Old Media 1 New Media 0
I have recently come to learn that newmatilda.com has stopped publishing!
What is newmatilda.com?
Launched in August 2004, newmatilda.com is (was) an Australian website of news, analysis and satire, playing an important and prominent role in Australian society. With a growing and loyal readership the site provided coverage of Australian politics, business, consumerism, civil society, international affairs, media and culture.
So what happened?
In their own words, “newmatilda was operating on an outdated business model; a model that relied primarily on site hits and advertising.”
Given its prominence in Australian media, it has thrown the business of online journalism sharply under the spotlight.
So what can be done to keep this service alive?
According to newmatilda.com, they do have plans to rise again, but the economic structure will look substantially different to anything that came before.
Clues to the next economic model can be found in Professor Peter Kawalek’s post ‘Why We Will Always Pay for Content‘ and John Thornton’s notions of “revenue promiscuity”: “you have to get it everywhere and often”.
Both models suggest that a group of respected and in-demand writers will come together and form a writers circle. They ask their readership and loyal followers to contribute to their mission.
According to newmatilda.com similar services across the world are trading on the quality of their journalism and their trusted brands to build relationships with other media outlets to which they provide niche content.
“They rely on a broad and growing base of philanthropists, funding bodies, foundations and individuals who see that as the media industry cuts costs, the survival of public interest journalism requires them to put their money where their mouth is.”
This is an interesting and significant story at a time when The Times online has switched to a subscription model and the value of truthful and accurate reporting has never been more important.
In essence “Quality has never been worth more” – Martin Cahill.
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Article posted at Free Trade Press – the free trade of ideas.
