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- Tuesday 13th February: Lessons from the creator economy - journalist, creator or both?
Tuesday 13th February: Lessons from the creator economy - journalist, creator or both?
Good morning! Today’s newsletter is brought to you by Peter.
In a new monthly column for Media Voices, The Addition’s Charlotte Henry will be focusing on what business lessons publishers can learn from creators. And not just Mr Beast and his ‘gazillions’ of YouTube views; Charlotte will be writing about the individuals and small businesses covering everything from tech to beauty, that are doing the hard work needed to grow audiences and revenues.
In this introductory column, she explains why we should be paying attention to the creator economy and what has shifted in the power dynamics. From the work of Taylor Lorenz at the Washington Post to Piers Morgan’s YouTube pivot mentioned in yesterday’s newsletter, traditional outlets are starting to get wise to what is going on in the creator economy and why people are engaging with it.
“It would be wrong to claim that this work can fill all the holes being opened up in legacy media, but these creators can still do a huge amount of good. It’s why I’m so excited to be covering these developments in this new monthly column,” she writes. “The most exciting part is that we’re only at the start.”
After a couple of good years, Guardian News and Media’s final numbers for 2023 present a starker outlook. Advertising revenue was down by 16% to £9 million in the nine months to 31st December, and membership revenue from readers was £3 million behind budget. The Sunday Times reported that GNM is now “braced for cuts” and that Guardian editor Katharine Viner told staff they “should worry but not panic”. 😱
If you want pretty much all of the media business’s doomsday scenarios rolled up into one nice, neat, long read then this is for you. For the New Yorker, staff writer Clare Malone has taken a step back to look at the industry we all work in and it’s not a pretty sight. She writes, “The crisis is here, and it needs solutions if we’re going to keep recommending, in good conscience, that promising young talent join the media’s ranks.”
One publisher is about to embark into the world of podcasting and is looking for some advice from other publishers on getting started. Join the conversation.
It’s not all bad news, honest! Semafor’s Max Tani is reporting that 2023 was the most profitable year in Slate’s 27 year history. Revenue at the veteran digital media business grew 28% year-on-year and management says that, by focusing on its podcasts and website, Slate was able weather an ‘otherwise dark media business climate and continue to grow’. Good to know.
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