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What We Know About the Business of Digital Journalism

Endnotes

Endnotes: Introduction

1 Apple’s split-adjusted stock price was about $10 (from Yahoo Finance, http://yhoo.it/ ecaGAO), while Knight-Ridder’s was around $60 (Grain Market Research, http://bit.ly/ dGf5F5). Apple had far more shares outstanding, leading to valuations that are within 1 percent of each other. 2 Entire contents of “The Reconstruction of American Journalism” can be found on CJR.org, http://bit.ly/eP6Fjl 3 “All the News That’s Fit to Subsidize,” op-ed from WSJ.com, Oct. 21, 2009. http://online.wsj.com/article/SB10001424052748704597704574486242417039358.html 4 Media commentator Alan Mutter addressed this in a post, “Non-profits can’t possibly save the news,” Reflections of a Newsosaur, March 30, 2010, http://bit.ly/dMp86C. He calculated the news media would need an endowment of $88 billion to produce enough revenue to support current models. 5 Stewart Brand, The Media Lab (Penguin, 1988). 6 James Hamilton, All the News that’s Fit to Sell (Princeton University Press, 2003). 7 Carl Shapiro and Hal R. Varian, Information Rules (Harvard Business School Press, 1999).

Endnotes: Chapter 1

1 Rick Edmonds, “An Online Rescue for Newspapers?”, Poynter.org, Jan. 27, 2005. http://bit.ly/gphsCR 2 Figures from Newspaper Association of America data. http://bit.ly/h4dxxf 3 “State of the News Media 2011: Network by the Numbers,” Pew Research Center’s Project for Excellence in Journalism. http://bit.ly/eH71Ld 4 Carl Sessions Stepp, “State of the American Newspaper, Then and Now,” American Journalism Review, September

  1. http://bit.ly/eDev0Y 5 Vin Crosbie, “The Placebo Called Convergence,” June 9, 2010. http://bit.ly/ft8f8b 6 “Internet Gains on Television as Public’s Main News Source,” Pew Research Center for the People & the Press, Jan. 4, 2011. http://bit.ly/ia45aw 7 “State of the News Media 2011: Mobile News and Paying Online,” Pew Research Center’s Project for Excellence in Journalism. http://bit.ly/fsVAWf 8 “McClatchy Reports Fourth Quarter 2010 Earnings,” Feb. 8, 2011. http://bit.ly/hsfERQ 9 Edwin Diamond, “Trouble in Paradise,” New York Magazine, March 3, 1986, page 52. http://bit.ly/hPZgZP 10 Remarks made at Borrell Associates Local Online Advertising Conference, March 3,
  2. The Story So Far: What We Know About the Business of Digital Journalism 20 11 Lucas Graves et al, “Confusion Online: Faulty Metrics and the Future of Digital Journalism,” September 2010. http://bit.ly/hBPwt7 12 A study of local online media has this to say: “Content is king, but not the content most people think. News and information sites do indeed generate revenue, but the top five local online companies derive all their content from their own advertisers.” From “Benchmarking Local Online Media: 2010 Revenue Survey,” Borrell Associates. 13 Alan D. Mutter, “Mission Possible? Charging for Web Content,”

