Future of Journalism

Economics of ‘Free’: ‘Maybe Media Will Be a Hobby Rather than a Job’ – SPIEGEL

In a SPIEGEL interview, Chris Anderson, the editor in chief of US technology and culture magazine Wired discusses the Internet’s challenge to the traditional press, new business models on the Web and why he would rather read Twitter than a daily newspaper.

 

  • I don’t use the word media. I don’t use the word news. I don’t think that those words mean anything anymore. They defined publishing in the 20th century. Today, they are a barrier.
  • More and more people are choosing social filters for their news rather than professional filters. We’re tuning out television news, we’re tuning out newspapers.
  • The problem is not that the traditional way of writing articles isn’t valuable anymore. The problem is that this is now in the minority.
  • The problem is not that there isn’t money to be made online, it’s just that our costs are too high.
  • Advertisers spend $22 to reach 1,000 people on wired.com — and $100 at the magazine. I don’t think we have discovered the perfect online advertising vehicle yet.
  • It’s all about attention. That is the most valuable commodity. If you have attention and reputation, you can figure out how to monetize it. However, money is not the No. 1 factor anymore.
  • Free is the force of gravity.
  • What is left for mass media — it’s the kind of stuff that niches don’t do well. Politics, war, disaster, scandals, etcetera. You can’t charge for it and advertisers don’t like it.

 

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