Future of News Bootcamp: a market for traditional reportage?
The first ever Future of News Business Bootcamp took place in London last night – 7 journalists, several bottles of wine and one problem: how to make money in journalism.
Each bootcamp will focus on a different area of journalism, and this inaugural event had possibly the biggest challenge of all – how to create a business around human rights & development reporting – that vitally important, but until now, expensive and unprofitable part of journalism.
In the room were half a dozen journalists, pretty much all of whom were interested in being able to travel to different parts of the world and uncover human rights abuses and report on development issues – and get paid to do it. And we were going to do something which has never really been tried in this way before – to take an entrepreneurial mindset and approach to business, and transplant it onto journalism.
Not many journalists dare to stray into this territory, more often than not, simply because they don’t have much entrepreneurial nouse (or don’t think they do). Not us! We bravely strolled into this area to see what sticks.
Product or Service?
Almost all businesses can be divided into two categories – those which provide a product, and those which provide a service. A product is an item you can ship and sell; a service is selling your own time, expertise or knowledge. We looked at both options. Under service, we came up with ideas such as a business which chases every penny of UK development money around the world to check it’s being spent properly; we also looked at providing a reporting service for businesses with Corporate Social Responsibility policies and half a dozen other ideas.
The idea of a product got the group more excited. Is there a gap for a decent human rights reportage magazine? The room felt there was, but it would need to be a massive departure from what little there is out there already. Costs would be another problem; the annual cost estimates for a small business, with maybe six journalists travelling and reporting, ranged from £500,000 ($1m) to £3m ($6m) a year. A lot, yes, but the Times and the Guardian loose hundreds of thousands a day – something new would have a massive advantage…
A key part of starting any business is thinking ‘who is my customer?’. We spent a fair bit of time coming up with crazy different ideas for who might want this type of journalism in the modern world…NGOs? Students & universities? Schools? The military? Traditional media appeared too, although we all agreed getting money from them was becoming harder and harder.
We made some good headway with the idea of how to package the product. Settling on an idea for an online (and possibly print-on-demand) magazine, we looked at all the other news outlets thriving online: the Financial Times, NPR & Propublica, Techcrunch & Mashable, the BusinessDesk.com, MediaStorm – and looked at what ways of packaging our product we could steal from them: everything from exploiting a sponsored mailing list to running events, to bootstrapping, to branding. A combination of these feeding into multiple revenue streams seemed like an attractive idea.
With all the wine gone and the two hours up, we had a lot of ideas, but nothing hugely concrete. But that’s OK! It was pretty much as much as we could have hoped for. More importantly I think it sewed some seeds in all our minds about what might work and what wouldn’t….that’ll stew in our minds for a while – and I think maybe someone in the room will suddenly get the spark of inspiration not far into the future.
Thanks very much to Deborah, Donnacha, Kat, Rebecca, Adam and Phil for bravely taking part in the experiment! If you like the idea of the bootcamps and would like to come to the next one make sure you’re signed up to the Future of News Meetup Group (it’s free!).