New York Times Company CEO Mark Thompson was back in his native U.K. today to give an address at the Reuters Institute for the Study of Journalism, which is celebrating an anniversary of its fellowship program. Here’s the full text (pdf) of his prepared remarks. Here are a few of the items I thought were most worth highlighting:
One statistic that is still startling even if, by now, it’s hardly surprising: In 2000, The New York Times generated $204 million in help-wanted advertising. In 2012? $13 million, a decline of 94 percent.
Nothing Compares 2 Times
Thompson shares a bit more about the Times’ project-in-progress Need 2 Know. (I sincerely hope that that his prepared remarks are mistaken and it’s actually “Need To Know” — or else he’s been listening to a lot of Prince slow jams.)
One of the new ideas is a project with the working title of Need 2 Know. Though it will be available on all digital platforms, we’re developing it for mobile, and particularly smart-phone first, and it’s intended to offer users the perfect briefing not just on the news that’s already happened but on the events and stories up ahead that our editors have already got their eye on, and to it with its own voice and its own flavour. If you’ve caught the ‘New York Today’ feature in the Metro section of our website, you’ll have an idea of what that flavour could be.
I do like the idea of more and better summarization products — but I wonder how easy they’ll be to monetize. (A roundup of news links, service-y news-you-can-use, and some editorial flavor can be great — but it’s also not that hard to duplicate.)
Passing the controls overseas
Control of NYTimes.com and related digital products will no longer rest solely in midtown Manhattan:
Our newsrooms around the world are already working far more closely together than before and editorial control of the global edition of the Web site will be handed over, for the first time, to Jill and Andy’s teams in London, Paris and Hong Kong.
Aiming high with video
Some interesting details on video strategy: Thompson doesn’t seem to be a huge fan of the two-journalists-talking-about-a-story model for newspaper video:
Newsroom or studio-based video talk — which The Times has experimented with over the years and which both the Wall Street Journal and the Huffington Post are spending heavily on at the moment — can work well when there’s a big and real-time event to talk about. I thought that The Times’s video coverage of last autumn’s election, combining news feeds of some of the key moments with cogent analysis, worked very well — and it certainly drove impressions. But, as the twenty-four hour TV news teams discovered many years ago, there’s nothing quite as dull as journalists talking to each other on video when nothing is happening.
He promotes high-end productions like Op-Docs — which would seem to indicate the Times will treat video like text and keep aiming at the high end of the market, leaving the HuffPost Lives of the world to generate thousands of hours of cheap-to-produce talk-show-style video a year.
Also: “We are currently leaving money on the table because we don’t yet have enough video-advertising opportunities to sell.”
Interesting: The Times will expand into “smart games, building out from our crossword franchise and its remarkable success as an independent digital subscription play.”
We’re not Twitter
Here’s Thompson on the Times’ differentiation from Twitter as a news provider:
Once, and not so long ago, different papers, TV channels and news websites competed for who was going to be first with the really big breaking story. Now we know in advance where that story’s almost certainly going to appear first – Twitter and sites like it. They usually beat us all.
And yet the problem with Twitter is you don’t just get the news, you get everything else as well: uncorroborated but potentially precious eye-witness testimony and citizen journalism, but also rumour, speculation, disinformation, propaganda, lies and general nuttiness. Just a few years ago, it was sometimes suggested that the world’s professional journalists might well soon be replaced by a kind of Wikipedia of news, reported and curated by a global army of publicly spirited amateurs. But quite apart from issues of political and cultural bias and objectivity, it turns out that what we face in a major unfolding hard news story is a vast, roiling sea of actuality, with fresh breakers crashing in every few seconds and with both truth and narrative often fiendishly hard to pick out.
— Joshua Benton