In the quest for a new business model for journalism, Geoffrey M. Graybeal and Jameson L. Hayes, University of Georgia, made a case for a micropayment model at the International Symposium on Online Journalism.

Their micropayment model is based on the notion of the social web. Their model has four strands.

First is the idea of microearn which functions like a rewards program. A user pays for the article, but by sharing on it their social network, he/she earns rewards.

Second is using the social web to disseminate content. Third is local focus, through providing content for a community that no one else is providing, and a newspaper can decide the cost of content. This could work like the points currency that Microsoft and Wii use that lets gamers pay for content.

And fourthly, there is a need for a centralised banking system, so that users can exchange these new “currencies” or points.

These are all interesting ideas but I wonder how practical it is, and whether this is an approach that is too radical for the news industry.

It is also based on the idea that people will pay for news online, which is disputed, to say the least.

Time to read the paper (PDF).