Buzzgain

Its no secret that newspapers and print publications are having a rough time adapting to social media and citizen journalism. Its fairly simple to see the equation to get better (but a whole lot difficult to implement) from a business standpoint. Thanks to market forces the revenues are lower and expenses are higher.

How does a newspaper get revenues higher? – diversify sources of it -besides advertising (print or online) and classifieds.

How do you cut costs? – remove print and reduce staff (journalists).

So what changes can we expect in 2009? Newspapers will:

1a. Partner with bloggers (experts) to create highly specific content for niche reader and layoff reporters / journalists. The bloggers themselves will be initially “paid” for with increased “readership” and a “platform to create their personal brand”. I expect it will be 2011 or 2012 before these bloggers they recruit will actually be paid for in cash.

1b. Create regional networks of citizen-reporters ( a-la About.com circa 1999) to source local content from local providers. This is a no brainer. The outsourcing of local content is already taking place to highly sub-regional or mini-metro self-employed or unemployed citizen reporters.

2. Abandon the print edition for subscribers and make print only for off-the-rack purchases (albeit more expensive). Print is on its way out. I expect more publications to abandon print (citing green credentials, high costs, etc). The ones that will print will take their “best of online content OR create a custom bind for racks – which will be distributed primarily to airlines, hotels, etc. for off rack purchases.

3. Remove wire service (AP, Business Wire). This also already happening in the “cut costs” bucket.

4. Use their “objective” nature to rate local providers and adopt the “Angie’s list” type model for recommending local services. This falls in the increase revenue bucket. Another example of such a service is Yelp (restaurant recommendations). I expect newspapers to start partnering with crowd sourcing content providers to generate hyperlocal “community of interest or location” type services.

Really understanding what services are required by “local” users that they are willing to pay for and provide those. “Pay per action” model will be a big beneficiary.

5. Be a provider of demographic data and detailed local information to marketers. Newspapers will be more willing to sell their treasure-trove of information about local readers and help marketers in their campaigns.

What do you think? Am I a missing something?

Image credit: J Fortune on Photobucket