This week, I had dinner with the CEO of Axel Springer plus senior journalists from The Wall Street Journal, Semafor, Bloomberg, Fortune and TIME. I had lunch with the editor-in-chief of the Chicago Tribune. I spoke with the editor of Die Zeit Digital, a very important media outlet in Germany. And I absorbed the stunning announcement from The Washington Post which is terminating one third of its journalists, effectively wiping out its international, sports and weekend cultural coverage. Here are a few observations on the witching hour for media:
- Subscription Model is the Way To Go — Publications that relied on clicks from “buzzy stories” which could then be monetized in advertising have fallen on hard times. Editors are being asked to offer real value for readers in deeply reported stories that are truly breaking news or important feature coverage.
- Short form or Long Form — The Axios style of headline and four paragraphs, in newsletter style, is a breakthrough concept. So is the long form podcast, a deep exploration of a topic or long discussion with a guest whose personality shines through. The seven-hundred-word story seems an endangered species.
- The Bears Rule — The number one attraction for Chicago Tribune readers is stories about the Chicago Bears (YEAH….I am one of those people). The Bears are much more of a draw than the other teams in town. Especially when they have a good season!
- Offering MSM Platform to Creators — To broaden the appeal of basic news content, Die Zeit is giving creators of all ages and political bents access to its platform. It is the Bloomingdale’s strategy in retailing of 40 years ago, inviting Ralph Lauren and Donna Karan to have their own boutiques within the store.
- The Power of Events — Semafor has signed up 400 CEOs for its April conference in Washington, D.C. It will last five days. The media companies believe that in person convening and relationships forged by attendees make this an attractive proposition, competitive with the World Economic Forum or G100.
- Truth and Trust — Journalists believe that there will be a premium placed on accuracy and proper sourcing. They would rather be right than first on a story. They are recognizing that LLM search results are premised most importantly on stories from the most elite media.
- The Social Dilemma — Posting stories on social channels such as TikTok or X does relatively little to boost circulation or traffic to the mainstream media.
The PR industry has allowed its media relations skills to atrophy in favor of content creation for social media. The reality of LLM search and the importance of truth behoove each of us to develop strong relationships with reporters and their editors. What’s old is new again.
Richard Edelman is the CEO.
