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The News Industry Isn't Dead... But Has 1 Foot In The Grave

Tyler Durden's picture




 

Journalism and investment research have a lot in common, notes ConvergEx's Nick Colas; after all, both essentially ask the customer to freely part with three scarce resources: time, attention and money. It’s been a tough decade or two for both the newsroom and the research department in that effort, but at least one prominent venture capitalist, Marc Andreessen, thinks there is a future for the news business, however, due to a rising middle class in emerging markets and mobile Internet distribution. While this audience may not (yet/ever) be hankering to read Buy-Sell-Hold reports on their smartphones, Andreessen’s recently published 8-fold strategy for journalism has lessons for investment research as well. The big takeaway: sell-side research needs to change a lot – and quickly - to survive as anything more than an advertising vehicle for brokerage firms.

Via ConvergEx's Nick Colas,
 
Early on in my sell-side brokerage career – this would have been 1991 – I got a useful piece of advice from the firm’s Machinery analyst.  He was a long time veteran of the business and had been on the very first Institutional Investor All-Star Analyst list back in the 1970s.  To the best of my knowledge, he never fell off this roster during his 30-year career, a unique achievement in a highly competitive business.  When he spoke, all the young pups listened.
 
“You want your initial company reports to be so thick that when the client gets them in the mail and immediately throws them away, they are so heavy that they push all the other competitors’ reports they’ve discarded down to the bottom of the trashcan.”  His message, while disturbing, had the ring of truth.  The client was never going to read your report.  Not most of them, anyway.  But they would remember that you were the analyst who had penned that 100-page report they got, because of its impressive scale and heft.  When you rolled by on a marketing trip or a salesperson made your call, they’d think: “Yeah…   I remember that analyst’s name… I got his War and Peace report a while back…  He must know SOMETHING worthwhile in all that writing.”
 
Technology and competition have changed the role of the brokerage analyst, not to mention a few self-inflicted wounds along the way.  A few points here:

No one prints and mails reports much any more – everything goes by email.  Publishing and postage budgets used to run into the millions of dollars at most large brokerage firms in the 1990s.

 

Clogging up the client’s inbox with a hefty file is actually a big no-no now.  Frequency of publication matter more, which is why you get one of these missives +200 days a year.

 

Analysts stopped being one-stop-shop experts right around the time Reg FD came around, as they lost their unique position in the company-to-investor flow of information.  Companies used to call me first when they were going to miss a quarter, and I let the world know.  Now, expert networks fill an important piece of the investment mosaic, not to mention satellites for hire, Twitter feed analysis and other tech-enabled content.   And companies do their own public pre-releases of quarterly results.

 

The Internet is a lively agora of investment information, full of entertaining and thought provoking content.  And much of it is free.  There was no zerohedge back in the day.  And if you wanted to see a great CNBC interview, you had to be in front of the TV – there was no Web-enabled video library like today.

 

Analysts did themselves no favors in the 1990s, putting out recommendations for retail clients at the height of the dot com bubble that had the intellectual heft of a “Real Housewives” television show.  That malfeasance forced a stricter Chinese Wall around the research department, limiting pay and creating a diaspora of many good – and honest - analysts to the buyside. A few of the old lions remain, and a few new ones manage to come up through the ranks. But “Peak Analyst” happened about two decades ago.

In many ways, this narrative arc resembles the changes in the news business over the same period of time.  The Internet cut out the newsstand and home delivery as the exclusive methods of distribution, replacing the highly profitable full-page print ad with banners for tooth whitening and cut rate mortgages.  Narcissistic content like Facebook and other social media soaks up time, shifting public attention from news to keeping up with the Joneses, in every sense of those words.  Craigslist took away the highly profitable classifieds business.  And new competition from web-only news services fulfilled the classic “Innovator’s Dilemma” paradigm by entering the market with highly efficient Internet-optimized business models.
 
One prominent venture capitalist, Marc Andreessen, recently penned a piece entitled “The Future of the News Business” where he expressed tremendous optimism for the industry.  By his reckoning a rising middle class in emerging markets, paired with affordable mobile Internet access and devices equals the potential for explosive growth in demand for news content.  In developed markets, the Web has actually increased demand for news, just in a way that is ferociously hard to monetize.   Get the right business model, and news could once again be a highly profitable growth industry.
 
Andreessen lists 8 specific issues as a roadmap to this sea change, and the lessons here apply as much to investment research as they do journalism and the news business.  We’ve included the list here, with our thoughts about what it means for Wall Street as well as the newsroom. 

1. Advertising.   Andreessen calls the news industry out for all those “Crappy” dancing girl ads for mortgages on their websites.  Ad sales departments need to partner with companies that reinforce their corporate brands, not erode them.

 

In the investment world, money management businesses understand this very well.  They have begun to hire senior strategists of their own, in direct competition to the brokerage world.  These professionals go direct to the customer base with educational content, investment perspectives, and macro analysis.   Yes, it is ultimately advertising, but by controlling its quality and content these shops control their branding message.

 

2. Subscriptions.  This is where the rubber hits the road in the news business: are consumers willing to pay for it?  If not, then just relying on ad sales is a tough slog indeed.