Endnotes: Chapter 2

1 In its results for the second quarter of 2010, http://bit.ly/h31e8V, the Times Co. says 26 percent of its total ad revenue comes from online. But for the New York Times Media Group, which includes the namesake property and the International Herald Tribune (print and online), circulation revenue is almost as significant as advertising. Thus, digital certainly represents less than 20 percent of total revenue for the NYT’s paper and site, though the company doesn’t break the results out in more detail. 2 “Morgan Stanley’s Meeker Sees Online Ad Boom,” Bloomberg Businessweek, Nov. 16, 2010. http://buswk.co/dP8wQU (full presentation available at http://slidesha.re/dHqdrC). A March 2011 study by eMarketer, http://bit.ly/htZ3Mw, put the time spent vs. ad spending disparity at 25.2 vs. 18.7 percent for Internet and 8.1 vs. 0.5 percent for mobile. 3 According to a comScore study released in March 2011, “Lessons Learned, Maximizing Returns with Digital Media,” 30 percent of all U.S. Internet users delete their cookies, up to six times a month. That can result in a 250 percent overcounting of unique visitors to a site. Slide 6 of http://bit.ly/hhIf0y 4 Jimmy Orr, “Latimes.com Has Record Page Views in March,” latimes.com, April 8, 2011. http://lat.ms/i435ob 5 “Nielsen Analysis,” State of the News Media 2010, Pew Research Center’s Project for Excellence in Journalism. http://bit.ly/gcIRQ2 The study also notes that the average visitor spends 10 minutes a month on newspaper or local TV sites, while cable news sites get close to 24 minutes per month. 6 “Newspaper Engagement,” submission to Newspaper Association of America Marketing Conference, Feb. 23, 2006. http://bit.ly/i2b6Eg 7 Scout Analytics is actually measuring devices, not humans, but there is reason to believe the numbers even out in some fashion. Many people use more than one device in a month to access a site, but also some devices, especially home computers, are used by more than one person in the same period of time. 8 “Importance of Analyzing Unit Cost of Engagement in Advertising,” Digital Equilibrium blog, Nov. 29, 2010. http://bit.ly/ihY3nc 9 “Engagement as the Unit of Monetization,” Digital Equilibrium blog, Oct. 25, 2010. http://bit.ly/ejvcJp 10 Remarks at Borrell Associates Local Online Advertising Conference, March 3, 2011. The Story So Far: What We Know About the Business of Digital Journalism 11 Erin Pettigrew, “Strengthening Our Core (Readership),” Gawker Media, March 5, 2010. http://bit.ly/hnQnLv 12 Felix Salmon, “The New Gawker Media,” Reuters.com, Dec. 1, 2010. http://reut.rs/gBg6lt 13 Eric Peterson and Joseph Carrabis, “Measuring the Immeasurable: Visitor Engagement,” Web Analytics Demystified, 2008. http://bit.ly/hvFuio PBS later adapted the formula to designate its most loyal users as those who view at least 3.2 pages per visit; stay at least 2.57 minutes on the site; have visited the site within the past two weeks; and visit the site at least three times a month. 14 Examiner articles at http://exm.nr/gZSbnU and http://exm.nr/fI2JEJ 15 Edmund Lee, “Does Who Creates Content Matter to Marketers in a ’Pro-Am’ Media World?”, AdAge, June 7, 2010. http://exm.nr/fI2JEJ 16 Examiner gallery and article at http://exm.nr/fHdRPW and http://exm.nr/eonVdC 17 Gawker’s Nick Denton wrote that “clickthroughs are an indicator of the blindness, senility or idiocy of readers rather than the effectiveness of the ads.” From “Why Gawker is moving beyond the blog,” Lifehacker blog, Nov. 30, 2010. http://lifehac.kr/gVWcuF For more on the inutility of clicks, see comScore study, op. cit. Slide 4 of http://bit.ly/hhIf0y which reports that 84 percent of all U.S. Internet users never click on an ad in a given month, and that there are 50 percent fewer clickers in 2011 than in 2007. 18 comScore press release, “U.S. Online Display Advertising Market Delivers 22 Percent Increase in Impressions vs. Year Ago,” Nov. 8, 2010. http://bit.ly/ezZAYa 19 “Online: Key Questions”

Endnotes: Chapter 3

1 See, for instance, Laura McGann, “Six reasons to watch local news project TBD’s launch next week,” Nieman Journalism Lab, Aug. 6, 2010. http://bit.ly/dRnAxQ 2 Alan D. Mutter, “Hyperlocals like TBD: More hype than hope,” Reflections of a Newsosaur, Feb. 24, 2011. http://bit.ly/fVi6M0 3 Paul Farhi, “Allbritton Communications slashes staff at reorganized TBD.com,” Washington Post, Feb. 23, 2011. http://wapo.st/g8XcRa 4 Rafat Ali, “Politico Crushing It On Revs, Profits In Fiscal ’09; Changes Ownership Structure,” paidcontent.org, Jan. 4, 2010. http://bit.ly/eMimy7 5 Michael Wolff, “Politico’s Washington Coup,” Vanity Fair, August 2009. http://bit.ly/eyx79Y 6 Paul Farhi, “TBD.com making its move into the crowded market of local news,” Washington Post, Aug. 7, 2010. http://wapo.st/hTwEAG 7 Main Street Connect, “Community News.” http://bit.ly/e4nfiB Columbia Journalism School | Tow Center for Digital Journalism Local and Niche Sites: The Advantages of Being Small 53 8 David Kaplan, “AOL Buying Hyperlocal News Aggregator Outside.in; Will Align With Patch,” paidcontent.org, March 4,

