Before joining Nokia, I was in the publishing industry. Well, that’s what it felt like, though online today we’d call it a blog. As for offline, I was an author and columnist. So, technically, I wasn’t a publisher in the traditional sense (or even non-traditional), though I was hankering to get into it, especially print. Since then, I have watched the publishing industry closely (see latest news below – there’s been a rash of dailies all over the world folding or switching hands).
In the last 10 years, Internet advertising has come into its own, Craig’s list has grown, Google’s Ad Sense upturned the cart, easy online publishing tools have brought the next digital publishing democratization after desktop (print) publishing, print-on-demand has made some serious strides in price and ease of use, and our 24/7 hyperconnected life has made life in the printed lane all that much harder.
But, I think there’s still a place for printed publications. I mean, how would we eat our fish and chips?
All kidding aside, media industries don’t necessarily die, they ‘simply’ adjust to a new business ecology (I’ve got a ton of stories there). And, I’ve a little game of my own where I shout ‘book’ every time I hear, in a podcast I am listening to, about someone who has written a book – there are many, indeed.
So, how in these days of renewed citizen journalism, ubiquitous free information, targeted online ads, and the digitization of practically everything, can anyone succeed in a publishing business based on atoms?
I think publishing can still be profitable. Heck, they were extremely profitable 10 years ago, and are not really unprofitable now, only less profitable than before. I don’t think we need to get desperate and turn newspapers into non-profits in the name of public service.
I think print publishers should rethink their vehicle to hang a business model on. My feeling is that they are still trying to wring a few extra bucks from the current model they have. Redefine the offering, folks. Find the value in another layer, not necessarily in the layer you create stuff in.*
And, that’s no different from any company in a mature market.
Ya hear that, operators?
Link: Return of the press barons – The Boston Globe.
THE NEWS OF LATE has not been good to the newspaper industry. Over the past year, circulation numbers nationwide have fallen sharply; the numbers for daily papers are now a third less than their peak in 1984. Ad sales, which had long held steady despite circulation declines, have tailed off as well, as advertisers, along with readers, migrate to the Web. And though many newspapers are gamely pouring time, money, and effort into their websites, the revenue from online advertising Is far from closing the gap in profits.
*And don’t follow what seems obvious, such as ‘go totally Internet and AdSense’. I wouldn’t say that the current online publishers, in the ‘new’ sense of the word, the Gawkers and Weblog Incs of the world, are necessarily profitable in the ‘business building’ sense of the work (excessive valuations aside).
