Adapting to Change
- In 2010, online advertising revenue grew 13.9 percent to $25.9 billion. MSNBC.com, for example, grew 7 percent in revenue last year and has continued to operate for free like a startup since its inception in the mid 1990s. Microsoft and NBC News share that venture.
Inside the Numbers
- Revenues for Facebook and Google grew exponentially between 2009 and 2010, while revenue for Yahoo and Aol dropped.
Taking advantage of Opportunity
- How do you open a new product and change the media frontier?
- Engagement: No longer are journalists expected to shout the news form a remote location, they are on the ground with the people.
- Building Trust: Being transparent with the audience and giving them what they want in an online medium.
What makes a successful news start up?
- Analyze your competition
- Learn how some blogs have grown into big businesses or other mediums like books or magazines
- get inspired by others who have beat the odds
- set your own goals and achieve
- quality content pays
- pick a niche and go deep
- check out the new app economy
- understanding how to do business while being a journalist
- be ethical and stick with it
Creating revenue models
- Syndication: Will other companies pay for your content?
- Custom content: Will people log onto your platform and pay for specific content?
- Online ads: What do you have to offer that the competition doesn’t?
Elements of Innovation
- Be creative
- Take risks
- Hard work
Make Innovation a Strategy
- Make a priority
- Make failure acceptable
- set goals
- be agile
- see innovation as a product
Bring start up culture to your newsroom
- Think hyper local and give authority to more people but in concentrated areas
- we report, you decide: monthly meetings
Choose the right technology