mastering the new editorial landscape

MASTERING THE NEW EDITORIAL

LANDSCAPE

Or, it’s scary out there, but not impossible

Chris Roush, croush@email.unc.eduJune 26, 2015, Charlotte, NC

Alliance of Area Business Publications

INNOVATION IN BIZ JOURNALISM

Yes, the media industry is struggling to change itself these days.

But I see innovation and unique ideas.

I also see money being made.

INNOVATION IN BIZ JOURNALISM

We’ll discuss the following:

1.New delivery formats;

2.New revenue streams; and

3.New ways of reporting business news.

All of this from a journalist’s perspective, not a publisher or ad director’s perspective.

QUARTZ

Launched by Atlantic Media in 2012.

Reporters don’t have beats, but areas of interest.

Stories are very short – or very long.

Has launched sites in India and Africa.

Had 10 million unique visitors in December 2014.

QUARTZ

Funded by advertising/sponsors.

Ad revenue was $10M to $12M in 2014.

Developers and reporters work side by side.

Developers report to editorial, not business.

Not among top 15 biz/financial news sites, but gaining.

WHAT CAN WE LEARN?

Putting developers in the news room works.

Focus on technology first – how is the news delivered.

Quartz recently upgraded browser, navigation bar and story page.

Readers do love in-depth content.

Readers love content they can’t get anywhere else.

BUSINESS INSIDER

Launched in 2009 by former Wall Street analyst Henry Blodget.

Sub sites include Silicon Alley Insider and Clusterstock.

Business news with an attitude.

Entertainment and sports news.

BUSINESS INSIDER

The No. 2 business/financial website as of April 2015.

Up 70% in past year.

Expanded to Europe and Australia.

Ping pong table in the newsroom.

Doing more long form.

Recent videos include staffers tasting Taco Bell breakfast.

WHAT CAN WE LEARN?

Will post a loss this year.

Closed a $25 million round of funding in January.

Consumer tech site coming later this year.

Sixty percent of visits/uniques from mobile.

RE/CODE

Launched by WSJ’s Walt Mossberg and Kara Swisher in early 2014.

Tech news for the tech junkie.

An estimated 1.5 million page views/month.

RE/CODE

Launched conference business that was bread and butter of All Things D.

Struggled to build audience.

Sold to Vox Media in May 2015.

WHAT CAN WE LEARN?

You can’t grow readership on brand name business journalists.

Business journalists are not good business builders.

Partnering with The Verge will allow Swisher and Mossberg to do what they do best.

THE INFORMATION

Launched by WSJ reporter Jessica Lessin in 2013.

Subscription costs $400.

Has a staff of nine.

Breaks huge stories:  Google’s Dropcam acquisition, Amazon’s deal to buy Twitch and an inside look at Disney’s move to buy Maker Studios.

THE INFORMATION

Doesn’t try to cover all tech news.

Revenue based solely on subscribers.

Strategy: “Focusing on writing for readers we think are underserved: professionals in technology and in industries being upended by it.” 

WHAT CAN WE LEARN?

Niche strategies can work.

High-end readers can fund an operation.

Staff must not grow faster than the business.

SEEKING ALPHA

All content comes from contributors.

They’re paid based on page views.

Primary focus is public companies not covered well by biz news media.

Also covers widely held stocks.

SEEKING ALPHA

Credibility is an issue as some post under pseudonyms.

Launched premium service in April.

Top writer hit $200K annualized in first month.

Has 4 million registered users.

Dropped content from Yahoo Finance in 2014.

Raised $7 million in funding in 2009.

WHAT CAN WE LEARN?

Certain content can get a ton of views.

You don’t need a full-time editorial staff.

Have to deal with litigation.

24/7 WALL ST.

Launched in 2006 by former Financial World editor.

Content is also republished on MSN Money, Yahoo Finance, Aol’s DailyFinance, MarketWatch, Comcast and The Huffington Post.

24/7 WALL ST.

Readers are high-end investors.

Posts 30 articles a day.

Profit margin of more than 50%, from numbers shared by co-founder.

For first half of 2014: Revenue rose 61 percent to $1.455 million, and profits rose 102 percent to $950,000.

WHAT CAN WE LEARN?

Advertising, which accounts for about 85 percent of revenue, can fund a strong editorial model.

No videos, no apps, no multimedia.

Draws as much traffic as Barrons.com.

