Supposedly this is a bad thing. This week the reaction to the news that City AM, the London business freesheet, will open up its website to paying content-producers was hostile, at least among those who work in the media. Clients “will be given direct access to the content management system (CMS) of the newspaper’s website,” according to Ian Burrell.
There are all sorts of potential problems with that, well-stated here. But it’s not the end of the world. City AM’s idea differs little from the Huffington Post’s blogs or Buzzfeed’s ‘community’ site. What’s more, companies are already producing content on their own platforms. Migrating to more popular news sites in itself isn’t a problem.
Watch Goldman Sachs’ video: ‘Artisanal Appeal: The Rise of Craft’. It’s, um, quite good? Informative, well-produced and edited. If Goldman wants to pay City AM to publish this on their website, then who is being badly served?
Corporations “have some of the biggest experts in their field, much better than probably any journalist in London,” Muncaster, City AM’s managing director, told Burrell. I think that’s fair — and not every story requires a journalist to intermediate.
Clearly though, a lot do. Here’s a new website — www.advancingtogether.com — set up last month by representatives of Bayer, a German agricultural giant, to promote its proposed $63 billion+ acquisition of Monsanto, a U.S. rival. The site features information and a filmed interview with Bayer’s CEO.
Like most M&A, the takeover resembles high-stakes poker and there is skepticism about whether it makes sense. Bayer isn’t going to say that, so they shouldn’t be the only guys writing the news. If Bayer were to pay City AM to publish their take, cool. But if it were paying to replace the journalists’ coverage of the deal with its own slick reporting, maybe that’s not a good thing.
The worry about paid content in the news industry in recent years is that its value to clients lies in the opaque understandings between publishers and advertisers that the rest of us don’t realise. The question is whether there is enough space for the free media to raise cash without going into that grey zone.