  1. http://bit.ly/fZBjsA; and Dan Frommer, “AOL Buys Outside. In, Less Than $10 Million,” Business Insider, March 4, 2011. http://read.bi/eBKRaJ 9 Ken Auletta, “You’ve Got News,” New Yorker, Jan. 24, 2011. http://nyr.kr/eLd7Qn 10 Robert G. Picard, “Journalism, Value Creation and the Future of News Organizations,” Joan Shorenstein Center on the Press, Politics and Public Policy, Spring 2006. http://bit.ly/ep2ufT 11 David Saleh Rauf, “Dispatches from the Last Frontier,” American Journalism Review, December/January 2011. http://bit.ly/fpMpLF 12 comScore, “The New York Times Ranks as Top Online Newspaper According to May 2010 U.S. comScore Media Metrix Data,” June 16, 2010. http://bit.ly/ecqJ37 13 Michele McLellan, “Block by Block: Building a new news ecosystem,” Reynolds Journalism Institute. http://bit.ly/kIjVwv 14 Anthony Tjan, “DailyCandy’s Accidental Entrepreneur: An Interview with Dany Levy,” Harvard Business Review, Oct. 14, 2009. http://bit.ly/fmnRzD 15 Peter Kafka, “Comcast Buys DailyCandy For $125 Million,” Business Insider, Aug. 5, 2008. http://read.bi/fg6zNh 16 Dennis K. Berman and Julia Angwin, “Former AOL Official Pittman Puts Web Firm Daily Candy Up”

Endnotes: Chapter 4

1 Bryan Chaffin, “Analyst Ups Q4 iPad Shipments to 6.3 Million,” The Mac Observer, Dec. 2, 2010. http://bit.ly/fVdrQD; Yenting Chen and Joseph Tsai, “Apple expects shipments of 6-6.5 million iPads in 1Q11,” Digitimes, March 2, 2011, http://bit.ly/fEiSkb; Pascal-Emmanuel Columbia Journalism School | Tow Center for Digital Journalism The New New Media: Mobile, Video and Other Emerging Platforms 65 Gobry, “iPad Shipments Will Hit 65 Million In 2011, Says Analyst,” Business Insider, Dec. 29,

