Circling in my head this week are two media bits that I probably wouldn’t have paid attention to if I wasn’t still mulling over the state of paid journalism.
The first was an email from Pro Publica, on the tail of its release of “Dollars for Docs,” asking for a donation to help continue the good work. The second was a blog post you can read here about what newspaper execs should really say to users about paywalls.
And here is my conclusion: we have got to stop using the word ‘paywall.’ Now there will be some of you that are in the ‘information wants to be free,’ camp. That’s fine when it comes to transparency and politics, but not so great a business model for news pubs. So let’s stop talking about putting up walls to keep people out. The paywall has only led to griping from consumers who’ve reached their monthly article limit, and unique ways to get around them. We’re wordsmiths, we know words matter, and ‘paywall’ is another relic of the old media-new media debate. Knock it off.
Why can’t we just call it what it is? A subscription. Of course, many in the industry have finally started calling subscriptions (see what I did there?) what they are: a quick fix to make balance sheets look better. They add another revenue source, and that’s it.
You have to think of it as a revenue stream from your most loyal people that will help, because it’s a little bit of an annuity, if you will, that will help soften the blow of what’s happening to CPMs of most papers and what’s happening to advertising. It will cushion the blow, it’ll create a new revenue stream, and in time could create more loyalty and potential upselling opportunities for ebooks and events and things like that. But it’s just going to be that — it’s going to be a stream of revenue that you didn’t have, but it’s not going to solve your problems. If anybody out there thinks a paywall is going to solve our industry’s problems in itself, they’re in for a very rude surprise.
Fine, a subscription model can’t be it. And there has to be a way, eventually, to figure out how to make digital dollars with advertising, too. But I think you have to be really cynical about humanity to just assume that no one is going to want to read interesting, enlightening, meaningful content on all the cool toys that tablets will spawn. And that it will be paid for. And that there will be the same sort of selection – from the soapy, poorly targeted tabloids to the wonky and elitist journals — that we used to have on newsstands. Call me idealist. Call me naive. At least I’m not defeatist.
The internet has spawned niche news. Read more