How Journalists Create Value

May 20, 2009
Robert Picard's enticingly entitled Why Journalists Deserve Low Pay

      is a worthwhile read: Here are some of Picard's key points:

      - Media has thrived on a "scarcity of distribution" model and information technology threatens it

      - Journalists sort through an enormous amount of information to find the most significant and interesting items for consumers

      - Journalists must add something novel that creates value

      - Finding the right formula of practice, functions, skills and business model will not be easy, but the search must be undertaken

      - Journalists will need to acquire entrepreneurial skills that make it possible for them to lead change rather than merely respond to it I agree with Picard on each of these points - they overlap with the fundamental reasons we started Newsy. Several industries are being completely destroyed and rebuilt today - some of the guys on Wall Street that felt they "produced significant economic value" find themselves in the same unemployment lines as journalists. The value proposition today is the same as it was when I entered journalism school, "information is power." Corporations, government and information technology have all evolved faster than journalism - for those in the information business who adapt swiftly the future is indeed bright and profitable.