Here’s an interesting idea: The rush of newspaper management from print to digital journalism was a terrible mistake.
Cyber media was supposed to be the next big thing, the answer to plummeting circulation, advertising and readership. Soon it became clear that digital journalism got off on the wrong foot with a “bad business model,” this new way to get the news for free. That set an expectation of reluctance to pay for it.
“What if, in the mad dash two decades ago to repurpose and extend editorial content onto the web, editors and publishers made a colossal business blunder that wasted hundreds of millions of dollars? What if the industry should have stuck with its strengths–the print editions where the vast majority of their readers still reside and where the overwhelming majority of advertising and subscription revenue come from–instead of chasing the online chimera?”
Fascinating speculation, and Shafer admits it’s a contrarian viewpoint, but he bases it on a study of 51 U.S. newspapers by two University of Texas researchers, H. Iris Chyi and Ori Tenenboim. They published a paper in Journalism Practice, an academic journal.
That paper, said Shafer, “cracks open the watchwords of the newspaper industry to make a convincing case that the tech-heavy web strategy pursued by most papers has been a bust.” That strategy, Shafer adds, “has been a losing proposition for most newspapers.”
Come to think of it, history shows an “all eggs in one basket” strategy can lead to disappointment. The U.S. economy’s reliance on petroleum led to high costs and disruptions by unreliable sources. The electric power industry relied heavily on coal until air pollution and other problems forced the industry to turn to alternative and cleaner energy sources, like solar power. Nuclear power was heralded as the technology that would turn deserts green, but safety concerns derailed some of those hopes.