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Most Online Newspapers Lack Functional Business Models

Mediapost referenced a 66 slide powerpoint by The World Association of Newspapers, titled Shapping the Future of the Newspaper.

Each bulleted list below is a slide from their presentation. I grouped some of them together to discuss how/where I think they relate.

Product Packaging

• Broken information asymmetry: Information is easy to charge for as long as only a few have access to it. Today’s information symmetry makes it increasingly difficult to charge for regular news/information.
• Losing loyalty: Consumers are increasingly grazing media. If they don’t like it, they immediately move on to greener pastures.
• Increased individualism: As we see a strong trend of individualism in the society, mass media has the downside of offering the same message to everybody.
• Design Hype: 50-70 percent of buying decisions are made in the store means more focus on design.

They realize they are no longer able to sell what they once sold and they are losing loyalty each day. Eventually they won’t even be able to pay people to take what they once charged for.

They see that consumers want an individualized focused product. They realize that buying is largely a game of taste and packaging. And yet they do not realize that they are selling news, even if it is free. If packaging matters for products it also matters for information. Niche brands are a good thing. Niche bloggers get this. NTY got this when they bought About.com’s blog network. Why doesn’t the rest of the media get it? Probably because actually changing to give the market what it wants feels risky, and the only niche they appeal to is local.

Authenticity

• The search for authenticy: In a world of fake stories the authentic and real becomes important.
• PR and marketing merging: Editorial content has higher impact than ads, which turns PR into a sales activity.
• Online transactions a new revenue source: As media goes online, transaction revenues for services become an increasingly important revenue stream.
• New revenue models: Newspapers need new revenue models to keep being profitable. New technology offers endless options to reach the future customers (e.g. rich-media ads, virtual worlds, viral marketing, product placement, parasite distribution, maglogs)

They realize that the perception of authenticity is becoming more important, but their journalistic rules will keep their content too vanila to create it, and they are fine with promoting public relations and looking for new business models including affiliate marketing, product placement, and parasite distribution. Eek.

Complexity & Depth of Coverage

• Simplified news: “News snacks” are becoming the norm as customer needs are oversaturated. Simplification means a newspaper can only afford to be good enough.
• Analytic journalism: Newspapers will offer deeper analysis, opinions and explanations of the news in a larger context to help people navigate in an increasingly complex world.

I can’t see news organizations being as efficient as blogs on the news snacks angle. And the in depth reporters are not going to be able to beat out subject matter experts unless they focus on a niche. If they focus on a niche and get a following then they don’t need the news organization behind them. Google or Federated Media or some other ad network can do the selling for them.

Alternative Energy, Alternative Media, & Asset Bubbles

If you have ever wondered how the mainstream media works, watching Manufacturing Consent does a great job of displaying its sordid underbelly. The bias is not always this obvious, but it is always there:

The most recent issue of Harper’s has an article by Eric Janszen about financial bubbles throughout US history named The next bubble: Priming the markets for tomorrow’s big crash. A couple key quotes:

We have learned that the industry in any given bubble must support hundreds or thousands of separate firms financed by not billions but trillions of dollars in new securities that Wall Street will create and sell. Like housing in the late 1990s, this sector of the economy must already be formed and growing even as the previous bubble deflates. For those investing in that sector, legislation guaranteeing favorable tax treatment, along with other protections and advantages for investors, should already be in place or under review. Finally, the industry must be popular, its name on the libs of government policymakers and journalists. It should be familiar to those who watch television news or read newspapers.

The media rides the story up and rides it back down. We always need something to talk about. It happens to the media offline just like it does to niche publishers online. But the memory and analysis are short and shallow, quickly pointing a finger at a false cause, fixing symptoms like antidepressant drugs do:

The U.S. mortgage crisis has been labeled a “subprime mortgage crisis,” but subprime mortgages were only a sideshow that appeared late, as the housing-bubble credit machine ran out of creditworthy borrowers. The main event was the hyperinflation of home prices. Risks are embedded in the price and lurk as defaults. Even after the faith that supported a bubble recedes, false beliefs continue to obscure cause and effect as the crisis unfolds.

