Futureproofing local news: Finding resilient business models
Jan 31, 2024
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In this podcast, experts discuss the challenges and opportunities faced by local news organizations in finding sustainable revenue streams. Case studies of successful publications switching to subscription models are explored. The debate on implementing paywalls and the success of digital subscriptions is highlighted. The integration of print and digital teams is discussed, along with the importance of engaging features in local media. Building trust and engaging with the local community is emphasized. The podcast also touches upon the support provided by the Google News Initiative in finding sustainable business models.
The podcast emphasizes the importance of quality content and niche storytelling in local news publishing.
Subscription-based business models are becoming increasingly important in sustaining local news.
Local news organizations need to find a sustainable revenue mix and engage with local communities to thrive in the digital era.
Deep dives
Diverse business models are crucial for the future of local news
The podcast explores the different business models that can help local news publishers thrive in the coming years. It discusses the challenges of digital publishing, the decline of print revenue, and the need to adapt to changing reading habits. It emphasizes the importance of quality news content and the shift from broad coverage to niche, deep storytelling. The podcast highlights the significance of community building and audience engagement, as well as the need for journalists to understand and meet the needs of their readers. It also discusses the role of data in understanding and serving audience preferences and the importance of trust-building in local news.
The evolving role of subscriptions in local news
The podcast delves into the increasing importance of subscriptions in sustaining local news. It discusses the transition from a print-first to a digital-first model, highlighting the challenges of online advertising and the need to generate revenue from readers. It explores the shift towards subscription-based business models and the role of exclusive, high-quality content in driving subscriptions. The podcast also touches on the importance of trust-building and the need for local news organizations to demonstrate value to their communities in order to encourage subscription support.
Balancing print and digital in local news publishing
The podcast discusses the ongoing challenge of balancing print and digital revenue in local news publishing. It highlights the decline of print revenue and the need to adapt to changing reader preferences. It explores the opportunities and limitations of digital advertising and emphasizes the importance of finding a sustainable revenue mix. The podcast also touches on the advantages of engaging with local communities, fostering trust, and creating content that meets the distinct needs and interests of different audience segments.
Investing in community and audience development
The podcast emphasizes the importance of investing in community and audience development for the success of local news organizations. It highlights the need to understand the needs and preferences of local communities and to engage with them in a meaningful way. It discusses the value of features and lifestyle content in deepening audience connection and building trust. The podcast also emphasizes the role of data in informing content creation and audience engagement strategies, as well as the importance of an audience-first approach in driving subscription growth.
Long-term sustainability and the future of local news
The podcast addresses the long-term sustainability of local news organizations. It discusses the challenges of financial sustainability and the need for diverse revenue streams. It emphasizes the importance of a business model that aligns with the needs and preferences of local communities. The podcast explores the role of philanthropy, government support, and platform funding in supporting local news, while cautioning against overreliance on external funding sources. It highlights the importance of building a strong relationship with local audiences, delivering high-quality content, and continuously adapting to meet their evolving needs.
As part of a special four-part podcast series, supported by the Google News Initiative, we’ve been talking to publishers and experts across Europe who are working to find resilient business models. We spoke to them about the state of the local news market in their regions, how they’ve evolved company culture and practice, and what tools and trends they’re working with to prepare for the next decade.
In part two, we explore the challenges and opportunities that local news organisations are facing with finding sustainable revenue streams, as well as looking at some specific case studies of publications across Europe to find out what mix they’re using.
Experts featured in this episode:
Prof. Dr. Wiebke Möhring, Professor of Journalism, TU Dortmund Institute for Journalism
Nicola Negrin, Editor in Chief, Il Giornale Di Vicenza, Gruppo Editoriale Athesis
Benedicte Autret, Head of News Partnerships, UK/IE/Northern Europe, Google
Jonathan Heawood, Executive Director, Public Interest News Foundation
David Floyd, Managing Director, Social Spider
Pierre France, Co-Founder, Rue89 Strasbourg
Craig Walker, Editor, Press and Journal and Evening Express, DC Thomson
Jayne Savva, Group Features Editor (news), DC Thomson
Doug Smith – Lead architect, Table Stakes
Emily Hewett, Head of Audience Development, DC Thomson
This series is supported by the Google News Initiative. They work with publishers and journalists to fight misinformation, share resources, and build a diverse and innovative local news system. Find out more about their programmes, tools and resources at newsinitiative.withgoogle.com
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