I used to be a big booster of print-digital editorial integration, but I’ve had a change of heart for a lot of reasons, reasons which I’ll outline more broadly at some point. When I first got into online journalism in the mid-90s, to be honest, I probably was suffering from a little of resource envy. The legacy business just had a lot more money, but it also made a lot more money. However, I’ve changed my mind. Simply put, I think that print and digital are two entirely different sets of products, and they often have different audiences.
I was just summarising a Pew report on successful revenue models for local newspapers for Knowledge Bridge, the site that I edit for the Media Development Investment Fund, and I found this eloquent and excellent metaphor for managing media disruption from former Harvard business professor Clark Gilbert who is now head of Deseret Management Corporation, owner of The Deseret News in Salt Lake City. He said:
In Gilbert’s theory of media evolution, the Deseret News print product is the crocodile, a prehistoric creature that survives today, albeit as a smaller animal. He believes the News, which has already shrunk significantly, is not doomed to extinction if properly managed. Deseret Digital Media is the mammal, the new life form designed to dominate the future. Armed with graphics, charts and a whiteboard that looks like it belongs in an advanced physics class, Gilbert speaks with the zeal of the cultural transition evangelist he has become. He argues that the path ahead does not involve merging the crocodile and mammal cultures, but maintaining them separately.
That makes a lot of sense. It doesn’t guarantee success, but it’s a sensible starting point. The next step, he admits, is the challenging part, which is to execute that strategy, which involves a lot of wrenching cultural change. However, he’s already got some success to show for his strategy. Digital revenue has grown on average 44 percent annually since 2010, and it now makes up 25 percent of the groups revenue. For those on the crocodile side of the equation, while print revenue dropped 5 percent in 2012, at least circulation numbers are headed in the right direction. Circulation is up 33 percent for the daily newspaper, and it’s up a stunning 90 percent for Sundays, due in large part to a new national edition.
It sounds like his excellent metaphor and smart strategy also is backed with some very good execution.