 

This is also a perennial problem in selling brokerage research.  The classic model is to employ a motivated sales force and go for “Share of wallet” with institutional investors.   Tough game, that – and only more difficult now as these customers are increasingly used to finding their own differentiated sources of information.  Still, some of the best independent research we see has explicit pricing.  It is, therefore, possible.  And increasingly essential.

 

3. Premium Content.  Newspapers like The New York Times offer a limited number of free views before they demand payment.  That segments the market nicely and entices semi-frequent users to upgrade to a paid premium service.

 

Some of this exists in broker research currently.  Better customers get better service.  The more disciplined firms are more rigorous in keeping the gates up until the client pays more.  At the same time, it takes a good deal of intestinal fortitude to hold to this approach.  And just like point #2, it is an increasingly important discipline.

 

4. Conferences and Events.  There is a reason why sporting events still hold pricing power in the world of television: live must-see events draw viewer attention at a specific time.  Very little news content qualifies for this category, so hosting events with opinion leaders and other must-have content is a path to pulling money and attention from customers.

 

Wall Street research does this quite well, but there is always room for improvement.   Industry conferences are commonplace to the point of being largely interchangeable.  New content – issues like market structure are hot at the moment – is essential to holding customer attention.

 

5. Cross Media.  News flow can vector into video content, books, magazines, and other media.  Bloomberg is one good example, as is Yahoo! Finance.

 

Investment research is proceeding down this track, albeit slowly.  How many analysts have their own Twitter following?  Or write books?  Yes, there are some compliance restraints here, but the path forward is clear.  More points of distribution build brand and awareness.

 

6. Crowdfunding.  Andreessen cites the historically important but expensive area of investigative journalism as one ripe for independent funding.  Is global warming your cause celebre? Give $5 to a news website dedicated to the cause…

 

This is also an intriguing direction for investment research.  There are thousands of underfollowed public companies in the U.S., and multiples of that around the world.  Would you pay $100 to get access to better information on a small cap name, buying that content alongside a few hundred other investors?

 

7. Micropayments.  News organizations can tier access to their content along the Basic/Premium approach, but wouldn’t it be better to capture more of the consumer’s wallet by asking for $1 here and $0.50 there?  Current payment systems aren’t particularly friendly to small amounts due to their transaction costs, but Andreessen pitches bitcoin as an answer to that.

 

In the world of investment research, this could be a boon for providers with a broad range of content.  If I have to pay $10,000 for access to a broker’s entire suite of research, I may well pass.  But if I can pay for exactly what I want, I would be willing to shell out $100 a few times a year.  Yes, research providers may well balk at risking their $10,000 price point for fear of massive substitution to lower unbundled pricing. But if they don’t do it, someone else will.

 

8. Philanthropy.  There is a growing trend in journalism to not-for-profit enterprises.  Frontline on PBS is funded this way, with consistently first-rate programming.

 

The connection to stock research comes through socially-aware investing.  Investors, especially public and sovereign wealth funds, are increasingly aware of their societal roles in allocating capital.  They choose investments not just from financial analysis but also with an eye to favoring businesses that adopt and maintain progressive agendas.  That may fly in the face of classical finance, but it is clearly an important trend.  Bottom line: the next “Big Thing” in investment research could be a not-for-profit focused on issues like environmental, social or corporate governance. 

The upshot of all this is simple: the news business isn’t dead, and neither is investment research.  Yes, both have had their troubles and tribulations.   But the trends that have put a foot in the grave for both businesses can also lead them back to health.

 

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Thu, 05/01/2014 - 21:17 | 4718434 nmewn
nmewn's picture

I-Want-Them-Both-Dead.

Sellouts.

You get exactly one shot at trust to get it right, they went the opposite direction.

Thu, 05/01/2014 - 21:33 | 4718469 wee-weed up
wee-weed up's picture

MSM = Obozo Admin boot-licks and ass-kissers.

Thu, 05/01/2014 - 22:02 | 4718550 0b1knob
0b1knob's picture

Did somebody say “Crappy” dancing girl ads?   Hey I really like those.

https://www.youtube.com/watch?v=BNr6VHYAbvI

Better than most of the crap on TV.

Thu, 05/01/2014 - 22:10 | 4718580 EscapingProgress
EscapingProgress's picture

Don't get your hopes up because the government will bail them out. Afterall, what would Americans do without their "news".

Thu, 05/01/2014 - 22:17 | 4718611 boogerbently
boogerbently's picture

The "news industry" is dying because they are no longer helpful, informative or honest.

 

Thu, 05/01/2014 - 22:43 | 4718701 666
666's picture

I finally gave up on the "news" when Reagan was shot. I heard every possible permutation: he was killed, wounded, not hurt, someone else was dead, etc. As far as I was concerned, the MSM was the opposite of news; it became solely a propaganda machine. Today, my only real news source is ZH.

Thu, 05/01/2014 - 23:06 | 4718755 Bloody Muppet
Bloody Muppet's picture

If you haven't heard, the DeLorean DMC-12 is still the best-selling car in East Germany!

