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The New York Times is the only legacy media company to successfully pivot into digital, and pivot properly at that. In 2014, an internal innovation report [1] l

The New York Times is the only legacy media company to successfully pivot into digital, and pivot properly at that. In 2014, an internal innovation report [1] laid out the challenges the Times faced and what it needed to do to be successful. To the Times’ immense credit, it succeeded and then some. I worked at a digital publication that was cutting edge on the types of digital and audience engagement work the the Times was trying to chase and used to say that “we are trying to become the New York Times before the Times becomes us.” And in 2016, we had layoffs and the company “pivoted to video,” and as I said to some colleagues the night of the layoffs (I was spared but many other were not), the Times won. (The pivot didn’t work and the company would sell for 1/5 of its valuation 18 months later. But at this point I’d just left media for tech.) The Times is the exception. It’s the Apple amidst a sea of Commodores and Ataris and DECs. The Times is the exception and is exceptional as a business reinvention story, but it is the outlier, not the norm. (The Journal has always had a paywall (even in the mid 1990s when it sold digital editions over dial-up), tho its porousness has ebbed and flowed, and as such, has never had the same degree of challenges that faced local papers or the national papers like the New York Times, WaPo, and the LA Times) [1]: https://www.scribd.com/doc/224608514/The-Full-New-York-Times-Innovation-Report https://www.scribd.com/doc/224608514/The-Full-New-York-Times...

Veen 5y ago
> The New York Times is the only legacy media company to successfully pivot into digital, and pivot properly at that. I'm more familiar with the UK media market, where quite a few legacy media publications have pivoted into digital successfully. Whatever you think of the Daily Mail/Mail Online, it's very successful. The Guardian is doing well without a paywall (although it has a large endowment to sustain it). Smaller publications such as the Spectator (which is about legacy as it gets) are doing well with a digital subscription model. And then there's The Economist, of course.
- filmgirlcw 5y ago
  I think the Daily Mail is a good example and this is a reminder to never speak in absolutes. That said, I don’t think any of those other examples pivoted the way the Times pivoted. The Times didn’t just digitize the newspaper or combine the newsrooms. It started to do real digital first and product first investments. The Cooking app, the Games vertical, the investment into audio and video, the tremendous investment in data tools for its journalists for multimedia storytelling (consider the impact of Snow Fall, even a decade later). The Daily Mail may have successfully managed profitability, but I wouldn’t put it on par with the transformation that happened at The Times. The Times looked at the innovation happening at BuzzFeed and Mashable (where I worked for many years) and Vice and Vox and has not just been able to compete with them, I would argue that it has largely vested them. Whatever else you think of their journalism, that alone, is nothing short of remarkable. And I cannot think of another legacy media company that has transformed itself the same way.
- native_samples 5y ago
  Well, success in this context means digital+profits. There's nothing particularly digital about the Guardian's work - it's just ordinary text - and they are incredibly unprofitable. They really shouldn't count.
stephenhuey 5y ago
I’m glad they were able to figure that out, and now the question that arises in my mind is whether there is any hope for finding a model that props up local investigative journalism. Even if all those local news organizations became non-profits and had access to a very effective digital media platform that made it effortless to produce online content (including mobile-friendly functionality), and maybe even charge micro-payments for some of the individual articles, would it be enough? Or would it not work? Can they only survive if they do real news while selling other stuff?
rjsw 5y ago
> The New York Times is the only legacy media company to successfully pivot into digital, and pivot properly at that. How about the Financial Times or The Economist?
- filmgirlcw 5y ago
  The Economist is so small (staff of 75 writers, not sure how large the whole organization is but it’s still very small) that I don’t think it counts the same way something like the Times counts. That isn’t to take anything away from The Economist, but a magazine isn’t the same scope, to me. Especially since the magazine has changed hands a few times. And if I’m going to be brutally honest, The New Yorker is actually the magazine that has adapted to digital the best and if it were its own business and not one of the things propping up Condé Nast, I’d list it alongside the Times. (Thinking about it more, The Atlantic is close to successfully pivoting but I don’t know if I can say it has done it quite yet. And again, it had to sell itself) FT is a fantastic newspaper but I think it’s much more akin to WSJ, where its paywall and subscriber base insulated it from the challenges than a lot of other papers. But that’s a good call-out as a paper that has done its part to pivot like the Times has. (It has also been sold, which isn’t necessarily a bad thing but is worth noting). The Times, to me, is unique in that it’s investment in its tech has been as significant as it has. And not just for the apps like Cooking and Games, but the commitment to the full stack within its storytelling, its video, its audio. It is really remarkable from a product perspective, as much as from a journalism perspective. The core product it offers is still news, but it has managed to really change the medium and packaging of its offerings in a very demonstrable way.
julienb_sea 5y ago
WSJ has also pivoted quite successfully and maintains pretty much the same operating model as NYT. I realize these are basically the two highest profile legacy news products, so broadly your point stands.
- filmgirlcw 5y ago
  Totally, and WSJ never had the same challenges because it never took down its paywall/had a different subscriber profile/etc. But yes, those are the two that have managed to stay successful and that’s a testament to both of their teams.

