Wednesday 11th November: Can product thinking actually save journalism?

November 11, 2020

Good morning! Wednesday's Media Roundup is brought to you by Peter.

Following a February conference in Chicago, the News Product Alliance was formed to bring together product managers working in journalism. The group aims to 'connects the dots between the editorial content and the business strategies', something that matters existentially beyond news to all corners of the publishing ecosystem.

This report is the first in a series about product development at media organisations. Its starting point is that print-first media once enjoyed effective monopoly status due to geography or specialism, but now has to deal with the competition baked into digital-first media.

The rise of product thinking in news has corresponded to an increased focus on reader revenue, leading to a rise of product managers inside news organisations. No coincidence then that alongside its 7 million subscribers The New York Times has 175 people with “product” in their job titles.

TL;DR - Developing a product-centered culture makes publishers more open to changing market opportunities and speeds launch times.

Speaking of new product development and responding to market shifts... Reuters is launching "Reuters Professional" - news, analysis and events - aimed at individual decision makers rather than the firm's usual corporate data and information licensees.

David Adler, founder of events media business BizBash has listed the most important trends to watch for in the hard-hit face-to-face space. He thinks that hybrid events are set to become the standard, but organisers will need to work harder to figure out engagement.

Spotify is set to acquire podcast ad and publishing firm Megaphone. It's reported that the deal will help the Swedish music giant ramp up its podcast advertising business. Media people are saying, 'Wow, $235. Podcasting's serious'. Old-school podcasters are saying, 'CORPORATE PODCASTING SUCKS!!!'

This week's podcast:

This week, we hear from Uwern Jong, Founder and Editor-in-Chief of OutThere magazine. He talks to us about the luxury LBGTQ travel brand's journey over the past decade, including how he's grown print readership, and how the pandemic has impacted travel content.

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