This is the handout I prepared for a newsroom leadership workshop for the Maynard Academy today at the Nieman Foundation at Harvard University. Here are my slides for the presentation.
The business models that have supported traditional media for decades are breaking down. Some critical elements of the economic crisis:
- Newspaper circulation was 31% of U.S. population in 1940, 13% today.
- Newspaper advertising has dropped vs. previous year 13 straight quarters (7 straight over 10%, 3 straight over 20%).
- Magazine advertising revenue in 2009 fell 17% from previous year.
- Local broadcast TV ad revenue fell 22% in 2009.
- The problem is not giving content away free online (we never supported content operations with circulation revenue; that pays for production & distribution).
The Complete Community Connection
To remain relevant for the future, journalists and media organizations need to master digital and social media and develop new revenue streams. My Blueprint for the Complete Community Connection proposes a new business model for community media companies. The core goals: (more…)