Financial Times Chief Executive John Ridding has urged newspaper websites to dump the “free is good” doctrine and work out what they can charge for.
In an interview in today’s Media Guardian, Ridding said charging was the only way to safeguard the future of quality journalism.
“I fundamentally believe readers are willing to pay for quality journalism,” Ridding was quoted as saying on MediaGuardian.co.uk.
Ridding said newspapers had to identify what sets them apart and look for ways to monetise that value.
Newspapers have been having a torrid 2009. Many have closed, some retreated to online versions, while others have tried to tough it out. But nearly all have one thing in common — they have seen profits tumble, or at worst key indicators slump deep into the red.
Those operating in niche markets have that unique content that people are prepared to pay for. If that content is also business critical then the subscription model can be an excuse to print money. While the FT and Wall Street Journal may be able to successfully drive subscription revenue, the majority of general newspapers are struggling to find the golden key within their content offerings.
“It is definitely more difficult for more general publishers [to charge] but often I feel there’s a more fatalistic response, saying ‘It’s not possible’,” Ridding said.
But, on the same day that Ridding’s remarks were published, it was reported that the daily London Evening Standard announced it was to drop its 50p cover price and become free in a bid to increase circulation to almost 600,000 a day from a current level of 250,000.
It seems to me the newspaper business maybe groping in the dark somewhat.
