MARK JURKOWITZ ASSOCIATE DIRECTOR PEW RESEARCH CENTER’S PROJECT FOR EXCELLENCE IN JOURNALISM Building a New Revenue Model Pew Research Center’s Project for Excellence in Journalism

Building a New Revenue Model The Core Goal Industry wide, newspapers are struggling trying to replace lost print dollars with new digital dollars

Building a New Revenue Model Success Stories The industry numbers are grim, but there are outliers What can we learn from them?

Building a New Revenue Model What Successful Papers Are Doing Focusing on growth areas—even if they are small Building non-traditional revenue streams Retooling sales staff, from who is hired to how they are paid Changing the culture, not just talking about it

Building a New Revenue Model Successful Papers are Focusing on Growth Areas These include mobile, video and smart targeting They aren’t bringing in much yet, but Borrell says targeted display will dominate local online by 2015

Building a New Revenue Model “You place your bet on every screen” Bigger papers are doing more in the growth areas

Building a New Revenue Model Who is Selling Video Ads?

Building a New Revenue Model Who is Selling Smart Targeted Ads?

Building a New Revenue Model Successful Papers are Generating Non-Traditional Revenue These revenue streams include everything from “retail malls” to “digital agencies” Outliers have a better track record in non-traditional

Building a New Revenue Model “ You can’t be a little bit pregnant in a transformational era” One executive on the need to invest seriously in non-traditional revenue

Building a New Revenue Model Successful Papers are Changing their Sales Staff

Building a New Revenue Model Hire More Digital Sellers Recruiting is a challenge, but outliers had as many digital sellers as print sellers

Building a New Revenue Model Retrain the Sales Staff Digital coaches and managers Digital proficiency testing Closer tracking of sales performance

Building a New Revenue Model Make Digital Pay Off for The Sales Staff Significantly changing compensation to encourage more digital selling

Building a New Revenue Model “Culture change. It’s huge. But I don’t think it’s happening as much as people say.” 10 out of 13 news executives identified internal cultural tensions as the chief obstacle to success at their company

Building a New Revenue Model “The most difficult thing to do is change a corporate culture” “No one is willing to take that chance” “Who are going to be the leaders and who are going to be the followers”

Building a New Revenue Model Successful Papers are Transforming, not Talking Don’t fear staff turnover Paid online content can facilitate change Streamline and speed up decision making Act aggressively, communicate clearly