Fri, 05/02/2014 - 04:48 | 4719055 AldousHuxley
AldousHuxley's picture

Russia Today has more honest reporting about state of United States than any US news media

 

US elites lost control of their main channels of propaganda with digital media....politician's lies are recorded forever, and social comments validate general consensus in private without having to assemble physically.

so...they are trying to control it by driving multiple media channels into monopolies like Facebook and Tweeter, then backdoor into these entities.

 

"News" is what they want you to hear. The real good stuff is hidden deep in the internet and in your mind.

Fri, 05/02/2014 - 06:39 | 4719125 negative rates
negative rates's picture

BRING OUT YOUR DEAD...

Fri, 05/02/2014 - 07:30 | 4719226 taketheredpill
taketheredpill's picture

 

2. Subscriptions

Newspapers have probably covered this if the Net Neutrality rules get overturned, as appears the case.  This will allow faster web page access for more money, so the newspapers can transfer their advertising pay model from print to online.  So far online news has failed partly because of competition on a level playing field.  By changing the rules the mainstream news may be available while the alternative competition will download at donkey speeds.  So consumers will pay to access mainstream sites and advertisers will pay because they see the traffic.

 

How this applies to Dealer Research I have no clue.

 

 

Fri, 05/02/2014 - 09:04 | 4719611 J_jade
J_jade's picture

LMAO  Are you serious.  A communist country with ccontrolled media has more intergirity then western.  Your a fucnk moron.  Go suck on your Russian teets.    If you for one second think that Russian media is any better or any different then any other media on the planet you are nothing more then a niave child. 

As far as the itnernet goes it is just as full of mis-leading informataion and propaganda as the rest. 

When the death of Newspapers and all print media for that matter including magazines does come it will be at the fault of loss in advertising dollars and subsciptions.   Do you even have any idea what full ppage ads even cost in major newspapers around the country.  Youre looking at around a 20,000 to 30,000 dollar ad for a full page with color.  Oh they'll goo allright, just like Yellow pages who would charge you 4 times for 1 city listings because they'd break down the Yellow pages into 4 sections for the city.   They will die mainly because of GREED.

Keep believing the LIES that Russia tells you. 

Fri, 05/02/2014 - 11:28 | 4720332 marathonman
marathonman's picture

"Today, my only real news source is ZH."  My real news source is the comments on ZH.

Thu, 05/01/2014 - 23:27 | 4718788 RafterManFMJ
RafterManFMJ's picture

Only a fin moron or someone above the age of 70 - in diapers - watches the 'news.'

Here is the news.

1. There was a robbery/fire/auto wreck and/or an aircraft crashed/disappeared

2. Commercials

3. Obama/Congress made some noises and these noises were broadcast over the Nation's TVs.

4. There is a threat. Terrorist/identity theft/lightning/Russia/gypsies whatever imaginary hobgoblin they animate on the screen.

5. Commercials

6. The human interest story. A kitten was rescued from a tree or some low level crude featured wanna-be Mafioso politician ladled thin soup into the pewter cups of the poor.

7 Commercials

8 The Weather. It may rain or it may not. But then again, both.

9 Commercials.

Here is a 'Fucking Moron Test'

Q: Do you watch the news?
A: Yes - You are a fucking moron.
A: No - You may not be a fucking moron; more data is needed.

Fri, 05/02/2014 - 02:14 | 4718990 franciscopendergrass
franciscopendergrass's picture

Rafter,

You forgot the biggest distraction, SPORTS.  They usually do a segment on sports so that men don't realize that the Fed is printing to infinite and we have more war and global instability in the future.

Fri, 05/02/2014 - 07:27 | 4719221 Poor Grogman
Poor Grogman's picture

Reading this sent a shiver up my spine.

To think I actually watched that shit.

And

Thought I was informed.

How's this for a laugh. .. I once thought bank loans came out of deposits.

Unbelievable..

Fri, 05/02/2014 - 08:57 | 4719554 Froman
Froman's picture

Rafter you could make some big $$$ being a media consultant.  Just print out your script above and then supplement it by advising the broadcaster clients to update their set to something modern looking and then hire; an African American Woman, an African American Man to be co-anchors with one of the blonde bimbos, a couple of old white guys (think Warner Wolf types) to broadcast the sports report, at least 3-4 bleached blonde bimbos to be field reporters and co-anchor women with the African Americans, then fielders choice;either a latino, asian, another bimbo or african american and/or an old white guy to read the weather.  For the last category you can advise them that they can select more than one from the category so they have a "weather team" that will read the weather report.  You also don't need an actual meteorologist you just need one that has a degree in broadcast meteorolgy which is basically a degree in how to read weather terms from a teleprompter without mispronouncing them and smile while you are doing it so the sheeple believe what you are actually saying is based on some sort of actual science.  

Thu, 05/01/2014 - 23:36 | 4718805 HardAssets
HardAssets's picture

I've heard many of them are joining escort services and hanging out on street corners now.

So in many ways, its business as usual.

Thu, 05/01/2014 - 21:18 | 4718435 stant
stant's picture

Dance with the devil you can't tell anyone when he steps on his own wing

Thu, 05/01/2014 - 21:48 | 4718502 Ignatius
Ignatius's picture

Telling the truth might up their circulation though one should know when/how to duck.

Thu, 05/01/2014 - 21:18 | 4718437 kchrisc
kchrisc's picture

Don't you mean the propaganda industry is almost financially dead?!