  1. http://read.bi/hDFy5C; Anna Johnson, “iPad Sales To Grow By 127 Percent in 2011,” Kikabink News, Dec. 15, 2010. http://bit.ly/fQXWNy 2 Mobile DTV and ITV presentation by Pearl consortium at Borrell conference, March 3, 2011. 3 Andrew Vanacore, “Publishers see signs the iPad can restore ad money,” Associated Press, June 3, 2010, http://usat.ly/f9wnqi. 4 Joe Pompeo, “iPad Owners Spend An Hour Or More Reading A Single Magazine On The Device,” Business Insider, June 7,
  2. http://read.bi/htam4c 5 Christopher Hosford, “Tablets, contextual ads drive discussion at summit,” B2B, March 14, 2011. http://bit.ly/eNlYji; David Kaplan, “Hearst’s Carey: Tablets Will Provide 25 Percent Of Magazines’ Circulation” paidcontent.org, March 9,
  3. http://bit.ly/ibBilx 6 “comScore Reports January 2011 U.S. Mobile Subscriber Market Share,” comScore, March 7, 2011. http://bit.ly/gPjCfz 7 John Koblin, “Memo Pad: iPad Magazine Sales Drop,” WWDMedia, Dec. 29,
  4. http://bit.ly/gSJg66 Also see Peter Kafka, “Wired’s Newest iPad Issue Boasts Its Best Feature Yet: Free” AllThingsDigital, April 15,
  5. http://bit.ly/dImJ8w 8 ABC Publisher’s Statement, Dec. 31, 2010. 9 Nat Ives, “Conde Nast Taps Brakes on Churning Out iPad Editions for All Its Magazines,” AdAge, April 22, 2011, http://bit.ly/i6KHv7. 10 Existing customers who subscribe to an app from a publisher’s website and use the publisher’s billing services aren’t subject to the fee. 11 MG Siegler, “Apple Now Has 200 Million iTunes Accounts, Biggest Credit Card Hub On Web” TechCrunch, March 2, 2011. http://tcrn.ch/fRLtFW 12 Amir Efrati, Mary Lane and Russell Adams, “Google Elbows Apple, Woos Publishers,” Wall Street Journal, Feb. 17, 2011. http://on.wsj.com/iaYu7B 13 Aparajita Saha-Bubna, “The Journal Adds 200,000 Mobile-Device Subscribers,” Wall Street Journal, March 11, 2011. http://on.wsj.com/gzVUZZ 14 ABC Audit Statement, September 30, 2010 15 John Biggs, “Time Inc. Releases Sports Illustrated Digital Subscriptions,” TechCrunch, Feb. 11, 2011. http://tcrn.ch/fG5mW4 16 In March 2011, Sports Illustrated subscriptions were priced in various ways. An “All Access” subscription was billed at $4.99 monthly and included an Android app, print magazine and web access. The same plan paid by the year cost $48 and included a free windbreaker. A digital-only subscription costs $3.99 a month. 17 Staci Kramer, “’Daily’ Publisher Disputes Subscription Numbers; Says 5,000 Far Too Low,” paidcontent.org, March 17, 2011. http://bit.ly/eeqQ2A 18 “The comScore 2010 U.S. Digital Year in Review,” comScore, Feb. 7, 2011, page
  6. http://bit.ly/eq7mjE 19 Alex Weprin, “This Is Where CNN Makes Its Money,” TVNewser, May 27, 2010. http://bit.ly/edQDUd 20 Borrell Associates, “Benchmarking Local Online Media: 2010 Revenue Survey,” March 2011. http://bit.ly/eSBkXU 21 News Release. “LIN TV Corp. Announces Fourth Quarter and Full Year 2010 Results,” March 16, 2011. http://bit.ly/gvSTwP 22 LIN Media website: http://bit.ly/hGC6Up 23 Based on internal count of unique users in 2010. 24 Mallary Jean Tenore, “How The Miami Herald cultivates loyal audience for video, its second biggest traffic driver,”

