There's no silver bullet
Diversified revenue, baby
There’s been a few thoughtful takes recently on the phrase “saving local news,” mostly around whether “saving” is the right word. Christopher Baxter, CEO and president of Spotlight PA, prefers to talk about rebuilding local news with the community it serves.
Another perspective: What would saving local news look like, and how would you know that you’ve done it? Could you really ever check the box on saving local news?
One of the reasons that media leadership can be frustrating is there’s rarely an opportunity to feel done. And it’s not only because there’s always another story to tell. Sure, you can complete a task like shipping a big project or implementing a new ad tech vendor. But the experimentation, innovation, and strategy work never ends. There is no silver bullet to run a successful media company. There is no singular strategy, no one big idea that is the answer to your problems.
Ensuring financial stability for a media organization is never ending work. It’s a series of actions, a conglomerate of strategies that add to the revenue pie. Diversified revenue is important because relying too heavily on one source of audience or revenue is, of course, risky, but it’s also necessary because there is no single line of revenue that will bring in enough money to fund everything a newsroom needs to be successful.
Many organizations are successfully implementing an experimentation mindset. We know that we have to try new things in order to stay relevant and keep the lights on. We must also become more comfortable that this will never end. We need to find something that works, execute it, and then turn around and say: This is good. What’s next?
What I’m reading
Eric Athas: How you can pivot to thoughtfulness at work
Platonic Love: 18 things I give zero fucks about since becoming a mom
Chief: Women Are Making Big Gains in the C-Suite — But It’s Not as Promising As It Seems
The 19th: Second vote, same result: Senate Republicans block IVF protection bill (This is a stellar example of a piece that succinctly sums up the timeline of an ongoing story to bring all readers up to speed, explains the impact of policy, and highlights contradictions without snark.)
Center for News, Technology, and Innovation: What Defines News, Journalism and Journalists (So interesting—and lovely—that journalism is described more as a process than a product.)
New York Focus: Meet the Cops Running the NYPD’s 86-Member Public Relations Team
Inbox Collective: A Guide to Throwing an Event for Your Newsletter Readers
And a bonus link: I just finished reading “I'm Mostly Here to Enjoy Myself: One Woman's Pursuit of Pleasure in Paris” by Glynnis MacNicol. Very fun read.
One more thing
I’ve opened up a few more coaching slots in my calendar. My individualized support and coaching programs are ideal for professionals with five to 10 years of experience who are looking to increase their impact inside and outside their organization. I focus on leadership, change management, and innovation development. Initial consultations are always free.
See you next week,
Rachel
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