Veen 5y ago

> The New York Times is the only legacy media company to successfully pivot into digital, and pivot properly at that. I'm more familiar with the UK media market, where quite a few legacy media publications have pivoted into digital successfully. Whatever you think of the Daily Mail/Mail Online, it's very successful. The Guardian is doing well without a paywall (although it has a large endowment to sustain it). Smaller publications such as the Spectator (which is about legacy as it gets) are doing well with a digital subscription model. And then there's The Economist, of course.

filmgirlcw 5y ago
I think the Daily Mail is a good example and this is a reminder to never speak in absolutes. That said, I don’t think any of those other examples pivoted the way the Times pivoted. The Times didn’t just digitize the newspaper or combine the newsrooms. It started to do real digital first and product first investments. The Cooking app, the Games vertical, the investment into audio and video, the tremendous investment in data tools for its journalists for multimedia storytelling (consider the impact of Snow Fall, even a decade later). The Daily Mail may have successfully managed profitability, but I wouldn’t put it on par with the transformation that happened at The Times. The Times looked at the innovation happening at BuzzFeed and Mashable (where I worked for many years) and Vice and Vox and has not just been able to compete with them, I would argue that it has largely vested them. Whatever else you think of their journalism, that alone, is nothing short of remarkable. And I cannot think of another legacy media company that has transformed itself the same way.
native_samples 5y ago
Well, success in this context means digital+profits. There's nothing particularly digital about the Guardian's work - it's just ordinary text - and they are incredibly unprofitable. They really shouldn't count.

stephenhuey 5y ago

I’m glad they were able to figure that out, and now the question that arises in my mind is whether there is any hope for finding a model that props up local investigative journalism. Even if all those local news organizations became non-profits and had access to a very effective digital media platform that made it effortless to produce online content (including mobile-friendly functionality), and maybe even charge micro-payments for some of the individual articles, would it be enough? Or would it not work? Can they only survive if they do real news while selling other stuff?

rjsw 5y ago

> The New York Times is the only legacy media company to successfully pivot into digital, and pivot properly at that. How about the Financial Times or The Economist?

filmgirlcw 5y ago
The Economist is so small (staff of 75 writers, not sure how large the whole organization is but it’s still very small) that I don’t think it counts the same way something like the Times counts. That isn’t to take anything away from The Economist, but a magazine isn’t the same scope, to me. Especially since the magazine has changed hands a few times. And if I’m going to be brutally honest, The New Yorker is actually the magazine that has adapted to digital the best and if it were its own business and not one of the things propping up Condé Nast, I’d list it alongside the Times. (Thinking about it more, The Atlantic is close to successfully pivoting but I don’t know if I can say it has done it quite yet. And again, it had to sell itself) FT is a fantastic newspaper but I think it’s much more akin to WSJ, where its paywall and subscriber base insulated it from the challenges than a lot of other papers. But that’s a good call-out as a paper that has done its part to pivot like the Times has. (It has also been sold, which isn’t necessarily a bad thing but is worth noting). The Times, to me, is unique in that it’s investment in its tech has been as significant as it has. And not just for the apps like Cooking and Games, but the commitment to the full stack within its storytelling, its video, its audio. It is really remarkable from a product perspective, as much as from a journalism perspective. The core product it offers is still news, but it has managed to really change the medium and packaging of its offerings in a very demonstrable way.

julienb_sea 5y ago

WSJ has also pivoted quite successfully and maintains pretty much the same operating model as NYT. I realize these are basically the two highest profile legacy news products, so broadly your point stands.

filmgirlcw 5y ago
Totally, and WSJ never had the same challenges because it never took down its paywall/had a different subscriber profile/etc. But yes, those are the two that have managed to stay successful and that’s a testament to both of their teams.