Steve Beckwith’s Post

Why journalists should care about media revenue models A few years ago, I was a journalist focused solely on the craft—investigating, reporting, and meeting deadlines. I didn’t give much thought to how the newsroom operated behind the scenes or how the bills were paid. That was someone else’s responsibility. But everything changed when I launched my media company, TheClue Media. Suddenly, I found myself facing a harsh reality: telling great stories wasn’t enough to keep the operation running. I needed to understand the financial side of the business to ensure its survival. Learning about media revenue streams became crucial to keeping the lights on and the content flowing. Here’s how this knowledge has reshaped my approach to journalism and made me better at what I do: 1. Seeing the bigger picture As a journalist, I’d always believed the work was about the stories. But when I took on the responsibility of running a media company, I quickly realised that it was far more complex. Subscriptions, advertising, partnerships—these all played a major role in keeping the business afloat. Understanding these revenue models helped me see that a great story needs a stable platform to reach its audience. Without sustainable funding, even the best journalism will struggle to survive. 2. Protecting editorial integrity One of the most important lessons I’ve learned is how financial pressures can influence editorial decisions. In an ideal world, editorial and commercial interests remain separate, but in reality, they often overlap. Understanding where the money comes from helped me make informed decisions about the kinds of partnerships and funding we accept. It also gave me the confidence to advocate for ethical revenue sources and ensure the integrity of the work we produced. Knowing how to balance financial necessity with editorial independence is key to maintaining trust with your audience. 3. Engaging the audience Learning about media revenue streams also deepened my understanding of the audience. It’s not just about producing good content, but about understanding what your audience values enough to support. This insight helped me lead a growing team that wasn’t just focused on journalism for the sake of it, but on creating content that connects with people and encourages them to engage. A clear understanding of what drives revenue helped us think strategically, ensuring that the content we created were both valuable and sustainable. I firmly believe that every journalist, regardless of their role, should have a solid understanding of how media organisations generate revenue. It’s not just for business owners or executives—it’s for anyone who cares about the future of journalism. #MediaSustainability #MediaRevenueModels #Journalism

For publishers and media outlets, the stakes have never been higher. You carry the torch, delivering trusted journalism, which safeguards democracy. But there’s a challenge we all face: How do we ensure that advertisers and agencies recognize the critical role media platforms play, not just for society but for their brands? The truth is, news outlets are more than just another space to place ads. They offer something everyone is looking for in today’s fragmented digital landscape: trust, attention, and real brand outcomes. And it’s up to us, as media executives, to make sure the advertising community understands that value. A new study from Teads and Lumen Research underscores what many of us already know—advertising alongside quality journalism isn’t just the right thing to do, it’s also the smart thing to do. Yes, supporting the health of the media is important. But the news and information created by trusted media brands also provides an excellent environment for advertisers. | Teads Natalie Bastian provides valuable takeaway from this new research: https://lnkd.in/exN3CE4u

News that publishing giant Reach is looking to up article volumes across its regional titles by requiring journalists to write as many as eight pieces a day has certainly caused a stir in editorial circles. While this excellent follow-up from Press Gazette shows the move is more nuanced than the headlines suggested, it has once again sparked questions about how we measure the value of content. Reach point to the dramatic falls in referrals from Facebook as a reason for the push to increase output, but surely volume in itself isn't attractive to advertisers and affiliates? Speaking purely as a user, seeing original journalism in a readable format is almost a pleasant surprise in a world where clickbait and rehashed content is everywhere and the user experience is pretty terrible on many websites. And from a content strategy point of view, quality metrics such as time on page and bounce rate are just as important as page views if publishers want to demonstrate actual value to advertisers and partners. https://lnkd.in/enrksnxb.

