{"id":12071,"date":"2017-01-17T04:22:00","date_gmt":"2017-01-17T09:22:00","guid":{"rendered":"http:\/\/www.mathewingram.com\/work\/?p=12071"},"modified":"2024-11-29T17:57:05","modified_gmt":"2024-11-29T22:57:05","slug":"heres-the-new-york-times-vision-of-what-the-future-looks-like","status":"publish","type":"post","link":"https:\/\/mathewingram.com\/work\/2017\/01\/17\/heres-the-new-york-times-vision-of-what-the-future-looks-like\/","title":{"rendered":"Here&#8217;s the New York Times&#8217; vision of what the future looks like"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"525\" height=\"263\" data-attachment-id=\"269488\" data-permalink=\"https:\/\/mathewingram.com\/work\/2017\/01\/17\/heres-the-new-york-times-vision-of-what-the-future-looks-like\/image-343\/\" data-orig-file=\"https:\/\/i0.wp.com\/mathewingram.com\/work\/wp-content\/uploads\/2024\/11\/image-89.png?fit=1200%2C600&amp;ssl=1\" data-orig-size=\"1200,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/mathewingram.com\/work\/wp-content\/uploads\/2024\/11\/image-89.png?fit=525%2C263&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/mathewingram.com\/work\/wp-content\/uploads\/2024\/11\/image-89.png?resize=525%2C263&#038;ssl=1\" alt=\"\" class=\"wp-image-269488\" srcset=\"https:\/\/i0.wp.com\/mathewingram.com\/work\/wp-content\/uploads\/2024\/11\/image-89.png?resize=1024%2C512&amp;ssl=1 1024w, https:\/\/i0.wp.com\/mathewingram.com\/work\/wp-content\/uploads\/2024\/11\/image-89.png?resize=300%2C150&amp;ssl=1 300w, https:\/\/i0.wp.com\/mathewingram.com\/work\/wp-content\/uploads\/2024\/11\/image-89.png?resize=768%2C384&amp;ssl=1 768w, https:\/\/i0.wp.com\/mathewingram.com\/work\/wp-content\/uploads\/2024\/11\/image-89.png?w=1200&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In a follow-up to the &#8220;Innovation Report&#8221; it released in 2014, the <em>New York Times<\/em> has published what it calls the 2020 Report, a look at the newspaper&#8217;s strategy for success in a digital age. The key to that success appears to be doubling down on its subscription business, and leaving the online page-view race and dependence on platforms to others.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One theme that ran through <a href=\"http:\/\/www.niemanlab.org\/2014\/05\/the-leaked-new-york-times-innovation-report-is-one-of-the-key-documents-of-this-media-age\/\">the 2014 report<\/a> was the fear that digital-only publishers like BuzzFeed, Vox and The Huffington Post were farther ahead, and more nimble, than the <em>Times<\/em> was &#8212; and that therefore they were getting more digital traffic and a larger audience than the paper thought was its due.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Innovation Report said the <em>Times<\/em> was &#8220;falling behind in a critical area: the art and science of getting our journalism to readers. We have always cared about the reach and impact of our work, but we haven&#8217;t done enough to crack that code in the digital era.&#8221; The report went on to say that the paper needed to pursue &#8220;smart new strategies for growing our audience.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By contrast, one of the defining concerns of <a href=\"http:\/\/www.nytimes.com\/projects\/2020-report\/\">the 2020 Report<\/a> is getting people to <em>pay<\/em> for the Times&#8217; journalism, rather than just competing for traffic with places like BuzzFeed and Vox . In part, that&#8217;s because executive editor Dean Baquet argues that the paper has won. &#8220;Today, the most robust of our competitors&#8230; are chasing our lead,&#8221; he <a href=\"http:\/\/www.nytco.com\/from-dean-and-joe-the-year-ahead\/\">said in a memo<\/a> to <em>Times<\/em> staffers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Note<\/strong>: This was originally published at Fortune, where I was a senior writer from 2015 to 2017<\/em><\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">David Leonhardt, the creator of The Upshot and leader of the team that produced the current report, said in <a href=\"https:\/\/twitter.com\/DLeonhardt\/status\/821382330338123776\">a Twitter summary<\/a> that one of the major points of the report is that the <em>Times<\/em> &#8220;isn&#8217;t trying to win a pageviews arms race and sell low-margin ads against the clicks.