Opinion

Jack Shafer

If Katie Couric is the answer, what’s the question?

Jack Shafer
Nov 27, 2013 00:08 UTC

Web publishing — never a diffident business — has been calling attention to itself all week long. Yahoo chief executive officer Marissa Mayer, whose forte as boss has been the shimmering acquisition (Summly, Tumblr, Xobni, Rockmelt, et al.) and the high-profile media hire (David Pogue, Megan Liberman, Matt Bai), signed Katie Couric as the site’s “global anchor,” and promised additional Yahoo News signings, enabling Couric to “lead a growing team of correspondents.” Business Insider auteur Henry Blodget, whose enthusiasm for himself approaches the onanistic, responded to Michael Wolff’s suggestion that the Insider has peaked and that he should sell with a column saying he wasn’t ready to bail. Further down the food chain, Politico, which recently dumped its broadcast TV stations, purchased Capital New York, and PandoDaily (backed by Peter Thiel, Marc Andreessen, Tony Hsieh, and others) bought NSFWCORP to, as its Editor-in-Chief Sarah Lacy put it, “double down on investigative reporting.”

All this recent activity could be interpreted as the Internet’s usual background noise — prestige hires, quietly dumped in the next business downturn, and the usual activity by sites testing their worth in the marketplace or actually selling out. Or, alongside the global expansion of BuzzFeed, the phenomenal growth of Gawker, and Cheezburger-Circa’s blitzkrieg, do these nuggets serve as new markers of the Web ascendency to a place of media dominance?

As someone with a vested interest in the Web’s success, I’m prepared to interpret the setting of the sun as an indicator that the Internet was causing all the other media forms to go dark. But it’s not just me: The speed with which Google transitioned from a university research project to a media colossus impels the belief that the complete eclipse of traditional media is unstoppable. In about a dozen years, Google has reordered the media cosmos: It will take in 33 percent of all global digital ad revenue — approximately $38.6 billion — this year, six times that of the first runner-up, Facebook, according to eMarketer. It will also collect more than 50 percent of all mobile advertising. Its annual ad revenues now surpass those of the entire newspaper industry (as well as the entire magazine industry), as Business Insider recently informed us. “The growth of internet advertising revenue has outpaced other media every year since 2005,” Marketing Land reported earlier this year, with the Internet vying with domestic broadcast TV for ad revenue primacy.

When you’re thirsty, your best bet is to go to where you see water flowing. When your desire turns to ad revenue, you’d be similarly wise to place yourself near the flow, which increasingly has become the Web. That goes a long way to explain the exuberance, not all that irrational, for Internet things. As Reuters’ Jennifer Saba recently reported, investors are swarming like fire ants to dump money into digital start-ups. Compare that to the $250 million Jeff Bezos paid for the Washington Post. The last investments in BuzzFeed lent the company a valuation of $200 million. Vox — publisher of SB Nation and The Verge — just bought Curbed Network, which runs blogs devoted to real estate, food, and fashion. Machinima, the YouTube gaming channel, is valued at around $190 million.

The difference between the current enthusiasm for Internet things compared to the 1999 bubble that popped is that nobody denies the velocity or ultimate direction of the ad revenue arrow. Oh, part of the enthusiasm might have to do with the ever-expanding social-media bubble, but when ink-stained loyalists like the Post‘s Donald Graham surrender their printer’s aprons to Internet barbarians like Bezos, the new bubble starts to look more like a rising moon.

Is this story less than the Summly of its parts?

Jack Shafer
Mar 26, 2013 22:58 UTC

Like children at bedtime, news consumers love nothing more than to be told the same story again and again. Oh sure, they need the names of the principals to change, the location to vary, and the supporting cast of characters to shift. But the closer the popular press can come to retelling a vital and engaging Ur-tale as opposed to building a new one from scratch, the happier readers tend to be.

If today’s coverage of Yahoo’s $30 million acquisition of Summly — maker of a  news-condensing app developed by  London schoolboy Nick D’Aloisio — fit the tech-acquisition news template any more snuggly, it would be the first layer of news epidermis. The company’s founder  is all of 17 years old, a fact that earns prominent mention in the opening sentences of the accounts in the New York Times (Page One), the Washington Post, Bloomberg News, Reuters, the Wall Street Journal, and practically everywhere else.

The story of the child prodigy excelling in any field is sucker-bait for readers. No matter how many times they’ve been told the story, they still thrill to the exploits of an extraordinarily gifted young person writing brilliant poetry, solving complex mathematical theorems, destroying chess grandmasters, composing symphonies … and writing successful software. D’Aloisio is so young, the Times marvels, that he “wasn’t even born when Yahoo was founded in 1994.” He was building apps at 12, Bloomberg reports.

Why the Yahoos at Yahoo were wrong to fire David Chalian

Jack Shafer
Aug 30, 2012 16:33 UTC

If you’re a journalist and you’ve ever said anything “inappropriate,” as David Chalian got caught doing yesterday — and you know you have — please step forward to be fired now.

Chalian, the Washington bureau chief for Yahoo News, ridiculed Mitt Romney and his wife, Ann, during a Monday webcast from the Republican National Convention. It’s not uncommon for bureau chiefs, beat reporters or copy editors to verbally eviscerate politicians, corporate leaders, slumping sluggers or any other notable not in the room at the time, but they usually have the good sense to first check to see if a microphone is on. Chalian did not.

His topic was Hurricane Isaac, which was then bound for New Orleans, and he coached an unidentified guest on how to typify the Romneys:

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