It won't die, it will just be subsidized and give the pols and crats even more incentive to manipulate the Internet under their propaganda umbrella.

I consider myself a critical thinking person, but in the age of the Internet I have discovered how much even I was manipulated by propaganda in the past—I actually believed that Perot ran for the benefit of the American people. “What a maroon” I was.

Thu, 05/01/2014 - 21:20 | 4718441 booboo
booboo's picture

I threw this article in my trash bin and it compacted an entire years contents down to the width of a quarter.

Thu, 05/01/2014 - 21:23 | 4718446 JuliaS
JuliaS's picture

Industries that should be dead because of the internet:

 

1. Print media.

2. Over the air and cable television.

3. Physical media distibution (CD's, DVD's, Bluerays etc).

4. Retail (short of food delivery services).

5. Travel / tourism agencies.

What else?

Thu, 05/01/2014 - 21:40 | 4718485 TalkToLind
TalkToLind's picture

Don't forget about the desktop computer industry...the MSM has been forecasting the death of the PC for more than a decade.  Those presstitutes want us consuming entertainment and advertisements on tablets instead of doing productive work on PCs. 

Thu, 05/01/2014 - 22:23 | 4718640 Kreditanstalt
Kreditanstalt's picture

They'd LOVE that.  Another monthly bill...and the effort in the past decade or so is...expanding the stuff t,hat comes with MONTHLY BILLS!

NFLX.  Cell phones.  iPads/Pods/gadgets  cable Tv   etc., etc...

Fri, 05/02/2014 - 10:45 | 4720096 madcows
madcows's picture

I'll take netflix ($8 per month)and internet over cable ($100+ per month).  I hope cable dies.  Cable rates are akin to usury. You can keep the ipods tv telephone.  I don't want any of that overpriced shit.

Otherwise, I'll take a free book from the library, a free hike in the mountains, a free activity in the yard.

Thu, 05/01/2014 - 22:21 | 4718632 Kreditanstalt
Kreditanstalt's picture

The hgher education cartel...

Fri, 05/02/2014 - 01:28 | 4718963 A Nanny Moose
A Nanny Moose's picture

Post Orifice of the FORMER United States

Thu, 05/01/2014 - 21:23 | 4718447 fonzannoon
fonzannoon's picture

 

This article actually makes me long for one of Snyder's lists.

 

 

Thu, 05/01/2014 - 21:31 | 4718465 Dr. Engali
Dr. Engali's picture

Don't worry it's coming.

Thu, 05/01/2014 - 21:37 | 4718478 fonzannoon
fonzannoon's picture

I refuse to plug it, but he wrote a book. On one hand it looks horrendous. On the other hand he managed to put something out not in list form.

Thu, 05/01/2014 - 21:46 | 4718493 Dr. Engali
Dr. Engali's picture

Are you sure he wrote a book, or was it just a link to somebody else's crappy work?

Thu, 05/01/2014 - 21:54 | 4718520 fonzannoon
fonzannoon's picture

""tom, have you been following the economic news lately?" ...Hannah hesitated again, but she kept going. "Tom, our economy is about to collapse... the American people deserve to be warned about what is coming..."

Thu, 05/01/2014 - 21:56 | 4718525 NoDebt
NoDebt's picture

Read ZH, then read CNBC.  Form an opinion based on the bookends plus your own experience.  You won't do any better or worse than the pros.  Unless you have specific insider information, you're not going to do much better than that.

I read a "newsletter" from one of my competitors yesterday.  LOOKED fantastic.  Way better than mine.  First sentence read "we expect 3% annual growth in 2014".  Good luck hitting that after blanking the whole 1st quarter.  My pile of shit newsletter started out with one word:  Churning.  

So you tell me, what is the value of "information"?  Near zero.  What is the value of "wisdom"?  Slightly above zero.  Be right or be gone. 

Thu, 05/01/2014 - 21:24 | 4718452 Rising Sun
Rising Sun's picture

subscriptions - just clear your cache and you get to start all over on the "free trial"

 

most of the MSM is fucking shit - reading headlines is now my favorite past time.

 

except ZH.  superb content!!!!

Thu, 05/01/2014 - 21:34 | 4718470 Ralph Spoilsport
Ralph Spoilsport's picture

I like fucking with the NYT whenever they gray out an article with the "you've reached your limit" crap. I copy the URL, open a Private Window in FireFox and paste in the URL. Works great.

Fri, 05/02/2014 - 00:03 | 4718852 NickVegas
NickVegas's picture

The joke is on you, lol.

Fri, 05/02/2014 - 06:42 | 4719129 negative rates
negative rates's picture

He's a gvt jokester, a gamesman who life it is, to play games.

Thu, 05/01/2014 - 21:31 | 4718461 Dr. Engali
Dr. Engali's picture

Nowhere in this crappy article did I read.... Give them real news.

Thu, 05/01/2014 - 21:35 | 4718473 fonzannoon
fonzannoon's picture

Agreed Doc, so lets hijack the thread. Check this out

"Someone retiring now in 2014 with $1 million at age 65 can safely withdraw $43,600 a year. However, [because of inflation], today’s 20-year-olds will need over $7 million to have that same lifestyle when they retire. In 1970, they would only have needed $166,000 in retirement to have a similar purchasing power for the rest of their life."

http://finance.yahoo.com/news/a-20-year-old-will-need-to-save--7-million...

