For our final class project, we had to create a business model for journalism. Not an easy thing to do. If the experts can’t figure it out, who are we? We are journalism students hoping to find an available job when we graduate. We are the students who try to develop a personal writing style to gain a following. We only know as much as what we were taught. However, we are the future of journalism.
The conditions of the project was to determine the scale, revenue, staff, and expenses of the business model. The terms were that the recession would be over around 2010 with advertisement revenue not slowly building up until 2011. That doesn’t sound too far off from the direction where moving in now.
So my business model focuses on several things. I still focus on advertisements because like I said during my presentation, people are always going to need or extremely want something, making a need for advertisements. However, advertising companies would have to work a little to get put in publication despite the fact that we need them.
There will be a print copy and online version. Advertisers need to buy space in the print copy before they can get a page to themselves online. The advertiser who contributes the most amount of money will get a recording in the print copy. During the recording, the top five stories will be briefly discussed with the advertisement at the end. With a second major in psychology we learned that people remember the first and last things. So putting the advertisement at the end of the recording will make readers remember. On the actual display of the advertisements, another recording will be heard. This way if a reader doesn’t look at the advertisement, they will at least hear it.
The page that advertisers will be provided online was borrowed from True/Slant.com. Basically, advertisers get a page and they can do whatever they want, from blogs to pasting their page with advertisements.
The print copy and online version will receive different types of revenue. The print copy’s revenue will come from buying the paper and donations. The person or company who gives the most amount of money will have a dedication page to them that is only offered in the print copy. The dedication page will have a brief bio on the person or company and any issue that they want to bring up. The issue will then be further discussed online in a blog.
To go off on a slight tangent, I would have a citizen journalism page that’s only in the print copy as well. Yes, I know some of you don’t like this idea but citizens want to be involved in the news. My main goal for them would be to write feature and review stories on local sites. It would a version of soft advertising.
However, citizens still may want to write hard news. If that’s the case, I would use the pro-am model and have a journalist write a non-biased version of the citizen’s story so that readers get both sides.
I feel like this will promote my print copy and gain revenue and advertisers because citizens are going to want to buy something with their name in it. I had an article in my community college paper and my mom made me bring home at least 20 copies. The localities that are being talked about will probably also buy the paper and put it in their waiting areas for people to see what they can offer. They may also want to advertise with us and place an ad on the citizens’ page.
Back to revenue…The online version’s revenue will rely on micropayments and crowd funding. Micropayments haven’t worked for many of the news organizations, but people are still trying to use it. I feel in the the right method it could work. The goal is to redirect the viewer’s attention from the fact that they have to pay to something else (redirecting is another thing that I learned from psychology. Maybe taking psychology and journalism as two majors wasn’t such a bad idea).
That redirection would focus on rewards. That’s right, viewers are getting rewarded for reading and buying what they read. Although the micropayments would only be a penny a click, after a certain amount of money is spent, viewers will receive coupons or gift cards from partnered advertising companies. Of course, the amount won’t be large, maybe $5 off. Viewers use the coupons or gift cards, further endorsing the advertising company and willing to pay micropayments.
Crowd-Funding would almost work the same as the funding from advertising on the print copy. Journalists submit a topic and a person writes a description of the story they want to hear and contributes money. The person who gives the most, gets a flight to where the interview is being held, their questions will be asked during the interview (but won’t be the basis), and they will get a byline in the story.
My project consisted of other things but the main thing that I believe everyone is concerned about is regaining revenue. If you have any questions or comments, feel free to leave them. I prefer honesty when it comes to anything so if you think my idea is completely ridiculous then that’s fine. If you think it’s a work of art, why thank you for the compliment.