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Moroney

ISOJ 2012

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Moroney

  1. 1. Becoming The Economist of Metro Newspapers & The Pursuit of the Tablet Audience Jim Moroney April 2012
  2. 2. WHAT IS THE SAME The goal of journalism: An informed public that can make wise decisions to govern itself.
  3. 3. WHAT IS NOT THE SAME 2007 $42.2M 2011 $20.6M
  4. 4. WE ARE NO LONGER PUBLISHING FOR A MASS AUDIENCE
  5. 5. WE ARE PUBLISHING FOR “THE MASS INTELLIGENT” As The Economist labels it.
  6. 6. DEMOGRAPHICS MARKET SIZE BIGSMALL ELITE MEDIA MASS INTELLIGENCE MASS MEDIA AUDIENCE: THE MASS INTELLIGENT
  7. 7. AUDIENCE: THE MASS INTELLIGENT THE ECONOMIST THE NEW YORKER THE ATLANTIC HBO ART GALLERIES LIVE THEATER CLASSICAL CONCERT People who read/watch/attend at least two of… PEOPLE MAGAZINE US WEEKLY THE OPRAH MAGAZINE SPORTS ILLUSTRATED ESPN FAMILY GUY THE SIMPSONS SATURDAY NIGHT LIVE AMERICAN IDOL 39% [ SOURCE: MRI, FALL 2007 ]
  8. 8. We do not believe that dumbing down our content is how we will succeed. There is a sufficient audience for intelligent reporting, curating and aggregating of news and information. Harry Potter HBO “The Lion King” “The King’s Speech” The Economist The New York Times
  9. 9. Our writing will remain the core of what we and all other clever publications reaching clever people do. [John Micklethwait, Editor-in-Chief, The Economist]
  10. 10. VALUE OF CONTENT Relevance Value Differentiation
  11. 11. WHO, WHAT, WHEN & WHERE ARE COMMODITIES
  12. 12. is table stakes. Consumers expect you to have it, yet you can’t win at it.
  13. 13. TODAY the value of reporting lies in & WHAT HOW, WHY IT MEANS TO ME
  14. 14. PICA Perspective Interpretation Context Analysis
  15. 15. PICA means Beat reporters. Columnists. Subject matter experts. A focus on certain categories of local coverage where you can go deep and own education, economy, government, sports, arts, etc.
  16. 16.  Print advertising revenue will no longer support high-end journalism  For local media, ad revenue derived from digital publishing will not pay for the cost of creating relevant and differentiated content that attracts a ‘mass intelligent’ audience  You will need to cross-subsidize your journalism beyond advertising. THE FINANCIAL MODEL CHALLENGE
  17. 17. LEAN BACK THE FIRST AGE: LEAN-BACK PRINT RITUAL PLEASURE OF READING THE SECOND AGE: LEAN-FORWARD WEB SNACKING AND RESEARCH, COMMUNITY SHARING THE THIRD AGE: LEAN-BACK DIGITAL LEAN-BACK ONLY BETTER O
  18. 18. I have gradually become used to dividing my reading into two zones: The work, laptop, info zone; and the chill, relaxing, leisurely read of the tablet. [Andrew Sullivan, The Sunday Times]
  19. 19. IMMERSED IN THE CONTENT: 42% OF TABLET NEWS READERS REGULARLY READ IN-DEPTH NEWS ARTICLES. ANOTHER 40% SOMETIMES DO THIS. THEY ARE THREE TIMES AS LIKELY TO REGULARLY READ IN-DEPTH ARTICLES AS TO WATCH NEWS VIDEOS. [ SOURCE: PEW Project for Excellent Journalis
  20. 20. [ SOURCE: PEW RESEARCH (US) IN ASSOCIATION WITH THE ECONOMIST GROUP, OCTOBER 2011] NOT A ZERO-SUM GAME: TIME SPENT WITH NEWS NOW COMPARED WITH BEFORE OWNING A TABLET
  21. 21. Share of US Traffic: Class web 91.8% Mobile web: 5.2% Tablets 2.5% Other 0.5% WE AREN’T ABANDONING THE WEB
  22. 22. BUT OUR DEVELOPMENT RESOURCES ARE FOCUSED ON THE TABLET [ SOURCE: GARTNER, Emarketer ]
  23. 23. 2 1 SUMMARY Content derives value from its relevance and its differentiation. For local media organizations, this means covering local news. It is the most relevant and differentiating reporting you can do. There is very little value in W,W,W,W, reporting. It’s undifferentiated and a commodity. You can’t charge for commodity content. We are working to put more PICA into our reportIng in order to differentiate it and build value for it. In order to do this, we are working to build more subject matter expertise in our newsroom and through affiliations, particularly area universities. 3 4 5 6
  24. 24. 8 7 SUMMARY PICA combined with scales says “you can’t get this kind of reporting any other place” This means differentiation. PICA and “intelligent” reporting is not a mass audience strategy We are focused on a smaller audience that will pay for high-end, quality journalism 9 10 11 We believe this audience and this kind of journalism will rapidly be building a news reading habit on tablets – and for now, that means the iPad. The one catch: We must preserve the scale of our newsroom to be successful with this strategy and to do this, we must develop sources of revenue other than advertising.

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