We and others reported Monday night that our parent company Thomson Reuters Corp is starting a U.S. general news service for U.S. publishers and broadcasters. Though my employer, Reuters News, has been providing general and business/financial/economic news for more than a century, we didn’t have a service before that would rely on a big group of hired journalists and stringers to get busy covering U.S. news in a large way.
Several media reporters wrote on Twitter on Thursday that this was one of the worst weeks in journalism, and it’s hard to argue with them. BusinessWeek is canning a third of its staff as Bloomberg gets ready to buy the magazine. The Associated Press is laying off 90 people as part of its effort to cut payroll costs by 10 percent this year.
How can mainstream news organizations retain (or regain) their audience’s trust in skeptical world where almost anyone with an Internet connection can be a publisher? That’s the topic a panel of industry experts will address tonight at the Thomson Reuters heaquarters in Times Square. We’ll be live blogging the event here from 7pm ET.
Here are some of the day’s top stories in the media industry:
TV Networks Fight Drug-Ad Measure (WSJ)
“Advertising costs are deductible to any company as a business expense. The plan being considered by Rep. Rangel’s Ways and Means committee would eliminate the deduction with respect to prescription drug advertising,” writes Martin Vaughan.
“Even Reuters’ Ralph Jennings — of whom I’ve been extremely critical for getting the story very wrong when it comes to Taiwan — tells us that ‘half a million’ attended the protest,” a blogger wrote in October after seeing the Reuters’s write-up of an opposition-led demonstration in Taipei against President Ma Ying-jeou.
Just about everyone has thrown a thought or two by now into the great bubbling pot of stew that is the future of journalism. Latest in line is Marissa Mayer, Google’s vice president of search products and user experience.Mayer, one of Google’s earliest employees who gets reams of newsprint in Silicon Valley for her cupcake spreadsheets and love of Oscar de la Renta, spoke before a Senate subcommittee on a future of journalism hearing on Wednesday.Apart from defending Google, which has come under attack from the news industry — most notably the Associated Press — for profiting from content, Mayer gave some tips on how journalists should write their stories.Mayer talked about something she called the “atomic unit of consumption” — a news article rather than an entire newspaper, much like one song downloaded digitally instead of buying an entire album. Here’s an excerpt from her prepared testimony:
The atomic unit of consumption for existing media is almost always disrupted by emerging media. For example, digital music caused consumers to think about their purchases as individual songs rather than as full albums. Digital and on-demand video has caused people to view variable-length clips when it is convenient for them, rather than fixed-length programs on a fixed broadcast schedule.Similarly, the structure of the Web has caused the atomic unit of consumption for news to migrate from the full newspaper to the individual article. As with music and video, many people still consume physical newspapers in their original full-length format. But with online news, a reader is much more likely to arrive at a single article. While these individual articles could be accessed from a newspaper’s homepage, readers often click directly to a particular article via a search engine or another Website.
A new study by the Associated Press and “ethnographic research firm” Context-Based Research Group says people aged 18-34 are overloaded with facts and updates and have trouble connecting with more in-depth stories. At the same time, they yearn for quality and in-depth reporting while having difficulty getting immediate access to that content.