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Posts Tagged ‘paywalls’

For every situation we face, there are choices with bad outcomes and other corresponding choices with good outcomes. We tell ourselves this all the time.

If a choice turned out to be a bad one, we feel sure that if we had made a different choice, what happened would have been a better result.

But life is more complicated. You can make a choice that turns out to be a mistake, but if you had it to do over there might be more than one choice, and it’s not a given that there is always a choice that brings the result you desire, or that the correct choice is easy to recognize. All of the choices might have outcomes you don’t like – a giant series of chutes that all ultimately feed into a single, spiral slide downward to the same destination, or to a variety of slides and destinations, all of them bad.

That’s where I’m left when thinking about Jack Shafer’s much-shared column in Politico about a paper by H. Iris Chyi and Ori Tenenboim of the University of Texas and published in the journal Journalism Practice.

“The paper cracks open the watchworks of the newspaper industry to make a convincing case that the tech-heavy Web strategy pursued by most papers has been a bust,” Shafer writes. “The key to the newspaper future might reside in its past and not in smartphones, iPads and VR. ‘Digital first,’ the authors claim, has been a losing proposition for most newspapers.”

Shafer contends that the newspaper industry “should have stuck with its strengths—the print editions where the vast majority of their readers still reside and where the overwhelming majority of advertising and subscription revenue come from—instead of chasing the online chimera.”

I’m generally sympathetic to the argument, but I have trouble seeing how simply not putting content on the web would have done much more than slow the bleed of readers because it assumes news from traditional sources is competing with other news for readers’ attention, not with the larger ecosystem of things that are available to occupy readers’ time, which skyrocketed in number and especially convenience due to the mobile web.

The larger problem for the argument posed by Shafer, who is only the latest to make it, is that the ultimate problem for news is not the bleed of readers leaving print but the bleed of advertisers. As Jim Brady noted in a tweet, “There’s a reason you can put 50 cents in a newspaper machine and take ALL OF THEM. That wasn’t where real revenue was.”

To this day, the Charlotte Observer loses money, when comparing what the subscriber pays to the cost of paper, ink and gasoline, on every paper it delivers to my town. The Observer does it to preserve the size of its print audience, which helps it prop up advertising rates.

Advertising has left print faster than print’s audience has, not because print didn’t serve advertisers’ needs but because online offers shinier, cheaper, easier-to-measure and easier-to-target options in a vastly larger array of attention-getting offerings, even if the measures are bots and smoke and the audiences are diffuse. Put news behind a digital Great Wall of China and it wouldn’t change that.

Defending the idea that print would have been better off keeping the web at arm’s length depends on believing that the departure of advertisers especially not only would have been a great deal less than it has been but also that advertising revenues would – and perhaps still could, if only there were more paywalls – level out at a higher level than they are at now.

You have to consider the possibility that if the newspaper industry had done as Shafer wishes it had, today its overall circulation might be – might be – somewhat higher than it is now, but free online options other than news still would have peeled away many casual subscribers; advertising still would be a fraction of what it once was, which would have driven both staff and content cuts, which would further have driven away readers; and there still would be no end in sight to revenue declines; that the chute might be less steep, but it still would lead the same direction.

Furthermore, there’s also the issue addressed by Steve Buttry that Shafer, Chyi and Tenenboim look at what the news industry has done online and conclude the industry actually strongly pursued a digital strategy, while those like Buttry and Brady who have advocated for a digital-first approach feel the industry pursued less-than-half-hearted measures that were doomed from the start.

“The colossal mistake that the newspaper industry made,” Buttry writes, “was responding to digital challenges and opportunities with defensive measures intended to protect newspapers, and timid experiments with posting print-first content online, rather than truly exploring and pursuing digital possibilities.”

A few, in that view, have actually approached the digital-first chute, including the former Digital First Media that Buttry and Brady worked for.

Buttry again: “When I worked at Digital First, I described our company’s name as an aspiration, rather than an achievement. I applaud our former CEO John Paton and our former Editor-in-Chief Jim Brady for leading us further and faster down the digital path than any other newspaper company. But that barely took us to the outskirts of digital experimentation.”

In other words, most who have even approached the true digital-first chute jumped off, and even those still on it have not yet ridden it all the way. We don’t know where it would end up.

Buttry, Brady and others who see things as they do might still be proven wrong about where that chute goes, but there is less evidence that they are wrong than that Shafer is.