&#8221; This, the report implies, will be left to its digital-only competitors and to Facebook.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"525\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">10\/ <a href=\"https:\/\/twitter.com\/nytimes?ref_src=twsrc%5Etfw\">@nytimes<\/a> isn&#39;t trying to win a pageviews arms race and sell low-margin ads against the clicks.<\/p>&mdash; David Leonhardt (@DLeonhardt) <a href=\"https:\/\/twitter.com\/DLeonhardt\/status\/821382330338123776?ref_src=twsrc%5Etfw\">January 17, 2017<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Aron Pilhofer, former head of digital strategy at both the <em>Times<\/em> and <em>The Guardian<\/em>, said this difference between the two reports &#8212; the focus on subscriptions rather than audience &#8212; means the <em>Times<\/em> is being more clear-minded about its business, and <a href=\"https:\/\/twitter.com\/pilhofer\/status\/821425493853487105\">that this is a good thing<\/a>. But focusing on those who can pay a monthly fee also means that over time, the <em>Times<\/em> may be giving up some of its broader reach.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Serving a smaller group of paying subscribers clearly makes financial sense, but the ad-supported digital model has allowed high-quality journalism to reach a much larger number of people, something that arguably has a broader public or social value. And media outlets such as the <em>Times<\/em> like to hold themselves up as providing a public benefit through their journalism.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The 2020 Report doesn&#8217;t say the <em>Times<\/em> is going to give up on its &#8220;metered&#8221; or permeable pay-wall model, which allows people to read 10 articles a month for free. But if push comes to shove, it sounds like the paper will lean towards serving its paying subscribers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The main reason for the change in focus is the rapid decline of the online-advertising model, which has become primarily a lowest-common-denominator or commodity business that is dominated by programmatic advertising. That model caters to massive platforms such as Google and Facebook, which <a href=\"http:\/\/fortune.com\/2017\/01\/04\/google-facebook-ad-industry\/\">account for the lion&#8217;s share<\/a> of the growth in digital ads.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But even a focus on paying readers won&#8217;t be enough to stop a wave of cost-cutting at the <em>Times<\/em>. While the growth of the paper&#8217;s subscription business has been strong &#8212; it says it currently has more than 1.5 million paying subscribers &#8212; the reality is that this still isn&#8217;t <a href=\"http:\/\/fortune.com\/2016\/12\/05\/nyt-trump-bump\/\">enough to make up for<\/a> the ongoing rapid decline in print-advertising revenue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although the company says it brings in about $800 million from subscribers (both print and digital), that&#8217;s still 30% less than it made from advertising as recently as 2006. And while the <em>Times<\/em> made about $500 million in digital revenue last year, <a href=\"https:\/\/www.nytimes.com\/2017\/01\/17\/business\/new-york-times-newsroom-report-2020.html?smprod=nytcore-iphone&amp;smid=nytcore-iphone-share\">its target for 2020<\/a> is $800 million &#8212; and the paper&#8217;s operating costs are still greater than $1 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One area where the <em>Times<\/em> says it plans to cut spending is <a href=\"https:\/\/twitter.com\/Poynter\/status\/821379059070464000\">the amount of editing<\/a> it does, a process that it says was designed for many layers of redundancy in a print-centric enterprise. &#8220;Gone will be the old Times practice of shuffling stories from editor to editor, with each copy editor making relatively insignificant changes to each story.