By Lizzy Nyoike, NABJ Monitor Digital
Media leaders at the National Association of Black Journalists convention discussed the ways journalism can survive and thrive in the new media landscape, as traditional revenue streams shrink and competition rises across content platforms.
During the Money Matters: Resilience, Revenue & Reinvention in the Modern Media Economy panel, panelists shared ways of maintaining newsrooms while staying true to the integrity of journalism.
“It is about making sure that we come up with a business model that allows us to be sustainable and to grow both our audience and our revenue,” said Monica Richardson, senior vice president at USA Today.
While budgets are being cut and staff being laid off, Richardson emphasized the importance of intentional reinvestment.
“Resilience requires leadership to think beyond short-term survival and focus on opportunities that drive long-term value,” she said.
Richard Dyer, president and general manager at WUSA9 in Washington, D.C., said understanding how money flows in and out of newsrooms is essential for sustainability. He also emphasized the need for both leadership and staff to be educated on revenue streams, advertising and subscriptions.
Innovation isn’t solely about content but how content is monetized, said Matt Moran, senior managing vice president of Local Media Gray Television.
“You really need to understand the business you’re in,” Moran said.
John F. Harris, the global editor-in-chief at Politico, advised that instead of cutting costs, media organizations should reinvest in areas such as digital platforms to maintain growth.
“Digital content is growing exponentially, and the linear is still extremely valuable,” Harris said.
With audiences shying away from traditional TV and print, streaming and digital platforms are becoming essential for news delivery. Harris emphasised the importance of investing in on-demand video and mobile accessible content.
“Streaming is going to dominate our space,” he said.
Panelists also offered guidance for young Black journalists preparing to enter the industry.
“Take your seat at the table, and if you have to, bring your own chair,” Richardson said.
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