UPDATE: Another view, by Matthew Ingram writing in Fortune:

“As tempting as it is to re-imagine history, however, it’s a virtual certainty that even if most newspapers had focused more of their resources on print and less on digital, the outcome would have been more or less identical.”

AND THIS: A good summary of the debate online from Poynter.

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Part of me agrees with Teresa Schmedding’s “The news industry can’t cut its way to quality.” After all, I made largely the same point myself in 2012. Schmedding writes about the massive layoff of copy editors at the Bay Area News Group and what it portends for the quality of stories that BANG will be able to produce from here on — and what the likely effect among the reading audience will be:

“When is the last time you paid more for less? Newspapers do not have a monopoly on readers’ eyes. They have a choice, and they’re choosing to not read content they can’t trust because of typos or because it is complete gibberish.”

And she’s right, of course. To a point. I certainly agree that cutting by itself can’t improve the product we are trying to convince people to buy.

My emphasis was different because I focused on the content creators, those who generate the story ideas and/or chase down the stories. People who are not creative or not bright can’t generate interesting stories, so in my view you need to pay enough to get and keep such people. All trends so far seem to show that media employers disagree.

Schmedding’s point is that everyone needs an editor. Even the most creative and intelligent people make mistakes and are blind to their own errors. I am reminded of this constantly at work, most recently this morning as my publisher remarked that in the proof of our big, annual, tourism-focused magazine there were a lot of errors I marked that were in stories I had already edited. “There always are,” I said. The entire reason copy editors are necessary is that all of us are often blind to errors we made.

During my time in the corporate media world, I was surrounded by people with primarily business training. My desk for most of my time in Richmond was alongside desks of accountants. I listened to them talk on the phone to staff at individual newspapers, explaining the rules, and I heard more budget discussions than I could ever wish to for the rest of my life. I understand perfectly well the reaction of cutting — when revenues drop, you cut expenses and seek new ways to raise revenue (I cannot address here whether media companies are adequately trying the latter). That’s why copy editors may be first on the cutting-room floor: A publication HAS to have those who write the stories, because without them there is nothing to edit; so you reduce the editing layer to preserve the content layer, opening the door to more errors in the product.

The ledger-based mindset is reducing not only staff numbers but squeezing pay so that payroll totals are shrinking even when the staff level does not. From that kind of view, it’s positive to maintain staff levels while reducing the cost of that staff.

The idea that any expenses at all need to be protected, even raised, as you cut others is counter-intuitive to this way of thinking. But to me it seems urgent. The smaller you get, the smarter you must be, because there are fewer people making sure all your t’s are crossed and i’s dotted. There are fewer people who know what to do and how to do it, so they ought to be more valuable.

However, the assumption Schmedding and I both make is that there is an audience of sufficient size to support news and that would actually do it if the quality were maintained at a high enough level. Not many local or regional publications have tested this assumption, but the Orange County Register did, to disastrous effect.

Almost every week I receive fresh reminders from current or former subscribers that they do not recognize or appreciate the difference between good work and bad. I get far more complaints when the Sudoku puzzle is left out than when there are grammatical errors in the paper’s lead story. I have been told regularly that the crossword puzzle was the only reason to get the paper.

Those are not the majority, I tell myself, but how can I ever know how many of what is left in our circulation — less than half what it was in the late 1980s — recognize and appreciate it? If I can’t find that, how do I convince the ledger-minders to offer pay to reward work that fosters it?

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The Facebook tease from Poynter said, “This study suggests some lingering sentiment that millennials feel digital news ought to be available for free.”

But the actual post by Rick Edmonds, Millennials will pay for content, but news not high on their list, did not say that. The headline of the post is accurate. As the post says, millennials are willing to pay for content that they enjoy spending time with. For some, that includes news, but for many it does not.

Why this would surprise anyone is beyond me. News, no matter the form it is delivered in, has had a declining share of the public’s attention as the types of media and availability of various categories of content have expanded over the decades. You used to get a newspaper as a matter of course because after work you read a book, a magazine or a newspaper. There was not much else to do. When radio came along, there was something else to do. When TV came along, there were more things to do. When cable TV came along, there were a lot more things to do. It just keeps going.