Endnotes: Chapter 5

1 Stewart Brand, The Media Lab (Penguin, 1988), p. 202 2 John Lanchester, “Let Us Pay,” London Review of Books, Dec. 16, 2010. http://bit.ly/h8gIt8 3 Bill Grueskin, “The Case for Charging to Read WSJ.com,” guest post on Reflections of a Newsosaur blog, March 22, 2009. http://bit.ly/f2UB3x 4 Joel Meares, “Jim VandeHei talks Politico Pro,” Columbia Journalism Review, Nov. 16, 2010, http://bit.ly/fSmKZb; see also Jeremy W. Peters, “Politico, Seeing a Market Need, Adds a Paid News Service,” New York Times, Oct. 25, 2010. http://nyti.ms/hg1lPA 5 “Now Pay Up,” The Economist, Aug. 27, 2009. http://econ.st/hJOUsM 6 David Smith, “Papers in U.S. losing readers; Democrat-Gazette gains subscribers,” Arkansas Democrat-Gazette, April 27, 2010. http://bit.ly/fcoFs7 7 Information provided by Miami Herald circulation department. 8 “Old and New Media Go to Washington,” from On the Media, NPR, May 8, 2009. http://bit.ly/hwsTyu 9 Transcript of remarks at Carnegie Corporation, provided by James Moroney. 10 Justin Ellis, “Dallas Morning News publisher on paywall plans: ’This is a big risk,’ ” Nieman Journalism Lab, Jan. 6, 2011. http://bit.ly/eg0dSH 11 “Annual Report and Accounts 2009,” Pearson PLC. http://bit.ly/eO7Yfj 12 FT’s pricing plan details. http://on.ft.com/gY98fv. The FT’s print circulation in 2011 was 381,658. 13 “2010 Results Presentation,” Pearson, Feb. 28, 2011. Slide 36, http://bit.ly/gXmf9p The Story So Far: What We Know About the Business of Digital Journalism 82 14 Bill Grueskin, “NYTimes.com Pay Scheme has a Great Big Hole,” paidcontent.org, March 18, 2011. http://bit.ly/i5hyaZ 15 The 85 percent figure comes from the Times’ own story: Jeremy W. Peters, “The Times Announces Digital Subscription Plan,” March 17, 2011. http://nyti.ms/hBJvt6 16 One estimate says the Times was spending $40 million to $50 million: Brett Pulley, “New York Times Fixes Paywall Flaws to Balance Free Versus Paid on the Web” Bloomberg.com, Jan. 28, 2011, http://bloom.bg/fyCwLV. Publisher Arthur Sulzberger has said that’s not accurate, and another journalist, Staci Kramer at paidcontent.org, put the price at $25 million: “New York Times Paywall Cost More Like $25 Million,” http://bit.ly/fE71o2. Meanwhile, a former design director for the Times’ site, Khoi Vinh, noted the opportunity cost for the Times in his post, “What the NYT Pay Wall Really Costs,” subtraction.com, March 18, 2011, http://bit.ly/eHb6F9 17 Staci D. Kramer, “The NYT Pay Plan’s Most Dangerous Foe: Perception,” paidcontent.org, March 27, 2011. http://bit.ly/dO7WdI 18 Michael DeGusta, “Digital Subscription Prices Visualized (aka The New York Times is Delusional),” theunderstatement.com, March 21, 2011. http://bit.ly/hXON9f 19 Lauren Kirchner, “Don’t Call it a Paywall,” CJR, April 6, 2011. http://bit.ly/f72MEa 20 Tiernan Ray, “NY Times Sags; 100K Paid Digital Subs, and No Loss to ’Premium’ Advertising,” Barrons, April 21,2011. http://bit.ly/fAHfjp 21 Jonathan Landman, the Times’ former deputy managing editor for digital journalism, quoted in Jeremy W. Peters, “The Times’ Online Pay Model Was Years in the Making,” New York Times, March 20, 2011. http://nyti.ms/ediOZO 22 Edward J. Delaney, “Charging (a lot!) for news online: The Newport Daily News’ new experiment with paid content,” Nieman Journalism Lab, June 8, 2009. http://bit.ly/gtV5Hn 23 “The Consumer and Content: Benchmark Study,” AOL, September 2010. Slide 47 et al. http://bit.ly/fYAE1T 24 “Economic Attitudes,” State of the News Media 2010, Pew Research Center’s Project for Excellence in Journalism. http://

Endnotes: Chapter 6

1 Video, “Arianna and AOL CEO Tim Armstrong Teach Journalism Class At Brooklyn Middle School,” Huffington Post, March 17, 2011. http://huff.to/i4ozzo 2 Bill Keller, “All the Aggregation That’s Fit to Aggregate,” New York Times, March 10, 2011. http://nyti.ms/htb7Xk 3 The Lede, New York Times. http://nyti.ms/hNf3xZ 4 The Project for Excellence in Journalism and the Pew Internet & American Life Project, “The State of the News Media: Nielsen Analysis.” http://bit.ly/fflY0M “In making these categories PEJ looked at the front page of each site and counted the links on the site. If two-thirds of the links on the site were original content, the site was labeled an originator. If two-thirds of the links were to outside content, the site was categorized as an aggregator. Commentary sites are those that do not have original content in terms of original reporting, but have content that is mostly commenting or discussing reporting done by others.” 5 Ibid. 6 One such example: Arianna Huffington, “Journalism 2009: Desperate Metaphors, Desperate Revenue Models, And The Desperate Need For Better Journalism,” Dec. 1, 2009. http://huff.to/fEyZp1 7 Gabriel Sherman, “Going Rogue on Ailes Could Leave Palin on Thin Ice,” nymag.com, March 13, 2011. http://bit.ly/hcqWRc 8 Jack Mirkinson, “Roger Ailes Told Palin Not To Make ’Blood Libel’ Video: NY Mag,” Huffington Post, March 14, 2011. http://huff.to/ieYDh9 9 “Tube Mogul Online Video Best Practices,” December 2010. http://bit.ly/f426qV The average video featured on the YouTube home page gets 86,000 views per day. 10 Kimberly Isbell, “What’s the law around aggregating news online?” Nieman Journalism Lab, Sept. 8,

