Nieman Foundation at Harvard
HOME
          
LATEST STORY
True Genius: How to go from “the future of journalism” to a fire sale in a few short years
ABOUT                    SUBSCRIBE
May 29, 2012, 2:05 p.m.
Business Models
LINK: www.richmondbizsense.com  ➚   |   Posted by: Joshua Benton   |   May 29, 2012

Steve Myers flags this Richmond BizSense piece by Michael Schwartz, which seems to show a remarkably slow uptake on the part of Media General execs. Here’s CEO Marshall Morton:

“Over the past five years, our first thought was that this was heavily due to the recession and, like many other recessions in the past, that this was a cycle. You tighten your belt, freeze hiring and even drop the number of people.

“So we went through a couple years thinking that was the way to handle it. But it kept going.”

It wasn’t until the second quarter of 2011, Morton says, “that we realized the world had changed.”

Steve’s too nice to put too fine a point on it, but that is, frankly, a little astonishing. Below is a chart using NAA data (courtesy Mark Perry) showing print newspaper ad revenue since 1950, adjusted for inflation. The red arrow marks the point Media General’s CEO “realized the world had changed.”

Show tags Show comments / Leave a comment
 
Join the 50,000 who get the freshest future-of-journalism news in our daily email.
True Genius: How to go from “the future of journalism” to a fire sale in a few short years
Genius (née Rap Genius) wanted to “annotate the world” and give your content a giant comment section you can’t control. Now it can’t pay back its investors.
This study shows how people reason their way through echo chambers — and what might guide them out
“You really don’t know whether this person making a good-sounding argument is really smart, is really educated, or whether they’re just reading off something that they read on Twitter.”
Misinformation is a global problem. One of the solutions might work across continents too.
Plus: What Africa’s top fact-checkers are doing to combat false beliefs about Covid-19.