News is a niche. We can argue all day that it shouldn’t be, that awareness of what is going on in the world is a basic element necessary for citizens of a democracy, but people have freedom of choice. They can drink Coca-Cola instead of water even if the dentist says it gives them cavities and their doctor says they are verging on diabetes. No one can stop them. If they choose to limit their exposure to stories that they consider to be downers, what can we do? We can “dumb down” or fun-up the news, but why dilute our niche?

Rather than worry about what part of the audience we have lost because they were never really that interested in the news, maybe we should worry about the part that has stuck around, including among the portion of the population that is youngest and most digitally oriented, and has a hunger for news. Give those people something that is worthwhile.

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What’s wrong with news companies? Do they have a strategy for surviving past the age of print? Why aren’t they executing it? Why do they only cut expenses? Why don’t the billionaires build the digital news business model?

The questions have been asked for so long that they grow tiresome.

After Ken Doctor’s recent piece on whether newspaper companies are even trying to build a sustainable digital business model, I had a Facebook discussion with a friend who has a digitally based job with a television station. He said, in part:

“Big Media print organization wont last much longer. If warren buffet cant figure out a business model for you – who will? My guess is they will milk as much as they can until it isnt profitable any more and then the papers will have to buy the rights back to their names. My advice would be just to start a blog, hire some stringers per piece and get a good, small digital sales team together.”

And that’s what so many people say, in a nutshell. Chuck the paper now, the legacy costs as well as the legacy revenue, and just go whole hog into digital.

That might seem like a slam dunk to those in the digital business, but it makes a giant assumption: that the people running news companies are primarily interested in journalism.

I have argued increasingly what is implied in Doctor’s new article for Nieman Lab, that those running the news business by and large are not in it to serve the community, which is why there is not great concern with making sure there is a future news model that works.

The idea of retooling and refocusing, of giving up some — or, to be more accurate, most of — your current revenue to build a currently less profitable kind of business that has more legs, so that local journalism survives matters only if what is of top importance to you is local journalism. If you don’t care about journalism, if you are first and foremost a business person, your decisions are based on current revenue. Why would you cut your profit on purpose to pursue a theory that may, possibly, bring you more money in 20 years than your current path is likely to bring? That’s 20 years away — and it’s a theory.

Take my friend’s example, Warren Buffett. People keep pointing to him and saying he hasn’t “figured out” a business model. But look back at his statements. He never said he would reinvent the industry. What he has said is that if someone else finds something that actually works, he would evaluate it, but in the meantime he thinks small, locally focused papers can be profitable for some time.

And that’s what made Buffett a billionaire — looking for places where there is money to be made with minimal investment. He isn’t a venture capitalist.

We keep waiting for someone with deep pockets to rescue journalism. Charles Foster Kane existed only in the movies, but even there he was losing $1 million a year.

News people will not stop feeling screwed around by the people on the business side until there are no more business people left, and they will have left because there was no more money to be made.

When journalists move on from newspapers, it feels different. It’s personal. It’s more than a career shift and a mindset change.

When business people leave newspapers, they don’t change careers, they just move on to the next job. It isn’t personal. It’s ledgers, assets, liabilities and margins — money in, money out.

That’s why it feels like such a betrayal to journalists, and why journalists never seem to understand why everyone seems only to want to break their hearts.

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My company’s group of NC papers is migrating to a new CMS. I’m the lead for my paper. Within the setup questionnaire that started the process, there was an option for a free “day pass” for non-subscribers. I checked that box. Why not? Let a curious non-reader in. Maybe, best-case scenario, you gain a reader. Worst-case, someone who never reads you leaves that incremental revenue associated with the online ads that displayed with that person’s visit.

Later, I was told, nope, can’t do that. Nothing free is allowed.

How about $1? The iTunes 99 cents? Nope, it’s less than the charges that would be associated with the payment system.

So what is the one-day charge? $5. Read again: FIVE. DOLLARS.

“You have lost your f***ing mind,” I said.

I have been fortunate in my career that I have had multiple bosses who tolerate being spoken to that way.

“You have lost your f***ing mind,” I repeated. “Who would pay that?”

Still, my objections aside, that’s the plan. Come Aug. 7, at the latest, that’s the cost. Also the cost for a full week. The hope, if not the theory, is people will choose a week — and not, as I maintain, just give up.

I likened it to erecting an admission gate at Sears and saying you couldn’t come in unless you paid $5. I can walk through Sears or any retail store in this country, peruse the wares, pick them up, wack fellow customers in the arm with them, etc., without paying a dime and without any horribly overt ads confronting me.

