Full disclosure: I have a love-hate relationship with The New York Times. Its snooty, aloof tone rubs me as elitist, yet its comprehensive coverage and generally strong writing keep me coming back.
It’s for the latter that I would pay a monthly subscription to jump The Times’ pay wall, announced Wednesday. Don’t know what it’ll cost me. Don’t really care. Just give me unlimited access to Mark Bittman, and send me the damn bill.
But how does this announcement pay off for hyperlocal news sites?
First, it reminds news consumers of the concept of supply and demand. If readers are jonesing for information, then the journalist producing that content should be compensated appropriately for providing the fix.
Second (and perhaps more importantly), the pay wall concept reminds hyperlocal journalists that their time and energy are worth more than the reader’s appreciative pat on the back. Hyperlocal news has civic value. Now let’s give it monetary value.
That’s not to say that readers will pay to read about local businesses or municipal politicians. Believe it or not, that kind of news eventually leaches into the community, whether the hyperlocal news source reports it or not.
Instead, hyperlocal news sites can repackage distinct material as “premium” content. Weekly entertainment calendars, restaurant reviews, and real-estate articles can be placed behind a pay wall (or under a guard kitty, above) or emailed to readers for a subscription fee.
For some publications, this means no additional work beyond billing and distribution, though those are no small tasks. For others, it may mean producing new content. Either way, it’s one revenue stream to consider, made possible by The New York Times.
Photo courtesy of Flickr user dominicmercier.
Excellent points and great suggestions. “Believe it or not, that kind of news eventually leaches into the community, whether the hyperlocal news source reports it or not.” Yes.
Local (and hyperlocal) news always finds a way out of the woodworks, whether as fact-checked reporting from a reliable source, or as gossip. That’s how it rolls.
Still, I like my news with a good dose of editorial scrutiny. That’s the value of hyperlocal news over listservs and rumor mills.
May the SS Penguin rest in retirement… but I’d have paid to climb a pay wall.
And would consider ponying up if another great news source came along.
It is an interesting experiment by the nyt, there are many other options that news organizations are chewing over right now. Jeff Jarvis over at Buzz Machine is looking for new ways to generate revenue for news organizations as well, http://www.buzzmachine.com/
Thanks for the link, James.
Last fall, I had the opportunity to hear Jeff Jarvis speak on hyperlocal business models. I cried through most of his presentation — the business jargon, number crunching and readership assumptions were so overwhelming!
Still, if another news organization (presumably a large one with MBAs on staff) can figure out a working model, then I’d be more than glad to rip it off and apply it on a hyperlocal scale.