Can conspicuous consumption save the news business?
It’s a dire time for the news industry. Readers are flooding to social media for content, advertisers are moving with them and costs are being cut at a brutal rate in a desperate bid to meet falling revenue. It is increasingly clear that business models that depend on amassing large audiences in order to provide a forum for advertising will always struggle against the “niche of one” audience that social media platforms can provide for advertisers. There’s been lots of talk lately about ways to fund public interest journalism. One idea is to tax the online aggregators – Facebook and Google, primarily – that sell advertising against the news content of others to support news organisations. Another is to make news subscriptions or donations to its producers tax deductible. Both ideas are worth considering, but they do not abrogate the need for news organisations to seek better ways to draw revenue from consumers. (It is alarming that discussion of efforts to build a
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