  1. http://bit.ly/hIXmUc The definition and distinctions among kinds of aggregation informed our discussion of these differences. 11 “Top 20 Websites and Engines,” Hitwise, April 16, 2011. http://bit.ly/frLcYt Hitwise is a company that measures online audiences using data aggregated from Internet service providers. 12 “About the updates to Google News,” Google News site. http://bit.ly/eh1tZI 13 Erick Schonfeld, “Exclusive: An Early Look At News.me, The New York Times’ Answer To The Daily,”TechCrunch, Feb. 1, 2011, http://tcrn.ch/fb2KRw; Russell Adams, “Paper Starts New Website; Washington Post’s Trove to Allow Readers to Build Custom Views of Online News,” Wall Street Journal, Feb. 11, 2011. http://on.wsj.com/gbktyg The Story So Far: What We Know About the Business of Digital Journalism 92 14 Video, “The Huffington Post Posts About the”

Endnotes: Chapter 7

1 U.S. Department of Commerce, “The Emerging Digital Economy,” April

  1. http://bit.ly/fLtcKX 2 “Inland’s ’Rules of Thumb’ 2008,” Inland Press, Sept. 8, 2008. http://bit.ly/eHlfkX 3 John Paton, “Presentation at INMA Transformation of News Summit,” Digital First, Dec. 2, 2010. http://bit.ly/dT0D3R 4 Richard Pérez-Peña, “New York Times Plans to Cut 100 Newsroom Jobs,” New York Times, Feb. 14, 2008. http://nyti.ms/ezJtN9 5 Zachary M. Seward, “An extremely expensive cover story—with a new way of footing the bill,” Nieman Journalism Lab, Aug. 28, 2009. http://bit.ly/fHZ8qU 6 John Paton, “I Promised—You Delivered—The Checks Are Cut,” Digital First, March 14, 2011. http://bit.ly/fFmdHp 7 Heather Leonard, “Google’s Share Of The Total Online Ad Market To Increase Even More,” Business Insider, March 3, 2011. http://read.bi/hzajdl 8 See The New York Times Company, “2010 Annual Report,” Feb. 22, 2011. http://bit.ly/i4Zhxt and MarketWatch, “Yahoo! Reports Fourth Quarter 2010 Results,” Jan. 25, 2011. http://bit.ly/hVBW1B 9 Erik Schonfeld, “Facebook Now Has Yahoo In Its Sites, Already Bigger In Pageviews,” TechCrunch, Feb. 1, 2010. http://tcrn.ch/gKquzo 10 Henry Blodget, “BUSINESS INSIDER SECRETS REVEALED: An Inside Look At Our Readership And Financial Performance,” Business Insider, March 7, 2011. http://read.bi/gDGml9 11 Jeremy W. Peters, “Web Focus Helps Revitalize The Atlantic,” New York Times, Dec. 12, 2010. http://nyti.ms/fSxPEJ and Matt Kinsman, “The Atlantic Posts Profit for First Time In Years,” Folio, Jan. 6, 2011. http://bit.ly/eCrPt2 12 Jeremy W. Peters, op.cit. 13 United States Conference of Mayors, “U.S. Metro Economies: GMP—The Engines of America’s Growth,” June 2008. http://bit.ly/gzYWRy 14 Bill Shea, “Free Press, News struggle after revising their JOA,” Crain’s Detroit Business, Aug. 1, 2010. http://bit.ly/i2v8GX 15 Bill Shea, “Newspaper unions at Detroit dailies ratify two-year contract,” Crain’s Detroit Business, Nov. 15, 2010. http://bit.ly/hBW9Yo 16 Figures provided to the authors by Detroit Media Partnership.