Where do we even start with this? How fkin funny.

 

 

Thu, 05/01/2014 - 21:44 | 4718483 Dr. Engali
Dr. Engali's picture

Holy shit. I had to stop reading when she said inflation is at 1.5% and hasn't been at 4.5% since 2008. Now who in their right mind is going to take that idiot seriously? Oh never mind, it's on yahoo. That explains a lot. To be sure all those snap collecting Walmart workers will have 7mill saved for retirement.

Thu, 05/01/2014 - 21:46 | 4718492 fonzannoon
fonzannoon's picture

The best part is 50% of these 20 yr olds are unemployed and the majority of the rest of them are debt riddled and toiling in low wage service sector jobs, and they need to bank 7 mil, according to this mess of a read, after they are done fulfilling their obligations to the failing ponzi(s) that can't exist without them.

Thu, 05/01/2014 - 23:41 | 4718815 IridiumRebel
IridiumRebel's picture

This calls for a $125,000 student loan!

Fri, 05/02/2014 - 11:33 | 4720374 marathonman
marathonman's picture

There's a lot of comments that people are in on the con on the Yahoo comment boards.  Especially on the Yahoo Finance pages.  It isn't exactly ZH but there's a critical mass out there that are awakened.

Thu, 05/01/2014 - 21:40 | 4718484 prains
prains's picture

is that in ZIM or USD?

Fri, 05/02/2014 - 06:10 | 4719097 Winston Churchill
Winston Churchill's picture

At this point, what difference does it make ?

Thu, 05/01/2014 - 21:30 | 4718462 TalkToLind
TalkToLind's picture

<-- Dancing mortgage girl

<-- Hot Asian chicks

 

I'm just sayin, you gotta pay the bills somehow.

Thu, 05/01/2014 - 21:30 | 4718463 buzzsaw99
buzzsaw99's picture

egad

Thu, 05/01/2014 - 21:31 | 4718464 delivered
delivered's picture

The bottom line is simple. First comes quality content. Without it, you might fool some people for a while to continue to pay but in the end, crappy content (just like a crappy product) will always find its way to the grave. Second comes proper distribution. Clearly today this involves understanding how content moves, where people consume the content, and what really triggers interest in content. Or in other words, mobile and digital are without question leading the way, especially with the younger/tech crowd but there's still a place for that good old printed content including newspapers, magazines, and even snail mail. The key with quality content is to utilize all mediums, in a coordinated and efficient manner, to deliver a clear, concise, and consistent message (and what the brand means).

If you remember back in the day when TV was first introduced (as powerful if not more powerful than the internet as bringing video to the world was a huge advancement), radio, newspapers, magazines, mail, etc. didn't die but rather had to adapt to the new market. The key, however, remains the same. Quality content represents the start of the food chain and without it, all of these crappy and so called content providers will die a quick and quiet death. Look no further than the troubles at Twitter as with 99.9% of the tweets forwarded being worthless, their content sucks. Twitter is going to find it increasingly difficult to not just grow users but more importantly, engage users and increase dwell/use times. The competition of distributing content to users is fierce already and is going to get brutal moving forward as everyone moves into the instant demand world of mobilility.

Use to be that you could reach your customers once a week with an ad in the Sunday paper or weekly mailer. Now, you have to know where your customers at almost every moment, what they are following, what's trending, etc. Crazy connected world these days but it still comes down to two key issues. First, without quality content you're dead. Second, the competition for users is going to move into a hyper-competitive mode with pressure soon to come on pricing and margins. 

Thu, 05/01/2014 - 22:33 | 4718667 GooseShtepping Moron
GooseShtepping Moron's picture

Bravo! Not much I can add to that, so I'll simply say +1.

On second thought, I will add something. It's important for people to realize that quality content isn't free. It comes about as a result of paying competent journalists to do research and write books and articles. I used to have this argument a lot with people on other discussion fora a few years ago when they sustained that "technology" was killing/had killed the legacy media. I replied that technology had nothing to do with it one way or another, and that in order to learn anything about the world beyond our own horizon, some sort of news agency would still need to maintain bureaus and correspondents in every corner of the world; somebody would still need to be able to get access to important people e.g. heads of state, government officials, business leaders, generals, scientists, artists, celebrities; somebody would still need to vet the facts and write up the copy, and let us not underestimate the impact good writing has on the overall quality of the content. None of this can be done without something like a trusted news organization. Whether it's publicly funded or privately funded, whether it's new media or old media, isn't really the point. The point is that by definition content can't be free, for it takes time and resources to produce it. The internet, and the general society we live in, has made me 100 times more cynical about anyone offering to sell me something, but wouldn't I love to read brilliant and well-written articles such as newspapers used to be known for. I would certainly pay for that, and I doubt I am alone.

Fri, 05/02/2014 - 01:00 | 4718922 SF beatnik
SF beatnik's picture

"It's important for people to realize that quality content isn't free. It comes about as a result of paying competent journalists to do research and write books and articles. I used to have this argument a lot with people on other discussion fora a few years ago when they sustained that "technology" was killing/had killed the legacy media."

