Business Notes

The following includes tips/points I have gathered after reading a mass of articles (mostly thanks to Ryan Frank) – I’ve chosen the best articles with the best points that correspond to The Hullabaloo. I’ve included the direct passages from these articles with a bolded point for each, so you can scan or read more into those findings.

Bob Pittman, Clear Channel Communications CEO, in NY Times:

  • Listen to the dissenters. “I want us to listen to these dissenters because they may intend to tell you why we can’t do something, but if you listen hard, what they’re really telling you is what you must do to get something done.”
  • Take only the clear, winning ideas. “One thing I preach a lot here is, “Weed the garden.” If I try 10 new things and, just for example, let’s say two are clear winners and two are clear losers. That means I’ve got six in between. What do I do with those? Most organizations — and when I’m not careful, including me — let everything live except the clear losers. And what happens over time is that stuff in between doesn’t really help you.”
  • Use urgency. “Urgency wins.”

New Users, New Revenue: Columbia Journalism Review

  • Outsource our services. Instead, the Chronicle is launching a consulting business—selling a host of Internet services, from website design to improving businesses’ rankings on search engines. And when the Chronicle does sell ads as part of this outreach, those ads are just as likely to appear on Yahoo or Facebook as on
  • Advertising and content are no longer linked. For decades, there has been a connection between the journalism that news organizations provide and the advertisements that generate most of their revenue. Whether it’s a glossy spread that runs before the table of contents in a fashion magazine, or the anchorman’s “more after this message” assurance on the local Eyewitness News, ads and content have always been closely linked in the stream that appears before the consumer….That linkage is breaking down, and news organizations are scrambling to replace it with something else. That may mean selling ads on sites they don’t own or control. “Creating content doesn’t ensure a well-sized audience,” says Chris Hendricks, vice president of interactive media at newspaper chain McClatchy Co. “We’re accepting of the fact that the two may be disengaged.” He then adds something one wouldn’t have heard a few years ago from a media executive: “The longstanding premise of content and advertising being inextricably linked has clearly fallen apart.”
  • Hold advertising events. Many media companies are trying to raise revenue through more untraditional means. Wired opened a physical “Wired Pop Up Store” in New York City during the winter holidays, where it holds events like a “Geek Dad Family Party.” The store sells gadgets and paraphernalia. New York sponsors a wedding showcase event every year, selling tickets to the public, and sponsorships to national fashion brands; it also caters to local disc jockeys, dress stores, bakeries, and other enterprises in the wedding business.

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