NERDWALLET

Launched in 2010 and based in New York.

Raised $64 million in funding earlier this year.

Personal finance site used by 30 million people in 2014.

NERDWALLET

Makes money from fees earned by matching consumers with financial products.

It is profitable.

The company helps consumers understand how to pick the best personal finance products.

WHAT CAN WE LEARN?

Match editorial content with data that readers want.

Personal finance is a growth industry.

Find a funky name that will attract the curious.

REORG RESEARCH

Founded in 2012 and covers distressed debt.

Charges tens of thousands of dollars for content.

Posts about 20 stories a day.

Has opened offices in London and Puerto Rico.

REORG RESEARCH

Covers stories few others pay attention to.

Subscribers are hedge funds and investment banks.

Pairs journalists with attorneys and analysts.

Can download documents from site.

WHAT CAN WE LEARN?

If the news content is valuable to someone, people will pay a lot of money.

Niche news works if it can be broad geographically.

An expertise in reporting goes a long way.

THE DISTANCE

Launched in November 2013.

Online magazine and podcast.

Funded by software company Basecamp but editorially independent.

Writes about private companies that are at least 25 years old.

THE DISTANCE

Doesn’t write about Basecamp customers.

Editor is former Chicago Tribune business journalist.

She is only full-time person.

Syndicated on Chicago Tribune, Quartz and Gizmodo.

WHAT CAN WE LEARN?

Content can be sliced very narrowly and still have appeal.

Don’t need big staffs.

Helps to find a Sugar Daddy.

BIZWOMEN.COM

Launched in 2014 by American City Business Journals.

News for women business leaders.

Full-time editor and staff writers.

Some content comes from ACBJ papers.

BIZWOMEN.COM

Light on fluff and heavy on takeaways.

Believe it or not, women want different business news than men.

Backed by big company, so doesn’t need to be profitable right away.

WHAT CAN WE LEARN

Sponsored content pages by companies: UPS Store, Fidelity and PNC.

Mentoring Monday events in 40 cities across the country.

Businesswoman of the Year in 40 cities.

WSJ LOGISTICS COVERAGE

Wall Street Journal page launched in May.

Sponsored by UPS.

Some sponsored content, some of which was written by WSJ Custom Studios, its native ad unit.

WSJ LOGISTICS COVERAGE

CFO Journal launched in 2011.

CIO Journal, Risk & Compliance Journal in 2013

Marketing-focused CMO Today in 2014.

WSJ Logistics Report has editorial staff of five.

WHAT CAN WE LEARN?

Sponsored content can fund independent editorial content.

All industries like to be catered to with content.

REUTERS TV

Television news service designed specifically for watching on phones.

Two viewing options: Live feeds of global events, and a news show called “Reuters Now” that can last anywhere between 5 and 30 minutes.

“Reuters Now” is customized to viewer’s location and interests.

REUTERS TV

Free for first 30 days.

After that, charge $1.99 per month through the iTunes store.

Meets customers “where they are.”

WHAT CAN WE LEARN?

The phone is becoming the dominant way that many people receive their business news and information.

Video is growing exponentially.

More and more outlets are charging for what was previously free content.

OTHER THINGS

The Financial Times has launched cost-per-hour advertising on its website.

If it catches on, how does that affect how much you change or update your online editorial content?

OTHER THINGS

TheStreet announced that it is adding four new shows to its video content.

Some weekly, some monthly.

Can you pull off similar video content?

Do you have the tech capability?

OTHER THINGS

TheStreet’s Real Money content going behind a metered paywall similar to what is used by The New York Times and the Financial Times.

Real Money will be available for $3 per week.

Real Money Pro, which includes a daily trading diary by Doug Kass and aimed at the advanced trader, costs $16 per week.

OTHER THINGS

GrowthSpotter started by Orlando Sentinel in May.

Subscriber-only digital publication (one month is $20, and one year is $156) that offers “insider” intelligence for Central Florida’s business community.

OTHER THINGS

One of my biggest student success stories: Founder of RichmondBizSense.com.

Has now expanded to Denver with BusinessDen.com.

RichmondBizSense.com is now profitable.

Examine your geographic markets and what is lacking.

MY FINAL THOUGHTS

Editorial content is valuable. Charge for it.

Find ways to segment your content to specific audiences that will pay extra.

Focus on technology from an editorial perspective.

Sponsored content is not an evil thing.

QUESTIONS?