A friend of mine sent me an interesting article about how Coldplay inadvertently got a #1 album in terms of sales and #1 song by giving away music. The music industry is facing a lot of the same problems as the news business in that, with so much media available for free on the Web, people are not as willing to pay for it anymore.
Or are they? A small nugget at the end of the article gives hope for the news person:
Following the precedent of Radiohead, Wayne has demonstrated that giving away music can actually be good for business. But, just as significantly, he has made something so exciting people will pay to hear it. This, rather obviously, may be the key to the music business’s malaise: quality begets sales.”
One of the big problems in the past 30 years in newsrooms is that management has cut newsroom staff to increase profits, or to make up for profit shortfalls when they don’t meet projections. This shareholder-driven way of managing newsrooms have been criticized by media scholars such as Phil Meyer for years as a “death spiral.” In this scenario, newsrooms eat their own seed corn by getting rid of the very people who produce strong original content and then fill those spaces with AP or other wire copy. The drop in quality is noticeable to the news consumer.
But perhaps Coldplay has inadvertently demonstrated that you can give some of it away for free and still charge for content. The key is it has to be quality. The romantic journalistic view of our work is that, of course, it is all quality. But journalists readily acknowledged they are crushed for time and being asked to do more with less. Investing in the newsroom during lean times can increase quality. People will pay for that in their music, why wouldn’t they pay for it in something that has an even greater impact on their lives such as news?

