The afternoon keynote at ISOJ was by Jim Moroney, publisher & CEO, Dallas Morning News, and chairman of the board, Newspapers Association of America
He started off by insisting there was a connection between the two aspects of the title of his talk, Becoming The Economist of Metro Newspapers and the Pursuit of the Tablet Audience.
Moroney said the goal of journalism remained the same – an informed public that can make wise decisions to govern itself.
But what had changed was the dramatic fall in print advertising, halving between 2007 and 2011 to $20.6bn.
“We are no longer publishing to a mass audience,” said Moroney. We are publishing for a “mass intelligent audience”, a term he borrowed from The Economist.
Moroney doesn’t mean publishing for elites but for smart people who are interested in the world around them.
The mass intelligent audience reads the Atlantic or the New Yorker, but also mix in US Weekly, Pop Idol or The Simpsons, he said.
The basis of there business is based on the existence of a sufficient audience for intelligent reporting, curating and aggregating of hews and information.
He pointed to the success of Harry Potter, HBO and the King’s Speech as evidence there was a market for smart content.
The value of content is measured by relevance and differentiation.
Today, who, what, where and where are commodities, said Moroney. You have to have breaking news but you cannot win on this particular kind of news.
In his view, the value today is in the how, why and what does it mean for me.
At the Dallas Morning News, they use the acronym PICA: Perspective, interpretation, context and analysis.
What it means for the newsroom is a need for beat reporters, columnists and subject matter experts, said Moroney. It also means going deep into certain subjects and focusing on 10-12 categories to go deep.
The problem facing newspapers is declining print advertising revenue, and Moroney does not believe that digital publishing will be enough to support journalism. Instead there is a need for models to cross-subsidize journalism, beyond advertising.
The experiment going on, said Moroney, is finding ways to have audiences pay for journalism.
And with that comment, he switched to talking about the opportunities offered by tablets.
Figures suggest that people will read long-form on tablets. Moroney cited a figure showing 43% of tablet news readers regularly read in-depth articles.
But for now, 92% of the news audience in the US is still using the web, rather than smartphone or tablet apps.
Moroney’s strategy is focused on a smaller audience that will pay for high-end journalism and that this audience will be accessing the news on a tablet, and for now, that’s the iPad.