 

The best paid journalists are paid to lie their asses off.

 

Many fine and valuable works in various modes of expression are total money losers.  The creators lose money in the act of creation and often get hardly any recognition for their contributions. 

 

Yes, it takes a lot of work to contribute something of value. But NO, money does not play a big role in motivating contributors.

 

 


Thu, 05/01/2014 - 21:32 | 4718467 Seek_Truth
Seek_Truth's picture

As it should be for "news" that is actually 99% propaganda.

Long live ZeroHedge!

Thu, 05/01/2014 - 21:53 | 4718517 james.connolly
james.connolly's picture

Marc Andreessen – supports Silicon Valley entrepreneurs and advances all all AIPAC agenda's in the Valley - investing-partner philanthropic commitments.

Meet the AIPAC ALL-STAR's meet their new Tech Mentors Bezo's & Andreesen.

"If you want NEWS, You Can KEEP your NEWS, but it MUST come from AIPAC"

All the News that's FIT to be delivered to YOU.

>>>

What needs to be said? AIPAC now own's JEFF-BEZOS (AMAZON/CIA/NSA) WASHINGTON-POST. WHY?

Because they printed the SNOWDEN story's, ... solution BUY them and put them under the AIPAC yoke.


End of fucking story, ... move on.


Thu, 05/01/2014 - 21:56 | 4718523 buzzsaw99
buzzsaw99's picture

Once upon a time you dressed so fine

You threw the bums a dime in your prime, didn't you ?

People'd call, say, "Beware doll, you're bound to fall"

You thought they were all kiddin' you...

 

You said you'd never compromise

With the mystery tramp, but know you realize

He's not selling any alibis

As you stare into the vacuum of his eyes

And say do you want to make a deal?

 

[/Like A Rolling Stone]

Fri, 05/02/2014 - 04:22 | 4719042 james.connolly
james.connolly's picture
JOHN LENNON LYRICS

"Working Class Hero"

As soon as your born they make you feel small
by giving you no time instead of it all
Till the pain is so big you feel nothing at all
Working Class Hero is something to be
Working Class Hero is something to be

They hurt you at home and they hit you at school
They hate you if you're clever and despise a fool
Till you're so fucking crazy you can't follow their rules
Working Class Hero is something to be
Working Class Hero is something to be

When they've tortured and scared you for 20 odd years
then they expect you to pick a career
When you can't really function you're so full of fear
Working Class Hero is something to be
Working Class Hero is something to be

Keep you doped with religion, sex and T.V.
and you think you're so clever and classless and free
but you're still fucking peasants as far as I can see
Working Class Hero is something to be
Working Class Hero is something to be

There's room at the top I'm telling you still
but first you must learn how to smile as you kill
if you want to be like the folks on the hill
Working Class Hero is something to be

Yes , A Working Class Hero is something to be
If you want to be a hero well just follow me
If you want to be a hero well just follow me

Thu, 05/01/2014 - 21:55 | 4718524 rsnoble
rsnoble's picture

For now.  Obama just gave control of the net to the fucking UN..........and don't forget the net neutrality horseshit that the criminals are all over.

For real people..........we may want to start a kickstarter campaign, build our own damn ISP and get a russian rocket to boot.  No fuckin joke...........you want the net to go bye bye as you know someone with a fucking brain better get with the goddamn program or we're going straight back to your regurlar 'programming'.

And as always.........fuck the US gov't!

Fri, 05/02/2014 - 04:19 | 4719040 james.connolly
james.connolly's picture

The 'net' was always a CIA/NSA operation going back to TCP-IP/DOD in the 1960's.

Now that PUTIN has gone public and told the world to ABANDON GOOGLE, the next step is to abandon the INTERNET(DOD),

I suspect to see very soon from CHINA/RUSSIA a CIA/NSA 'free' method for people to communicate where they ain't being spied on by common criminal's (kleptocrats).

Remember the RUSSIAN's don't want to lose money, and GPS was a joke until the Russians made their's FREE&PUBLIC,

The USA had its day in the sun,

The SOONER we have CIA/NSA "FREE" ALTERNATIVE to the INTERNET the better,

 

Thu, 05/01/2014 - 22:15 | 4718538 whidbey-2
whidbey-2's picture

Relevance, focus for  target audiances = readership. 

This takes time, and Mark as usual, pitched his ball before he found anything to say to anyone.  When will our new elites find something to say to non-elites. ??? Are we still a society, or, were we ever? Mark, go sue someone for violating your patient (patent) trust. Good bye and go away. 

Thu, 05/01/2014 - 21:59 | 4718539 Saratoga
Saratoga's picture

It's got one foot in the grave and the other on a banana peel.

Thu, 05/01/2014 - 22:21 | 4718628 Bloody Muppet
Bloody Muppet's picture

My small town's newspaper will survive. It has all the latest news, for example:

 

Man jailed in fake washing powder scam. Town fighting back on homeless, trying to deter gents like him.

Thu, 05/01/2014 - 22:26 | 4718650 SolarSystem1932
SolarSystem1932's picture

Death and Graves.