I lost this argument.

Meanwhile, a free startup website that we had passed in social engagement has switched to a more aggegration-based strategy and has passed us in at least some measures, though it has less actual news content than it did before (its content is entirely social, press release or spot news the poster comes upon). But it’s free. I’m told, by those in the business, its ad rates mean it can’t possibly be making any money. But I’m told, by people in the community, that it’s intending to hire staff.

I don’t know yet who wins that argument.

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Over a year ago I wrote that I soon would be posting about my experiences with a paywall. Sixteen months later, the paywall finally went up on the News-Topic’s site, so this is my first postcard.

This actually is the site’s second experience with a paywall. I was not here for the first, but I am told all hell broke loose from people angered that they could no longer get the site for free. There were about 200 paying subscribers (paid print circulation at the time was about 6,000) by the time the company switched website vendors in 2012 and the site became free again because the new vendor was not quite ready to handle a paywall. How unready it was apparently was a surprise.

Given that previous experience, folks were bracing for a similar round of trouble when the paywall went up again in mid-June, but there was barely a ripple of trouble, mostly questions from people wanting help registering online. We have eight or nine new online subscriptions so far. Our Web traffic has taken a slight dip, but nothing so far that looks significant, and it could be attributed to the slow news of the past few weeks, the pre- and post-July 4 summer holiday period. We’ll have to keep watching.

The talk this week focused on how to drive the traffic we have past the home page headlines so they have to pay. In other words, how much information beyond the headline goes on the home page. Whether the slow pace of new subscriptions is due to that is, to me, an open question, but what we put on the home page is a valid issue for us because our site’s analytics show that the home page remains the first stop for most of our users. It’s a local audience.

A proposal raised at another paper in the company is that there should be only headlines and photos because people see enough of the story on the home page and don’t dive in to read. That analysis may be correct, but the solution that was chosen seems wrong to me. First, it puts a heavy premium on good Web headlines, and newsrooms our size don’t have reliably good headline writers. Second, the behavior that practice seeks to stop is not limited to the website. At any newspaper rack, some people walk up, look in the window, read what they want and walk away. Worse, at a newspaper stack inside a convenience store, they pick up the paper, turn it over, read a lot more and then don’t buy it. There always will be window-shoppers who don’t become buyers.

No, the trick as always is figuring out how much information is needed to make a person want to read more. A headline alone — or headline and photo alone — usually won’t do it, especially with a feature. You need some text from the story. How much might vary, but it shouldn’t give away so much information that clicking on the link to read the whole story will leave the person feeling that he/she wasted time because all the really important information was on the home page.

This is not a question unique to the Web. The same basic issues apply to writing teasers on A1 for stories appearing inside the paper. That’s all you’re doing on a website homepage if your goal is to drive readers past that page. Entice the reader with factual information, but leave questions hanging. Don’t overpromise or mislead. This is a writing skill. Use your writer’s instincts.

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For the past four years, I have wondered why there has been no equivalent of Craigslist for obituaries. The question was sparked by a post by Steve Buttry in 2010, but it wasn’t until my mother’s death in May 2012 that I learned myself how truly awful – and expensive – the newspaper-based obituary system is. Submitting obituaries is, in many cases, cumbersome and emotionally taxing, exactly the opposite of what people who are placing obituaries need, and the cost of a single obituary in larger newspapers is equivalent to what I spend on my credit card in an entire month.

The difficulty and cost of placing obituaries is pretty much equivalent of some of the reasons people migrated away from newspaper classified ads years ago to free or cheap online listings (and why journalists themselves shifted their own job ads from the expensive Editor & Publisher, which used to be the go-to place to look for a job, to the relatively cheap journalismjobs.com).

Why, I have wondered, had that not happened with obituaries?

Part of it, I am sure, is that having a print obituary still has some emotional value to people. They can hold it, put it in a scrap book, frame it. It’s a tangible link to someone who is no longer there.

Perhaps a bigger part is that people grew up with newspapers being considered the place to announce births, engagements, marriages and deaths. There are people in the city where I live now who have told me that if it weren’t for their desire to see who died, they wouldn’t buy the paper anymore, and I doubt that I am the only editor who has been told such a thing.

Despite all that, I wondered why there was not a cheap online alternative to obituaries.

