News That's Fit to Sell
Like it or not, news is a product, and somebody has to make money.
The discourse around journalism is dominated by its focus on propriety. “Objective,” “unbiased,” and “impartial” are buzzwords that professionals in the industry use to elevate their product—manicured information. This thinking is used to help distance the class of producers (journalists and editors) from the money side of the business.
However, the long-term drivers behind the integrity and quality of content are not the producers, but the way that content is monetized. The profitability of a media organization determines the resources they can allocate to more and better-trained staff. It allows for greater bargaining power with advertisers and investors resulting in higher degrees of objectivity. And, it puts these organizations in a position to undertake costly investigations and expose themselves to legal risks that are in the public interest.
Interestingly, the class of media professionals responsible for producing news are usually incredulous toward the critical analysis of the economics of content production. Such considerations are typically relegated as “unclean” and unfitting for the class of disinterested and wholly “objective” professionals who are tasked with producing news. Meanwhile, these forces have tremendous impact on the well-being and career trajectories of journalists and editors.
Economics is the deciding factor behind the longevity of media organizations. As a professional working in Web3 content production, it determines your prospects for job security and the degree which you are compensated for your work. Understanding the revenue and profit dynamics of the “business side” of media will allow you to run a more efficient newsroom, produce content that is more desirable to your audience, and ultimately create value for your organization—leading to higher pay and greater mobility for you as a professional.
Drawing from my experience as a journalist, editor, and publication operator, I will explore many of the most pressing problems faced by news organizations and the professionals working in them, especially as it relates to the profitability and efficiency of these businesses. Then, I will talk about the broader implications these dynamics have on consumers and the industry at large.
For my first issue, Print in Web3: How News Organizations Make Money, I will compare CoinDesk, Cointelegraph, The Block, Decrypt, and Blockworks and break down their business models and financing. I will also analyze two defunct publications, CryptoCoinNews and BreakerMag to illustrate what happens when incentives are misaligned.
After that, in no particular order, here’s what is on my docket:
Headlines are Everything: Boosting Traffic and Compelling Readers
Crypto v. Trad Media: Comparative Compensation Analysis
First to Press: Building a Faster Newsroom
Google’s Algorithm Will Make or Break You
Distribution Channels: How Consumers Get Their News
If one of the above topics are particularly interesting to you, or if you think reading a newsletter like this is worth 10 minutes out of your month, then please let me know in the comments.
I’ll see you next time.
With sincerity,
Mitchell Moos