Endnotes: Chapter 8

1 “The Web Is Not a Selling Medium,” Art Bin, August 1998. http://bit.ly/eQcBwa 2 Sweeney’s bio is at http://bit.ly/i06QiK 3 Jeremy Peters, “Newspaper Circulation Falls Broadly but at a Slower Pace,” New York Times, Oct. 25, 2010, http://nyti.ms/ey8hHC and AdAge circulation data, http://bit.ly/fwgh8k 4 “ReachLocal Reports 44% Annual Revenue Growth for 2010,” ReachLocal website, Feb. 15, 2011. http://bit.ly/fdkpSK 5 “Local Media Reach: 2010,” Internet Broadcasting, Jan. 26, 2011. http://bit.ly/eWo2SF 6 Sarah Jane Weaver, “Deseret News set to lead, innovate,” Deseret News, Sept. 1, 2010. http://bit.ly/ewGLJy 7 Ibid. 8 Tom Harvey, “Tribune to press ahead in face of News changes,” Salt Lake Tribune, Aug. 31, 2010. http://bit.ly/es3QnY 9 KSL.com firearm survey was active in March and April 2011 at http://bit.ly/hO809N 10 “DMC unveils new digital media and broadcast operating divisions,” KSL.com, Sept. 10, 2009. http://bit.ly/fQkmjg 11 “Newspaper Next: Blueprint for Transformation,” American Press Institute, 2006. http://bit.ly/iewNO8 12 Felicity Barringer, “A General Whose Time Ran Out,” New York Times, March 15,

  1. http://nyti.ms/hRArcp 13 “Disrupting Class: How Disruptive Innovation Will Change the Way the World Learns,” Dec. 3, 2009. http://bit.ly/hPlWln 14 “Clark Gilbert’s Session at Borrell Associates’ Local Mobile Advertising Conference 2010—Dallas, TX,” Borrellassociates.com, http://bit.ly/fBlSFD; Gilbert speaks about KSL. com’s revenue around 14:30 into the video. The figure has since been updated by the company. 15 CareerBuilder: Profile—History. http://cb.com/fhfMTe 16 Press Release, “McClatchy Reports Fourth Quarter 2010 Earnings,” Feb. 8, 2011. http://bit.ly/hsfERQ Columbia Journalism School | Tow Center for Digital Journalism New Users, New Revenue: Alternative Ways to Make Money 117 17 “Facebook advertising metrics and benchmarks,” go-Digital Blog. http://bit.ly/gMwxsw 18 Geoffrey A. Fowler and Emily Steel, “Valuing Facebook’s Ads,” WSJ.com, Nov. 11, 2010, http://on.wsj.com/faZueN Advertisers have posted click-through stats on a Facebook chat page. The comments from 2010 and 2011 show varied results: One user said his ad drew 674 clicks out of 320,000 impressions, for a rate of about one click per 475 impressions. Another got one click in 2,480 impressions. Another was one per 1,818. See “Share your experience with Facebook ads (CTR, CPM, etc),” Facebook chatboard. http://on.fb.me/gfd0wI 19 Matthew Creamer, “Think Different: Maybe the Web’s Not a Place to Stick Your Ads,” Advertising Age, March 17, 2008. http://bit.ly/fQrJwV 20 Sean Corcoran, “Defining Earned, Owned And Paid Media,” Forrester Blogs, Dec. 16, 2009. http://bit.ly/dMR8sE 21 “FTC Publishes Final Guides Governing Endorsements, Testimonials,” Federal Trade Commission website, Oct. 5, 2009. http://1.usa.gov/hh1meg 22 “Twitter Users and Bloggers Open to More Than Earned Media,” eMarketer, Sept. 22, 2010. http://bit.ly/feLdMh. Original study was sent to authors by Izea. 23 Christopher Steiner, “Meet The Fastest Growing Company Ever,” Forbes, Aug. 30, 2010. http://bit.ly/h0qQwf 24 Ryan Singel, “Startup Hits Sweet Spot for Selling Local Services,” Wired.com, Nov. 4, 2009. http://bit.ly/egnGnt 25 “Groupon Faces More Criticism After Flower Deal, Unhappy Restaurants,” MyFoxChicago.com, Feb. 15,
  2. http://bit.ly/e62Kg7 26 Sarah Hartenbaum, “Deals Galore, Competitors Abound: A Primer On Groupon-Like Startups,” TechCrunch.com, July 11, 2010. http://tcrn.ch/hfAC5V 27 David Kaplan, “McClatchy Makes A Deal With Social Shopper Groupon,” paidcontent.org, July 1, 2010. http://bit.ly/fXe9Q2. 28 Kunur Patel, “McClatchy, a Groupon Partner, Starts Selling Its Own Daily Deals, Too,” AdAge, March 23, 2011. http://bit.ly/fs4tgt 29 Evelyn M. Rusli and Andrew Ross Sorkin, “Groupon Advances on I.P.O. That Could Value It at $15 Billion,” NYTimes.com, Jan. 13, 2011. http://nyti.ms/gBo4xL 30 Photo gallery of 2010 Wired store: http://bit.ly/gshwh6