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <em>Times<\/em> also says it wants to do fewer stories, and ones that are better equipped to serve readers. Too many stories are &#8220;incremental news stories that are little different from what can be found in the freely available competition [or] features and columns with little urgency [and] stories written in a dense, institutional language that fails to clarify important subjects and feels alien to younger readers,&#8221; <a href=\"http:\/\/www.nytimes.com\/projects\/2020-report\/\">the report<\/a> says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But the bigger picture is that for better or worse, the <em>Times<\/em> appears to be conceding that others have won the audience-reach war, or at least are likely to. That should make the <em>Washington Post<\/em> happy, since it has been bragging for some time that its online audience <a href=\"https:\/\/www.washingtonpost.com\/pr\/wp\/2016\/01\/14\/the-washington-post-surges-to-76-million-monthly-users-2\/?utm_term=.24e26410460b\">meets or exceeds that<\/a> of its New York rival.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although it has a paywall, the <em>Post<\/em> has also doubled down on its digital efforts by launching new features designed to jump on viral stories (including some that <a href=\"https:\/\/www.washingtonpost.com\/world\/national-security\/russian-hackers-penetrated-us-electricity-grid-through-a-utility-in-vermont\/2016\/12\/30\/8fc90cc4-ceec-11e6-b8a2-8c2a61b0436f_story.html?utm_term=.8cb423fe34cc\">turn out not to be true<\/a>). And it has embraced platform strategies like Facebook&#8217;s mobile-friendly Instant Articles format. The paper said recently that <a href=\"https:\/\/www.poynter.org\/2016\/the-washington-post-is-profitable-and-growing-publisher-says\/442683\/\">it was profitable<\/a> in 2016, despite comments from owner and Amazon CEO Jeff Bezos that he expected the company to be in &#8220;investment mode&#8221; for several years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <em>New York Times<\/em>, meanwhile, lost money in the first nine months of last year &#8212; in part because of severance costs &#8212; and while its digital revenues are growing, its overall revenues fell. Last year, the company <a href=\"http:\/\/s1.q4cdn.com\/156149269\/files\/doc_financials\/quarterly\/2016\/NYTCO-Q316-10Q.pdf\">brought in<\/a> about $800 million, down from more than $1.5 billion as recently as 2013. In 2005, the New York Times Co. (which at the time owned the <em>Boston Globe<\/em> and About.com) had revenues of more than $3 billion and a profit of almost $300 million.<\/p>\n<div class=\"syndication-links\"><\/div>","protected":false},"excerpt":{"rendered":"<p>In a follow-up to the &#8220;Innovation Report&#8221; it released in 2014, the New York Times has published what it calls the 2020 Report, a look at the newspaper&#8217;s strategy for success in a digital age. The key to that success appears to be doubling down on its subscription business, and leaving the online page-view race &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/mathewingram.com\/work\/2017\/01\/17\/heres-the-new-york-times-vision-of-what-the-future-looks-like\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Here&#8217;s the New York Times&#8217; vision of what the future looks like&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crsspst_to_mathewingramblogwordpresscom":true,"mf2_syndication":[],"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[37],"tags":[],"class_list":["post-12071","post","type-post","status-publish","format-standard","hentry","category-fortune"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/mathewingram.com\/work\/wp-json\/wp\/v2\/posts\/12071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mathewingram.com\/work\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mathewingram.com\/work\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mathewingram.com\/work\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mathewingram.com\/work\/wp-json\/wp\/v2\/comments?post=12071"}],"version-history":[{"count":2,"href":"https:\/\/mathewingram.com\/work\/wp-json\/wp\/v2\/posts\/12071\/revisions"}],"predecessor-version":[{"id":269491,"href":"https:\/\/mathewingram.com\/work\/wp-json\/wp\/v2\/posts\/12071\/revisions\/269491"}],"wp:attachment":[{"href":"https:\/\/mathewingram.com\/work\/wp-json\/wp\/v2\/media?parent=12071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mathewingram.com\/work\/wp-json\/wp\/v2\/categories?post=12071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mathewingram.com\/work\/wp-json\/wp\/v2\/tags?post=12071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}