It puts the formation of the alternative energy market in a fascinating perspective, especially as I finished reading about the demise of ACA and hung up the phone from an automated call from a sleazy telemarketer company calling me at 8pm, stating their partnerships with non-profits to help consolidate the debt that I don’t have due to the country’s current credit crisis.

When economic fraying appears at the weak edges of the market it hints that more is to come. Long time bulls are turning bearish and the stock markets are hurting worldwide. And so history repeats itself for the people, yes.

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10 Things Yahoo! Search Must do to Become Relevant

Yahoo!’s Downward Trend

Yahoo! killed off their brand universe project, and recently fired 30 people. Rumor has it that about 2,000 more layoffs might be coming soon. Yahoo! shares are nearing $20, trading at $20.78, and giving them a market capitalization of $27.8 billion.

This WSJ article highlights that about half of Yahoo!’s value is in cash and equity stakes in Alibaba and Yahoo! Japan. Over the last year Yahoo! lost significant momentum and marketshare in search. They need to outsource search and search ads, fire a bunch of employees, gain search marketshare, or there is going to be a buyout or merger before the year is out.

Pageviews Still do Not Have Much Value

Sidebar: to anyone hyping the value of pageviews and social media, think of how many pageviews Yahoo! has. If you pull out the value of Yahoo!’s large equity stakes in other companies and cash on hand, Amazon and eBay are each worth about 2 to 3 times Yahoo!, and Google is worth about 13x.

10 Key Ideas Yahoo! Needs to Implement Tomorrow (or Sooner)

After seeing the underwhelming launch of Wikia Search, I think Yahoo! should push further in human aided search. Relevancy is based on perception and marketing. Yahoo! needs to do the following if they want to compete in search:

1. Increase the relevancy of their directory by actually featuring it (the directory looks like a sidebar to a blog that occupies most of dir.yahoo.com), and by becoming more selective with what sites they accept. You can appreciate their bad marketing of the Yahoo! Directory by the fact that the Google Directory (a DMOZ clone) has a higher PageRank.
2. Yahoo! is testing integrating Del.icio.us data in their search results. Brand Yahoo! search as human edited safe search and find a way to pay end users for their contribution. Payment does not need to be monetary. Take a look at the success of Yahoo! Answers and Del.icio.us and apply those toward search. Google gives Checkout advertisers free ads and a higher ad CTR (which leads to a lower ad cost). Win search marketshare from your users by giving them rebates on your other products as well.
3. Create a branding and awareness campaign around the new Yahoo! Search. Hire someone to do a fake study proving that Yahoo! Search is more relavant than any of the other players. Make sure Ask or Microsoft is ranked #2 ahead of Google.
4. Let users comment on search results AND on listings in search results. Controversy surrounding this will lead to more people talking about and evaluating Yahoo! Search for quality.
5. Launch a new toolbar with a meter like PageRank in it…call it YourRank (or something the emphasizes to the user) that it is their web and what they like. Heavily push that branding message to users locked into Yahoo! email, Yahoo! Stores, and other verticals they interact with.
6. Create a well branded specialty search for bloggers with innovative features that make it easy to follow the conversation both ways. Also launch creative ideas to buy mindshare with other high authority communities (universities, open source projects, etc.).
7. Easily allow advertisers to do keyword research on Yahoo! outside of while they are setting up search campaigns. Create a reliable publicly accessible keyword tool which actually markets the Yahoo! Search product.
8. Give away a lot of useful search market data (like Microsoft recently did with their Ad Intelligence plug-in).
9. Put the Yahoo! brand on the millions of syndicated domain landing pages they power each day.
10. Increase the relevancy of their contextual ad product and increase payouts to 100% (buy marketshare) BEFORE Microsoft openly launches their network. Perform case studies with publishers who saw their Yahoo! monetization go up AFTER switching from AdSense (and other inferior networks) to the NEW Yahoo! Publisher Network contextual ads program. Perhaps pay key leading bloggers 150% just to get them using, talking about, and giving feedback on your ads. Buy marketshare…

How Could Yahoo! Become Relevant?

Do you still use Yahoo! Search? What could Yahoo! do to make you want to use them and talk about their search product?