successful strategy and business plan Despite change in your market, you still have impressive strengths. You need a simple, systematic process for understanding your current position and prioritizing where to focus your efforts

  11. A Five-Step strategic process Who Are We? Who Are Our Customers? Are We in a Cycle or Cyclone? What are our Strengths, Weaknesses, Opportunities and Threats? Who Will We Be 3 Years from now? 5 Years from now?

  12. A Systematic Internal Analysis content What do we create? aggregation distribution advertising How do we make money? point of sale, subscription licensing, syndication content How efficiently do we create? aggregation distribution industry rivals new entrants Who are our competitors? substitute products suppliers organically How will we grow? partnerships acquisitions

  13. Tutorial 3: Developing and ImplementingAn Integrated Editorial Vision Transfer the loyalty you have in print to the online world by taking advantage of the web.

  14. Insights and Findings of Online Services • Print-only readers remain ‘loyal friends’ but are not your future. • Online readers are your future. • There is an insatiable appetite for hometown news and information.

  15. Tutorial 4: Selling “Advertising” in the New Environment This requires a whole new way of thinking and selling, aimed at helping you regain the ability to charge advertisers for the unique value you are actually delivering to them.

  16. Advertising recommendations • Play to your strengths. In doing so, you regain your pricing leverage. • Instead of only offering a “mass” buy, think also of providing your advertisers a more efficient “targeted” buy of several groups. • Follow the money. • Encourage your major print advertisers to buy BOTH print and online.

  17. The likelihood that the structure of this medium will remain as before is nil. -Eli Noam

  18. The Gales of Creative Destruction “Creative leaders, once again, are needed to find ways to locate loyal audiences and use technology to find (ways) to research these old and new audiences . . .” -Donald Shaw

  19. For Materials and Supplemental Readings Relevant to This Presentation, Please See: www.jomc.unc.edu/abernathyaejmc

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