And then last week, the people behind The Memorial Post sent me a link to a video explaining their cheap online alternative to obituaries. The site itself is not actually functional yet (it has only the video and a field to sign up for email updates), so I can’t say whether it’s as easy as the video makes it appear, but the video paints a picture of a potential Craigslist for obituaries – a site that could siphon away yet another revenue category from newspapers.

An online-only obituary site might not appeal to traditional print readers, but it may seem perfectly reasonable to those raised on the Internet.

My newspaper is in a mostly rural, conservative, very traditional area, yet our website’s metrics tell me that the people coming to our site online may be part of the audience that would be willing to go to an online-only obituary alternative.

More than 60 percent of our online readers are under 35, according to Google Analytics, and only 11 percent are 55 or older.

Our online obituaries have more pageviews than any other page but the homepage, accounting for nearly 15 percent of overall pageviews – and our obits are not fancy, consisting only of the text of each obit, no photos.

In other words, for someone who gets information primarily online, our obits are not a satisfying reader experience.

We are a small publication, so our charge for obituaries is not much more than The Memorial Post’s, but if the Post’s online reader experience lives up to what its video promotes, it is the kind of thing that has serious potential going forward, as fewer of the people placing obituaries will have ever had the newspaper habit.

UPDATE: Via Twitter, ‏@TheMemorialPost says, “We are on schedule for mid-August and the U/X will be unparalleled”

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Ziggy
Journalism school and 26 years working as a reporter and editor have prepared me for almost anything likely to come through the newsroom, but it still galls me that people are more likely to cancel their subscriptions over the disappearance of a pantsless cartoon character than anything I have actual control over.

And it illustrates a difficulty in answering the question of what the audience is for local news.

By “audience,” I mean the portion of the public who cares enough about local news that they would be willing to pay to support the reporting of it. The audience is not the paying base of print newspaper subscribers – certainly not the larger base of 15 years ago, and not even the shrunken one we have now. It is a subset of that – perhaps a small one.

For decades, newspapers added on sections and specific features so that no matter what your interest, there probably was something in that package of disparate material that would interest you. They did this not because there was any inherent relationship in the material or it seemed logical to package it but because it was the surest way to build the readership. Perversely, adding readership could even cost the newspapers more than what they charged for a home subscription, but the bigger the readership, the higher the rates that could be charged to advertisers, which is where the big money was anyway.

And that’s exactly why the industry’s reaction to declining advertising has fueled circulation declines.

Drastic declines in advertising revenue over the past decade led to a focus on newspapers’ “core mission,” which obviously is local news. That’s what we do that you can’t find anywhere else.

That meant cutting some features that newspapers paid to get, but it also meant cutting some staff – movie reviewers, NASCAR reporters, reporters covering college sports in a distant town, food writers, science writers – especially if what they covered was also provided by the wire services the newspapers already paid for.

But that increasingly left a product that is not exactly what we originally sold our readers, and I see that all the time in my job as editor of a small local newspaper.

I don’t get that many complaints about local news.

But I get a lot of complaints from sports fans that we don’t have enough college and pro sports results in the paper. We need more agate and box scores.

I get quite a few complaints that our main news section is actually too local, with not enough national and international news in it.

I get heated complaints when the person in charge of placing the Cryptoquote puzzle in the paper screws up and leaves it out or runs the same puzzle two days in a row.

But by far the greatest number of complaints during my first year in Lenoir came as a result of two business decisions: to drop our Saturday edition, and to change our comics lineup. And almost none of the complaints had to do with missing a day of news.

The Saturday edition was dropped because it had easily the lowest single-copy sales of the week and was the edition with the least advertising – virtually no advertising, in fact. The complaints: delayed sports results (Friday night results run Sunday), a day without a chuckle from the comics, and the possibility that an obituary might be pushed to Sunday when services were Saturday.

But predictably, the worst reaction was to the comics, which changed as part of a renegotiation with syndicates and a level of standardization to help the staff in our pagination and editing hub more easily handle all of the comics pages they are responsible for.

One unintended result of the change was that the size of the crossword shrank, which prompted several people to tell me that the “only reason” they subscribed was for the crossword, which now was too small to be used. After a week, we were able to move the puzzle and fix that.