New York Magazine's latest "Power Issue" offers a fresh look into the state of journalism in 2024, featuring our very own Mathias Döpfner, CEO of Axel Springer , and John Harris, Global Editor-in-chief of POLITICO. What I love about Charlotte Klein's piece is that it’s not just another power list – it's a candid, no-holds-barred exploration of how the news media is navigating imploding business models and historic lows in public trust. Which themes most resonated with me? 🎆 INDUSTRIAL CHANGE ACCELERATES: The media landscape is undergoing a profound transformation, driven by shifts in business models, technology, and audience behavior. At the core of this change is the evolution of revenue streams, with many outlets pivoting from traditional advertising to subscription-based models. This shift has given rise to niche content catering to highly engaged communities, as media companies experiment with new formats and revenue sources. Simultaneously, the industry is witnessing a consolidation of traditional outlets alongside the emergence of innovative startups. Think The New York Times x The Athletic, New York Magazine x Vox Media, Dotdash Meredith, etc. 🦠 MEDIA’S RELATIONSHIP WITH TECHNOLOGY GETS MORE COMPLICATED: The intersection of technology and media has created both challenges and opportunities. Media companies now grapple with their dependency on tech giants like Google and Meta for distribution and revenue, while also exploring the integration of AI and automation in journalism. New social media platforms like TikTok have gained prominence in news distribution, reshaping how information reaches audiences. 🔊 THE POWER OF VOICE: This technological shift has also altered the nature of influence and power in the media world. We're seeing a diffusion of media influence, with individual voices and platforms gaining prominence alongside established institutions. Case in point: Punchbowl News, Puck, The Ankler, The Free Press. 👸 CONTENT IS QUEEN: Content quality remains paramount, with an increasing emphasis on producing high-quality, impactful journalism over chasing viral clicks. Print media, while not obsolete, has evolved into more of a luxury product. Maintaining journalistic integrity while balancing depth with engagement is a constant challenge. 🌎 LOCAL VS. GLOBAL: The dynamics between local and global journalism present another area of tension. As local journalism faces a crisis, creating information gaps in communities, major outlets expand their global reach. This dichotomy highlights the need for diverse approaches to news coverage. At Axel Springer, we're optimistic about journalism's future. Our strategy leverages technology and key acquisitions like POLITICO to redefine digital media. We're proving innovation and journalistic excellence drive sustainability. And it's great to see how our journey from a German newspaper publishing house to a digital-first, transatlantic powerhouse has helped set the industry pace.

Controlling undue influence by media owners who have private interests is challenging but essential for maintaining media integrity. Here are a few effective approaches: 1. Regulatory Oversight: Independent regulatory bodies can establish rules against ownership concentration and conflicts of interest. For instance, media ownership laws might restrict any one entity from controlling multiple media outlets, limiting monopolies and reducing potential biases. 2. Transparency Requirements: Requiring media companies to disclose their ownership, funding sources, and any potential conflicts of interest helps the public and authorities understand possible biases in coverage. Transparency allows audiences to make informed judgments about the information they receive. 3. Ethical Codes and Editorial Independence: Strong codes of ethics within media organizations, enforced by independent editorial boards, help protect journalists from owner interference. Editorial independence policies ensure that owners cannot dictate news content based on their interests. 4. Publicly Funded Alternatives: State-supported media outlets can provide alternative perspectives, especially if they are legally obligated to maintain editorial independence and public accountability. However, these must be carefully managed to prevent government influence. 5. Support for Independent Media: Encouraging a diverse media environment, including independent outlets and non-profit journalism, reduces the dominance of privately owned media. Grants and funding from non-partisan sources can help keep these outlets sustainable and independent. 6. Media Literacy Programs: Educating the public on media literacy enables people to identify and critically evaluate biased or influenced reporting, reducing the impact of media manipulation. When the audience is well-informed, they are less susceptible to biased narratives. Together, these measures can help balance media freedom with accountability, minimizing the impact of owners’ private interests on public information.

The future of journalism? Lessons learned from the collapse of VICE Media by Jason Koebler and his co-founders at 404 Media: 1) The founders produce the content themselves and own a quarter of the company each 2) Keep costs down by working from home and controlling expenses. 3) Monetize everywhere- They push their stories out to every available platform — posting links on X , Bluesky Threads TikTok Instagram Reels, YouTube and Mastodon 4) Registration model to collect 1st party data and to monetize via subscription in future- Readers must supply an email address to read stories online. By taking responsibility for monetising, distributing and promoting the content they create, 404 Media’s founders certainly seem more proactive than many traditional newspaper and magazine journalists, who tend to sit far away from the moneymaking and audience-building sides of their business. Yet unlike most content creators on YouTube, Instagram and elsewhere, they have a shared ideological mission that goes beyond clicks. The newsroom may be virtual but it still exists. #journalism #content #monetization #onlinenews #publishing