Odd that I post this, and more odd that you read it.

For some reason, I found this fascinating and any ZH article that contains the words DEAD and GRAVE should reference it.

http://www.straightdope.com/columns/read/2248/do-cemetery-plots-have-exp...

 

Best to all, here and, on the other side.

 

Thu, 05/01/2014 - 22:30 | 4718666 SolarSystem1932
SolarSystem1932's picture

I must continue as the clock is ticking away those frittering moments...

This is hard to read because we no longer learn words and structure.

But do take a moment and consider not just the content here, but the mind's process of writing in this manner.  Old music and old text call to us to think deeper than a drive up window.

 

"The cumulative effect of primitive fears of the spirit, apprehensions or hopes of resurrection, modern concepts of morals and habits of devotion, respect, and sentiment--all these presently produce an undeniable recognition of the rights of the dead and the living to have respected the peaceful and unviolated sanctity of the grave. It may be generally said that once a person is buried, the law, having a proper respect for the dead, a just regard for the sensibilities of the living, and a care for the due preservation of the public health, jealously guards the grave against ruthless or unjustifiable intrusion."

 

Thu, 05/01/2014 - 22:32 | 4718674 SolarSystem1932
SolarSystem1932's picture

We use terms.

SHTF

We store nuts for a cold winter.

We fear mass termination.

But did you ever consider warmer climates ?

"Left outside in warm or hot weather, an adult corpse typically becomes a skeleton in two to four weeks. Burying an adult corpse without a coffin in a shallow grave, one or two feet deep, will stretch out the process to a few months or a year. An adult corpse without a coffin buried six feet deep will usually take five to ten years to turn into a skeleton. In places such as Scotland and the North Sea Island of Amrum, where graves were reused, bodies that were buried in wooden coffins were typically left undisturbed for twenty to thirty years before a new corpse was buried in the same grave. "

Thu, 05/01/2014 - 23:00 | 4718737 bardot63
bardot63's picture

The article misses one crucial element-it confuses the modern news business and journalism with propaganda, which is not the same as journalism.  To have journalism, you must have honest (mostly), unbiased (mostly) courageous men and women.  Haven't seen that anywhere in a long, long time.

Thu, 05/01/2014 - 23:34 | 4718801 james.connolly
james.connolly's picture

The ZIO-BRAT's cannot deliver JOURNALISM, because it requires TRUTH, something that you cannot handle, in their minds, and something that if they did deliver they and their family's would be droned.

>>>

I agree that MODERN USA JOURNALISM is just propaganda, and RT.COM and many other sources like Al-JAzeerah have already filled this niche, ...

If the ZIO-BRATS were smart they would sell the TRUTH, but the truth is these ZIO-BRATS are billionaires because they're insiders to the DUAL-PASSPORT DOMAIN, and thus they can't tell you the fucking truth, because they would DIE, or fall from their power, .e.g. the State would SANCTION their assets and they would become a SNOWDEN.

Fri, 05/02/2014 - 04:02 | 4719032 intric8
intric8's picture

Is pronounced 'jewnalism'

Fri, 05/02/2014 - 04:15 | 4719039 james.connolly
james.connolly's picture

Zionism has nothing to do with Religion, and everything to do with Facism.

Mossad ain't Jewish.

CIA ain't Christian.

Israel like the USA are KLEPTOCRACY's, sugar coated with religion.

This modern trend of destroying the middle class in the USA, and turning every ZIO-BRAT into a BILLIONAIRE show's that ELYSIUM, is going to happen very soon.

Probably within a decade there will be an ISLAND-STATE (ELYSIUM)  where only BILLIONAIRES are even allowed, and everybody else will just have to wallow in their own shit.

 

 

 

Fri, 05/02/2014 - 07:37 | 4719241 Stanley Lord
Stanley Lord's picture

Whoa, be careful there, they might take your basketball team from you.

Fri, 05/02/2014 - 01:54 | 4718980 Hurdy Gurdy Man
Hurdy Gurdy Man's picture

right - let alone naming a good (I mean *artistic* actor in his 40's...)

 

Thu, 05/01/2014 - 23:22 | 4718777 alien-IQ
alien-IQ's picture

One foot in the grave and the other on a banana peel.

Thu, 05/01/2014 - 23:23 | 4718780 williambanzai7
williambanzai7's picture

The MSM propaganda machine, is an appendage of the state and as such is too big to fail.

Thu, 05/01/2014 - 23:30 | 4718793 james.connolly
james.connolly's picture

One of the BIG myths of Silicon Valley entrepreneurs is they DONT play politics, and the same was said of Gates @ microsoft.

Today of course we now know that ALL SiliconValley BIG companys are OWNED by CIA, PUTIN has told us so.

That the RICH spoiled ZIO brat's have now decided to BUY OLD-SKOOL MEDIA is telling, ...

But I agree Banzai, ... ALL ZIO's cannot fail, well until it simply FAILS.

Failure for one big reason is TRUTH, like PUTIN telling the TRUTH and OBAMA being a compulsive LIAR,

Reality TV is the only hook they have for the FSA, but "NEWS" people want truth, and for entertainment, you have Bieber&Kardashian,

The MSM has a 'truth' problem, and PUTIN is going to give them REAL competition.

