I went to the taping of Texas Monthly‘s talk show with Jon Meacham, editor of Newsweek today. The discussion veered, naturally, to national politics but not before a few opening salvos from Evan Smith on the challenges of publishing in the digital age. Meacham made the point that Newsweek struggles continually with how to provide meaningful web presence in a world that demands free online information, updated hourly. He noted, to the surprise of some, that the real measure of success in the magazine and newspaper world, is not circulation numbers at all, but revenue stream from advertising, more important than circulation by ‘a factor of 4 or 5’ he estimated.
I recalled my undergrad sociology lectures on media from 25 years ago (maybe it was 30 years now!) where my naivety about subscription prices and profits in the news business was shattered, so I should not be surprised to hear these sorts of numbers again, but it seems many people are. I asked him if he could imagine that someday, the present day obsession with information online having to be free will be seen as a quaint, early belief of the web adopters, replaced in due course with a fee or subscription based model. His response spoke eloquently to the importance of a free press having the ability to withstand special interest funding and the hope that we would figure this out for the web but on reflection, I wonder how free our press has ever been?
All this, as the London Evening Standard elects to give its paper editions away free and to rely solely on advertising revenue. And this the newspaper of Churchill. Early signs since they started this in October 2009 are that circulation is up. No doubt the naysayers will be searching for evidence that quality is down but the experiment lives on, or, as is happening, cynics are suggesting the circulation data is less than accurate. Interesting times.