To the surprise, even shock, of many, the Washington Post was sold to an outsider. No printers ink on those fingers, none in those
veins and certainly no experience running a newspaper. What will happen to the venerable Post, how can someone from outside the
tradition possibly succeed? More
important, isn't he likely to shake the tree, perhaps ruin everything that
was. No, I'm not talking about Jeff
Bezos but of the banker and former Federal Reserve Chairman Eugene Isaac Meyer
— of 1933, not 2013. According to Wikipedia, Meyer said, ...that he had bought the Post on his own,
without the influence of "any
group or organization". Meyer
was an outsider and look how that turned out.
Well Jeff Bezos, also an outsider bought the Post on his own and could easily have repeated
Meyer's words. Meyer stepped in to pull
the paper out of bankruptcy after it's owner Edward McLean, the scion of a newspaper
family it should be noted, ran it to the ground. Today's Post
is losing money but hardly bankrupt and its now newspaper Graham family
(Meyer's descendants) are and have been highly responsible and respected owners. It wasn't mismanagement that threatened the newspaper,
but a sea change in how our news is delivered and received. Meyer gave the Post fresh thinking and a renewed life in the twentieth century. Given what the right outside eyes can bring
and accomplish, perhaps Bezos will do the same in the twenty-first.
The New York Times (not for sale) has been integral to my
life since early childhood. Occasional lapses
aside, it has largely remained true to Adolph Ochs' promise, "all the news
that's fit to print". It was and is
a unique newspaper. For sure, it is of New
York, but of the nation and the world as well — our shared paper of record. So it's
hardly surprising that it accompanied me when I moved from Manhattan to Chapel Hill. Of course, it was the Times the came along, not the physical paper. My Times
is now, and has been for some time, 100% digital. To many people (including some in my own
family) the idea of reading the Times
exclusively online is considered sacrilege.
How, they contend, could one possibly live without the feel of the paper
in hand, survive without the turning its pages?
Ah, rituals.
Well of course one can survive and there is a
generation growing up that has no such attachment to the "paper" in newspaper,
no need for the tactile, no nostalgia for the "real thing". To date, www.nytimes.com hasn't adorned its
home page with and updated version of Ochs' promise like, all the news that's fit to digitize ("publish" would work
as well). That omission may reflect some
unease about a medium which requires constant updating and where the risk of
"printing" the unfit or not
entirely vetted is greater. But I
suspect it reflects more that companies with precious legacy products or
services are loath to admit that their "real thing" is no longer
sacrosanct. My client The Coca-Cola
Company, fearing dilution or worse denigrating their "real thing"
delayed years before launching diet Coke. "Fit to digitize" assumes not only
as Bob Dylan might put it that, "times they are a-changin" but the
much harder to swallow, that they have already changed.
The Times,
to its credit, launched its digital version fairly early and has improved it
constantly so that today it is the country's most visited news website with 30 million unique monthly visitors. Earlier this year it
reported 676,000 paid digital subscribers, myself included. How can those of us who subscribed to the
print edition and relied on its content expect to get the same reporting for
free? Indeed, "there is no free
lunch". If we want a quality Times, Post or any other content-rich
periodical, we should be willing to pay for it.
The Post
came to the web somewhat later and still doesn't have anywhere near as robust an
online version. They have about 19 Million unique monthly visitors. While both Rupert Murdoch and Michael
Blumberg have long been said to covet the Times,
it's hardly surprising, and I think encouraging, that the Post's possible savior is a digital man pure and simple. In the not so long run, periodicals like the Times and Post will only survive if they are willing to completely embrace
what inevitably will be a post-print era.
The decline of newspapers has been well
documented. Fewer readers and
consequently lower ad revenues coupled with the often-unpredictably high cost
of both printing a paper and delivering it to market are certainly to blame. Then of course there are the competitive
forces — radio and TV (which have been there in the past) but most especially
cable news. You can blame or praise Ted
Turner for that. His 24/7 CNN (even if
it no longer dominates) changed the ballgame.
Add to that, the Internet, which threatens to put a final nail in the
coffin, especially when lifelong loyalists like me abandon the printed page for
the digital screen. And obviously we're
not simply talking computers any more but smartphones and tablets. I often read a book (something Jeff Bezos
knows all about) across all three platforms moving from one to another, each knowing where I left off. My digital Times may not yet work the same way, but it surely will.
The word newspaper
itself presents a significant branding/nomenclature problem for the Post, Times and others. I said the
Times came along with me from New
York to North Carolina, not the paper. Newspaper
is a self-defining descriptor both for the companies and for their
readers. In a sense, the newspaper
nomenclature locks in the legacy and makes it less flexible. Jeff Bezos started his company with the
intention of selling books on line. He could
have called it books.com but opted
for Amazon. This non-specific name
permitted him to go anywhere, sell anything, which is exactly what he has done.
Something called newspapers don't have the same flexibility.
The word newspaper impacts on the mindset of the
company and the readers. It sets up
expectations in terms, for example, of what format constitutes the "real
thing". The paper is real, the digital format not so
much. From a business standpoint, newspaper
can send the wrong strategic signals. It
can be misleading when it comes to allocating resources. The word newspaper in the twenty-first
century leads, I would suggest, both the publisher and reader to look backward
rather than forward. To be sure there
are some very good and satisfying things about a physical paper, about turning those
pages, but much of that comes from the fact that we're used to it; it's
familiar and comfortable. Some of us are
very change-resistant. But holding on to
print, giving it priority, means holding back. That can be fatal. Eastman Kodak, despite having come to digital
early, and inventively so, held on to the primacy of film so long that it was
forced into bankruptcy in 2012; 132 years after George Eastman founded it. Too many wonderful newspapers have experienced
the same fate — Kodak has since come out of Chapter 11, but they have
tragically disappeared.
Don't get me wrong, I'm certainly not writing here
to promote Jeff Bezos and his acquisition of the Post. Billionaires like him
seem to be taking over the world, gobbling up small companies, often homogenizing
our society and obliterating competition and choice. Think airlines, drug companies, Walmart to
name a few. But I am definitely
suggesting that it's time to look forward and to embrace all the enhancements
that it can bring. My Times still gives me in-depth reporting
but it also provides up-to-the-minute breaking news, video and so much more. Perhaps CNN once posed a threat, but today it
is the on-line Times and other great
brands like it that are moving once again into the drivers seat. And, in my view, that’s a good thing.
What a Bezos could mean for the Post and for the industry is fresh thinking without being
encumbered by legacy, the paper legacy.
That doesn't mean that he (or others like him) will discard the heritage
but they will be focusing on how to renew and revitalize it for the current and
future generations. That is not only
good, it is needed. Selfishly it will
make my experience better, but I think it will also enhance yours. Symbolically, the Bezos purchase focuses the Post and us not on where we have been
but where we are and will be in the years ahead.
As reported in a recent Post
interview,
Jeff Bezos said, that "the Kindle e-reader convinced him that the printed
word doesn’t have to be on paper. 'The key thing about a book is that you lose
yourself in the author’s world. Great
writers create an alternative world. It
doesn’t matter if you enter that world' via a digital or printed source." I feel the same when I read my Times each day. The words of its reporters and columnists
count, not where and how I encounter them.
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