Getting your news from hysterical people on the street isn't your best option. Journalists have taken a big hit over the past two decades with newsrooms scaling back as more of us rely on other sources for news. Some journalists are taking a page from influencers by building upon their own brands with huge payoffs. Freelance or another newsroom? Well, journalists are discovering a third, more attractive option - go independent which allows them to build their own products and relationships. Ironically, the internet and social media that's wiped out so many newsroom jobs is also providing the next opportunity for journalists. Read all about it thanks to digital publishing technology. Substack is the most popular, but a plethora of them including beehiv and Ghost provide a low barrier to entry. Of course, compelling content and audience reach matter along with a business strategy, topics that journalists are typically asking to hear about from others. At a time when journalism is fading into the background and newsrooms scale back on reporting, let alone investigative reporting, independent journalism may be one of the few beacons of truth and accountability https://lnkd.in/g_kSQCnp #journalism #journalists #subscription #news #media #digitalmedia #advertising #internet

yes, this one is a long one... 🎉 LinkedIn is making significant strides in journalism and news, focusing on delivering value beyond just networking. As a long-time advocate of LinkedIn, I've been observing its evolution with a keen eye. Here's why their recent move deserves applause: 📈 LinkedIn vs. The Trend: While other platforms scale back on news, LinkedIn is stepping up, embracing its role as a professional town square. They're not just about connections; they're seemingly about meaningful content. Unlike Facebook and X, LinkedIn has seen an increase in traffic referrals to news publishers, a nod to its growing influence and commitment to credible journalism. 🌍 Global Reach and Impact: With collaborations spanning over 400 news publishers and an expansion into 12 new markets, LinkedIn is making professional news more accessible. This isn't just about numbers; it's about enriching professional lives and fostering informed communities. 🔍 Focused and Relevant Content: LinkedIn’s dedication to business and professional topics makes it a unique space. This isn’t about flooding your feed with any news; it’s about delivering what matters to you, the professional, helping you stay ahead in your industry. 👥 Community Engagement: The numbers speak volumes. A collective following of over 240 million for news publishers on LinkedIn! Plus, 44 million members engaging weekly with content. This shows a vibrant, active community ready to discuss, debate, and digest professional content. 💡 Innovation in Content Delivery: The platform's evolution from text-based updates to newsletters, podcasts, and videos offers a dynamic way to consume news. Their 150% increase in newsletter publications last year highlights the thirst for tailored, insightful content. 💰 Supporting Monetization: LinkedIn's efforts to help publishers monetize through advertising partnerships, including podcast networks and video sponsorship pilots, demonstrate a commitment to supporting the ecosystem of creators and journalists. As other platforms move away from news, LinkedIn's pivot towards it not only fills a crucial gap but also aligns perfectly with its professional ethos. This is a brilliant move, steering away from purely personal content towards something more substantial and impactful. In a world where the term 'town square' has been arguably overused, LinkedIn is putting its money where its mouth is. By integrating credible journalism into our professional discourse, they're enhancing our ability to stay informed, connected, and engaged with the issues that impact our industries and our world. Here's to more insightful discussions and a more informed professional community on LinkedIn! 🌟 Read the full story on Axios https://lnkd.in/gdjRycPS #LinkedIn #Journalism #ProfessionalGrowth #Innovation #News

The Problem of Media Ownership and Reliability When a few wealthy individuals or corporations control major news outlets, they can influence public perception by framing news to suit their interests. This concentration raises concerns about biases and selective reporting, which can lead to: Distorted Facts: News may reflect owners' views, not objective reality, skewing events. Undermined Trust: Bias can cause distrust in all news sources, making it hard to distinguish credible information from misinformation. Polarization: Biased reporting can deepen social divides as different groups receive contrasting, reinforcing viewpoints. Impact on Reliable and Credible Information As mistrust grows, people turn to alternative sources, like social media or fringe outlets, which may lack rigorous fact-checking. While more sources can be positive, this also increases misinformation. People may: Rely on Echo Chambers: Seeking information that confirms their beliefs without differing perspectives. Struggle to Identify Credible Sources: Conflicting narratives make it hard to know which sources are trustworthy, especially without media literacy skills. Future Implications If trends continue, the impact on society could be significant: Increased Misinformation: Misinformation may worsen, affecting public health, elections, and policies. Weakened Democratic Processes: An uninformed public hinders decision-making, possibly leading to apathy or radicalization. Erosion of Social Cohesion: Trust is key to social cohesion; misinformation can further isolate groups, weakening the social fabric. Addressing the Issue To mitigate risks, we need to: Promote Media Literacy: Educate people on evaluating sources to distinguish reliable from biased content. Encourage Independent Journalism: Supporting independent media reduces reliance on corporate-owned sources. Enhance Transparency: Outlets should disclose ownership and biases to help the public understand the context. In conclusion, concentrated media ownership challenges information reliability. Addressing this requires public awareness, policy changes, and a commitment to fostering diverse, independent journalism. Without these steps, the problem could significantly impact trust, democracy, and global stability. Image source: Facebook