Is There Hope for Print Media? A New Model Emerges
In a rapidly changing industry — amidst printed publications folding all around us — print media are scrambling to adapt their models in an effort to survive.
In recent years, newspapers across the country have begun to collaborate to share news stories and features to cut costs while maintaining quality. However, a new model is beginning to surface: entrepreneurial ventures, focusing on industry niches, are providing quality content to printed publications through paid subscriptions.
One such example is MedCity News, a Cleveland-based medical industry news service “focusing on business, innovation and influence in health care,” according to its Website, www.MedCityNews.com. Chris Seper (Twitter: @chrisseper; LinkedIn: Chris Seper), a former journalist for The Plain Dealer who accepted a buyout last year, co-founded the business in January 2009 because he saw “the media space changing.”
The model works through syndication. MedCity develops and publishes content on its Website for online, print and broadcast-media paid subscribers to use in their mediums.
Are ventures such as MedCity News, VentureBeat.com and Politico.com the much-needed answer to support printed publications by allowing them to cut costs and outsource their quality? Seper thinks so.
PR 20/20 sits down with Seper to learn more about MedCity News and his views on the future of the newspaper industry.
PR 20/20: What was the influencing factor for launching this entrepreneurial venture?
Seper: We think the media space is changing. In order for traditional mediums to continue to thrive, they need to collaborate more. They can do the medical news just as good as we can, but they can’t afford to do it all. We think that’s critical. We’re not reinventing the wheel; we just created a model that shrinks the costs for printed publications, while allowing them to maintain the quality of content produced.
PR 20/20: What is the main focus of your business?
Seper: The No. 1 revenue source is through syndication. We see online advertising as secondary. We also can create custom content where we would oversee the freelancers for an exclusive story.
PR 20/20: Do you think your company focus will shift in the future?
Seper: I think this is the future of the industry. I always compare what’s happening in media to what’s power in oil. So, though we use wind for power and energy resources, nothing takes the place of oil (big media). We’re a part of the future. It’s just too hard to focus on big picture issues that will never be on the radar screen. Local politics, sports and entertainment will be more compelling, whether it’s a double murder or LeBron James.
PR 20/20: Why a narrow focus on health care?
Seper: One of the more important things is to have a narrow focus. For example, Venturebeat.com covers private equity and technology. Health care is a major economic engine in the country; it’s complex and needs full-time attention and I think it can be monetized. If you have a small nimble operation that produces the news, you can do it well.
PR 20/20: Is the idea of newspapers finding news niches a foreshadowing of what’s to come?
Seper: I think newspapers and big media with a large geographic area will become a repository of information that the newspaper doesn’t always create. They will need to rely on more people to fill the space.
For example, The Plain Dealer would always cover local courts, sports, book reviews, etc., that could be covered by other people. Newspapers are used to creating the bulk of content, but it’s just too expensive to do it. You’ve got to cut costs. The PD joined the Ohio News Organization last year to collaborate with the state’s largest papers to share stories and save costs.
PR 20/20: Do you feel companies such as MedCity are the wave of the future?
Seper: I’m in the minority that believes print still has a long life and traditional media just has to change what they do, and who they trust to do it. Things are transforming. Some advertising works well in local media. Yes, some ads have gone, but when the economy improves, much of that will come back. Newspapers will have more people who design it, but fewer who create the content in-house.
MedCityNews.com was launched Jan. 17 and is still in beta form. As of this interview, there were no subscriptions yet. However, after two months of publishing, MedCity was more than halfway toward its six-month traffic goal due to social media participation and an SEO campaign.
Lyndsey Walker is a Consultant for PR 20/20, a Cleveland-based inbound marketing agency and PR firm. After five years in the journalism field, she is happy to have made the switch to public relations. Follow my updates on Twitter: @lyndseywalker.
Connect with PR 20/20