Endnotes: Chapter 9

1 “January 2011: Top U.S. Web Brands and News Sites” Nielsen, Feb. 11,

  1. http://bit.ly/evjGr6 and Compete.com, HuffingtonPost site analytics, April 22, 2011. 2 Technorati.com, Huffington Post is the most influential blog of the 1.2 million tracked. April 22, 2011. 3 Speech, Harvard Business School Club of New York Media Guru breakfast, April 5,
  2. The Story So Far: What We Know About the Business of Digital Journalism 126 4 Lewis DVorkin, “9 big steps in 9 short months, now Forbes is building The New Newsroom,” Forbes, March 1, 2011. http://bit.ly/fp1lwk 5 An example of this treatment is an article written by Eric Lai of SAP, “Video Killed the Radio Star, But Smartphones Did NOT Kill the Flip Cam,” Forbes.com, April 14, 2011. http://bit.ly/glYrnr 6 “ASME Guidelines for Editors and Publishers,” Magazine.org, Jan. 25, 2011. http://bit.ly/e3UZkS 7 Speech, Harvard Business School Club of New York Media Guru breakfast, April 5, 2011 8 Jessica Vascellaro, “Remaking AOL in Huffington’s Image,” Wall Street Journal, April 7, 2011. http://on.wsj.com/heuDE7 9 Nicholas Carlson, “Leaked: AOL’s Master Plan,” Business Insider, Feb. 1, 2011. http://read.bi/eTBJBJ 10 The AOL Way, January, 2011, page 28. 11 The AOL Way, January, 2011, page 17. 12 Ibid. 13 The AOL Way, January, 2011, slide 18. 14 Jennifer Barton, “ Lady Gaga Goes Pantless in Paris,” Stylelist, Dec. 10, 2010. http://aol.it/eTvVbJ 15 The AOL Way, January, 2011, slide 33 16 About.com guides get paid by the page view but do have a minimum guarantee. Dan Frommer, “About.com Cutting 10% Of Staff, Pay Cuts For Guides,” Business Insider, Feb. 5, 2009. http://read.bi/i4NNV0 17 Jim Romenesko, “Report: Gannett to give page view bonuses to writers,” Poynter, April 7, 2011. http://bit.ly/dE9p6f 18 Walter Winchell famously left the Evening Graphic and later joined the Daily Mirror in 1920s New York. 19 Details of the site’s financial information: Details of family-oriented magazine’s website financials 20 When LIN reports its “digital revenue,” it combines new-media sales with retransmission fees from cable companies in the sum. Based on discussions with Barry Lucas, a senior vice president at investment firm Gabelli & Co., who covers LIN, the authors estimate that half of the “digital revenue” represent new-media sales and half is retransmission fees.