Chasing clicks isn't bringing in readers or money

Some observations by media economics expert Robert Picard's observations about the challenges of media today, from an interview done by the University of Navarra Faculty of Communication:

Media companies need to develop revenue from many more sources than they did in the past.

Media companies are diluting the quality of their product by chasing reader clicks with light or frivolous digital content. "This is not bringing in money, and it's not bringing in audience."

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Maybe 15 to 25 percent of the reading public will pay for serious news, Picard says. These are the people who really want news.

Journalists think their work is really important, and for the journalists, it is. But for most people, they just want to get on with their lives. If something important happens, then they will go online and read it somewhere, but most of the time they won't pay for it.

Newspapers have to stop thinking of themselves as a product for a general audience. The people who still subscribe tend to be the most active politically, socially, and financially in their communities. Newspapers should be selling that aspect of their audience, not a massive audience.

Picard to publishers: get cozy with readers, users

Robert Picard speaking to class at University of Navarra.

Robert G. Picard is one of the founding fathers of the academic discipline known as media economics. The field has attracted more attention lately as news outlets, ravaged by digital competitors, have gutted their reporting staffs and slashed public-service coverage.

Policy makers, media executives, investors, and journalists themselves look to experts like Picard for answers about how to deal with the industry's financial crisis and the diminishing supply of news.

Picard admits that he is unsure of exactly what the future holds for the industry. What he does know is that the people who are running media organizations--TV, radio, newspapers, magazines, and even digital outlets--know far too little about their readers, viewers, listeners, and users.

Publishers need to invite these consumers into the processes of creating and distributing content, he said. They need to think about how to create value that will satisfy the needs and solve the problems of their users.