But the dropped comics – which included “Ziggy,” “Peanuts,” “The Lockhorns,” “Family Circus” and “Belvedere” – have cost us quite a few subscribers. You might note that all of the dropped ones are quite old, and some (“Peanuts,” “For Better or Worse” and “Belvedere,” for instance) have been in reruns for years. Others are on their second or third generation of artists. But people hate change. Tell a fan of “Belvedere” that no new comic had been drawn since 1995 and the response is that the fan doesn’t remember that far back, so all of them seemed new to him.
“The paper is mainly full of bad news, and Ziggy always made me smile,” one reader complained.

And there’s that age-old complaint: All the news is bad. You never print any good news.

Neither is true, but a great many people just don’t want to be bummed out. Those are the people who bought the newspaper because of all of the things besides local news that came in the package. They tossed aside all the stuff they didn’t want and turned to their 50-year-old comic strip or their word puzzle, or their sports.

But the stuff they didn’t want is what I think any reasonable person would say is the “core mission” of the local newspaper. Everything else they can find somewhere else – and have been finding it, as their local newspaper has dropped feature after feature.

Perhaps that’s why the Orange County Register’s circulation has remained flat even as new owner Aaron Kushner has brought back a hefty number of features – while also beefing up the staff that pursues the “core mission” of local news.

I have had a number of longtime readers call or mail in to tell me how much they like the newspaper since I got here, that it feels like a “real” newspaper or that the local stories are more interesting. The publisher tells me that neither here nor anywhere else she has worked has she seen so many compliments for the news.

So I know local news has an audience. But I don’t think anyone has a clue how big or small that audience might be, and circulations continue to drop.

2/5/14 UPDATE: A similar, or at least related, argument but in a much more definitive (or depressing) way by Internet pioneer and investor Marc Andreessen. Or just read this quote for the gist of the thing: “I think main problem with local news is most people don’t care.”

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Paywall? What paywall?

I had forgotten that back in February I wrote a post about my new employer having a paywall going up as of April 1. If you have visited newstopic.net, you may have noticed there is no paywall. Don’t get my publisher started on the subject. This has been another episode you can file under “Tech companies always overpromise and underdeliver.” (Although who knew that paywall technology was something that took many months to implement?) We have a pool going among managers in the office on when the paywall will go up. We made the bets in the summer, and the most optimistic among us already have lost. I still expect to win: I bet on March 2014.

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As the editor of a small newspaper, I sometimes have a number of other roles to fill. Recently it has been business reporter following the bankruptcy process of one of this county’s major employers, Furniture Brands International.

Once it became obvious that the company would almost certainly end up in the hands of KPS Capital Partners, a private equity firm specializing in turnarounds, I read up on KPS and its approach.

Part of an interview with ABF Journal, a trade magazine, by KPS partner Michael Psaros about the keys to success in a turnaround continues to echo in my head:

“We’ll get there by actually understanding where our companies are making money in terms of the products they are selling and the customers they are selling to.”

As obvious the last point may seem to be, Psaros says it’s a point that seems to elude almost every management team KPS replaces. “It never ceases to amaze me that in almost every case, we ask the simple question: ‘Which products and customer relationships are profitable and which aren’t?’ And the answer winds up being: ‘We don’t know.’ I’m left to wonder, how can you run a company and not know this information?”

I read that and can’t help but wonder how newspaper owners would answer that question. We (newspapers) simultaneously tell the public we are selling them a package of information and/or entertainment even while we get most of our money from selling ads to businesses based on how many people are willing to buy that package from us. What’s our product in that equation, the paper or the audience? The customer relationships with readers are the reason we can build the customer relationships with advertisers, but the relationships with readers are not by themselves very profitable, or not profitable at all.

By the pricing strategies of major newspapers, you can tell that the owners still feel they are in the advertising business. They continue to sell subscriptions for a fraction of the cost of producing a copy of the newspaper. How much they are willing to subsidize a subscription amounts to the cost of raw material to assemble the product, which is the readership, that will be sold to advertisers. Any talk, then, of the quality of the news in the newspaper might be considered only so much branding because it doesn’t do anything to build the part of the business where the most money is made.

KPS says on its website that it would consider investing in “all industries except for high technology, financial services, telecommunications, broadcast media, real estate and natural resources (exploration).” Its emphasis is on industries that make things, where there are processes and supply chains that can be made more efficient, and tangible products that can be improved upon. Print and online news media are not in the “do not invest” list, but I can’t help but wonder.

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