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Social media, news, etc -- What social media is doing to/for news

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Three ways to look at the impact of social media on news

Three ways to look at the impact of social media on news

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  • -Note that the bulk of costs are now in content creation, put further pressure on traditional news.
  • Love and Guilt
  • Transcript

    • 1. Social Media, News, etc… 3 ways to look at what social media is doing to/for news Ben Wirz, Knight Foundation @bthewirz
    • 2. Background
    • 3. How News was traditionally done
    • 4. Traditional news made possible by traditional revenue model Revenue 25% Subscriptions Write/edit News 75% Advertisement Market, Print & Distribute Audience Engagement Costs 15% Content Creation 75% Marketing & Distribution • High cost of distribution, natural geographic monopolies, limited audience choice & aggregated bundles of content •Mostly one-direction 4
    • 5. Old news model created lots of: -strong, professional, editor-driven news -wealth (and style!)
    • 6. But then along comes… …the internet -Cost of distribution goes to 0 -Advertising divorces content -65% of online ads go to Google(50%) & FB(15%) (Source: emarketer) -Content is unbundled 6
    • 7. No cost of distribution = people read what they want, (and a lot of what they want is squirrels) -"A squirrel dying in front of your house may be more relevant to your interests right now than people dying in Africa." - Mark Zuckerberg -All news sites combined get ~1% of web traffic
    • 8. News Biz gets tougher, struggle for audience & revenue Revenue 0-30% Subscriptions 70-100% Advertisement Content shared & aggregated Content Creation Social Sharing Marketing & Distribution Audience Engagement Audience contributes content Costs 60-70% Content Creation 10-20% Marketing & Distribution *eg Salon, HuffPo, Alaska Dispatch, BaristaNet 9
    • 9. Ongoing Disruption Global newspaper industry is down 40% ($51B) in revenue since 2006 Sources: Mary Meeker, 2013 Internet Trends, Ken Doctor Newsonomics of 2014
    • 10. 30% cuts to newsroom staff over last 10 yrs = a lot less Local and Regional news: -Government -Education -Healthcare -Arts & Culture Source: Steven Waldman, FCC, Information Needs of Communities
    • 11. The problem facing American journalism is not fundamentally an audience problem or a credibility problem. It is a revenue problem. -Pew Project for Excellence in Journalism $180M/yr invested in journalism by foundations 2007-2010 $1.6B/yr editorial cuts by legacy newspapers. Source:”The Information Needs of Communities”, FCC, June 2011 12
    • 12. What social media means for news, Take 1: -Better channel to distribute news
    • 13. A lot of people use social media -1.2B Monthly Active Users -728M log in daily -Growing 18%/yr (Sept 2013) Source: Facebook Q3 2013 Quarterly Report -215M Monthly Active Users -100M log in daily -Growing 44%/yr (Oct 2013) Source: Twitter S-1 IPO Filing
    • 14. No cost of sharing news socially That was then… … this is now
    • 15. Using social media to distribute news Can attract new audience at little cost (Remember: new audience = new revenue) Sources: Parse.ly Authority Report, Sept 2013 Chartbeat, Understanding Social Sources, Oct 2013
    • 16. Turns out: some people like getting news this way… Source: Pew Research: The Role of News on Facebook, October 2013
    • 17. …especially young people… Pew Research Journalism Project: Twitter news consumers young mobile & educated, Nov 2013
    • 18. …but people read topics they like* (not brands) and don’t come back… *Choice of what to read has shifted from editors to readers. Sources: Chartbeat, Understanding Social Sources, Oct 2013, Pew Research: The Role of News on Facebook, October 2013
    • 19. And most people still don’t even get their news online.
    • 20. -So social media does present a new channel for distributing traditional news (20% of online news traffic) -But distribution is driven more by what people like than what editors choose -And distribution of traditional news is only part of what social media does
    • 21. What social media means for news, Take 2: -A new source of news
    • 22. Easy Story-- -Vegetable cart repossessed by policewoman -Self immolation (Dec. 17, 2012)) -Family protests (Dec. 18), posts videos on Facebook -”We are all Bouazizi” goes viral -Ben Ali leaves Tunisia (January 13, 2012 ) -Arab Spring
    • 23. Actual Story: Credit: Ethan Zuckerman
    • 24. • No traditional editors initiated this story • No traditional means could stop this story (eg Gafsa) • But “going viral” required much more than just Facebook.
    • 25. Social media = new currency (literally) Caroline Criado Perez: 1 Bank of England: 0
    • 26. What social media means for news, Take 3: -A new model of news
    • 27. Social media (and the internet) are making startups rethink news model Mission/Brand Create Distribute Consume 32
    • 28. You (the people) can now consume, create & distribute Consume Create Distribute 33
    • 29. New news orgs built on social media Majority of traffic from FB ~100% local news -Fastest growing digital news site ever -Built to share FB traffic = Google traffic User base = Authors -Majority of traffic from Pinterest -Articles optimized to be pinned
    • 30. People like to share real news Source: PolicyMic/KnightFoundation The 15 most shared stories on Monday , June 2013
    • 31. Key questions for KF: ? What kind of news will news orgs built around social media make? Is some news being left behind? What is social media news better at? What do people need to know?