 

Fri, 05/02/2014 - 05:15 | 4719068 dreadnaught
dreadnaught's picture

we went from a 2 newpaper to a one paper town-and only for how long?  

Thu, 05/01/2014 - 23:56 | 4718843 Atomizer
Atomizer's picture

Just wait for net neutrality to kick in. The premium sites will bleed by no sign-in ad –monetization return on ROI. The more they push to remove physical labor to be replaced by robots, the quicker the revolution will come in killing off ideologies that have been copied 1,000 years ago. Blows a kiss at you fuckers. Why do you think past civilization's just disappear?

 

Based on your repeated actions.  Your DNA will be killed off, we'll survive to rebalance planet.  It must suck to read the last two chapters of the same book I hold. Not the Bible, the special book. The one about creating societies, creating genocide, rebirthing another generation from ground up.

 

Yep, that’s the one shit head! You fucker’s are done. You have fucked everything up. Be forewarned.

 

Fri, 05/02/2014 - 01:03 | 4718929 caustixoid
caustixoid's picture

sorry to interrupt you mid-rant, but you seem to be mixing up your possessives (___'s) and your plurals (____s). 

Fri, 05/02/2014 - 10:16 | 4719943 Atomizer
Atomizer's picture

Thanks. Did you notice the time of post rant? Can I run my future posts thru your editorial checks & balances to avoid future grammar police flags? Some of us work to keep you a government paid [stay at home mom/transvestite]

Fri, 05/02/2014 - 00:16 | 4718875 Yes_Questions
Yes_Questions's picture

 

 

next on:  where are they now?

 

 NEWS

 

after being cancelled on 9/11/2001, NEWS spent years selling itself to wayward spiders in the back alleys the web as truth languished.

 

 

Fri, 05/02/2014 - 00:46 | 4718913 Youri Carma
Youri Carma's picture

So wur winning the infowars Yeah, baby, yeah!  https://www.youtube.com/watch?v=J2HBdRCroks

Veni, Vidi, Vici - We came, We saw, We conquered :)

Fri, 05/02/2014 - 01:09 | 4718942 kurt
kurt's picture

For a Journalism article this is absolutely UN-FucKEN readable!!!!!!!!!!!!!

Fri, 05/02/2014 - 03:40 | 4719024 intric8
intric8's picture

"Journalism and investment research have a lot in common, notes ConvergEx's Nick Colas; after all, both essentially ask the customer to freely part with three scarce resources: time, attention and money"

The least of our problems is sacrificing time, attention and money. Allowing ourselves to be force-fed lies and agitprop is actually hazardous to our health. How many of us feel our heart race while reading so much nonsense we know is bullshit? At this rate i'll blow a friiggin aneurysm before i witness any positive changes to our country.

Fri, 05/02/2014 - 04:31 | 4719045 MickV
MickV's picture

News? The media are the useful idiots, and Obama campaign headquarters, and next Hillary campaign headquarters. Even if there were movies of both of them sitting in a cave with "Bin Laden", praying to Allah, smoking a hookah, while molesting baby goats, and holding up a newspaper with yesterday's date, they would explain it away as "outreach".

They allowed a foreign domestic enemy agent into the WH. They should be hung right along side Congress. Anderson Cooper, the "newsman" with that "i am concerned" insipid and stupid face makes me want to reach through the TV and grab him/her by the neck (not that I could watch it for more than 10 seconds). I will cheer when he gets strung up.

Blind, stupid, and dangerous anti American, anti Republic pieces of shit.

Fri, 05/02/2014 - 05:55 | 4719091 SMC
SMC's picture

How about some real investigative journalism instead of playing softball with Obummer regime propaganda?

Oh no, that might be considered sexist, racist or bullying the mentally handicapped.

<sniff sniff>

 

 

Fri, 05/02/2014 - 07:20 | 4719208 Walt D.
Walt D.'s picture

The mainstream media are an anachronism. They are like Pravda in the old USSR - a mouthpiece for the Democratic Party and Rhino Republicans. With news outlets like DrudgeReport, people can see what is being covered up -(starting with Monica Lewinsky).The extent of how out of touch the media is with the average person is typified by Jay Leno's "Jay Walking" where he stops people on the street and asks people questions. Hardly anybody knows who Joe Biden or Harry Reid or John Boehner or Mitch McConnel are. Everyone knows Justin Bieber and Kim Kardashian, and most people know Hilliary Clinton. The MSM likes to think of themselves as important but they are virtually irrelevent. Most young people get their information from indoctrination in scholl or from cellphone applications.

Fri, 05/02/2014 - 07:39 | 4719247 pupdog1
pupdog1's picture

None of this will change the fact that sell-side analysts are crooked lying pandering stock tout whores for the house.

That is the problem--not the medium.

Luckily, far more people realize this nowadays.

Fri, 05/02/2014 - 09:19 | 4719696 messystateofaffairs
messystateofaffairs's picture

MSM, aren't those street corner whores? Their pimps going to buy them a new dress in the hope of bringing in new tricks? I'll stick with looking for the truth.

Fri, 05/02/2014 - 10:04 | 4719899 Uncle Remus
Uncle Remus's picture

ALL whores get old.

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