6 ways for newspapers to remain profitable in the Internet age

By raheem

My personal media habits have changed quite a bit over the last few years that corresponds well with my internet speed – the faster I can surf, the longer I stay online. Although the medium has changed, my preference has not. I still enjoy movies and reading news. I watch movies online, on DVD or in theaters. I also consume more news stories than ever before.

Yet, the newspaper industry is in grave trouble. They are increasingly losing advertising and subscription revenue. With so much free news available, why pay for it. And with news traveling instantly, reading a newspaper feels stale. Most newspapers have such high overhead with their journalism and printing costs that even with a robust online strategy they cant seem to make money.

Newspapers still play an important role in society and it is possible to monetize that value. I would suggest the following strategies for newspaper publishers:

1. Shut down your print version. This will remove a major cost center. Customers who demand a print version can be offered one at a premium price that covers printing and mailing costs.

2. Update your online content several times a day to leverage site traffic and build larger advertising inventory.

3. Focus your strategy on localized services such as reviews, local search and mapping services. Resell such services to other internet players.

4. Expand news delivery from written version to incorporate video and audio.

5. Offer online premium content on a subscription basis.

6. Build a community around each story and feature. Create a more blog like posting strategy and use your readers to generate content via comments and even direct posts.