Innovations in News Media 2019 Tag

Trust in news organisations has eroded over recent decades but better, bolder and more transparent journalism can reverse this trend. INNOVATION Media proposes seven actions and seven areas of expertise needed to build trust in your content and your brand.

Questions over the trustworthiness of news and media companies are not new: they date back to when news reporting began.

But there is no question that factors including the ubiquity of information online and the power of social media, the polarisation of politics and political views in many countries, and tighter newsroom budgets due to the collapse of the industry’s traditional commercial model, have together had an impact on the public’s perception of news organisations and their content.

According to the 2018 Digital News Report from Reuters Institute for the Study of Journalism, which tracked consumer behaviours in nearly 40 countries, users in most countries display a low level of trust in news providers, with about half of them worrying about ‘fake news.’ Levels of trust in social media are far lower, but this doesn’t seem to stop people from using these platforms.

The media industry is still struggling for survival and sustainability, constantly exploring new business models that can achieve this goal. Many industry analysts predict that 2019 will mean less money and more cuts. INNOVATION believes that with a solid revenue diversification strategy, this risk can be mitigated. (However, diversification is not deviation; journalism should remain at the core of any media business.)

New emerging business models that have arisen in the past year can contribute to the refreshment of current business strategies. Each model described has its strengths and weaknesses as well as business risks.

Nevertheless, with an innovation mindset that stimulates exploration and learns from mistakes, media companies can take advantage of these global examples. This article explores these new business models that, according to INNOVATION, offer the most potential for success in the media industry.

On Tuesday of this week, the Financial Times' Lionel Barber announced that he would be stepping down from the position of Editor of the legacy business newspaper. In light of this news, we are sharing an article from our Innovations in News Media 2019-2020 world report. This article is the transcript of a speech given by Barber for the annual James Cameron Memorial Lecture on November 22, 2018, at City University, in London. The lecture is given in memory of the prominent British journalist. The transcript is published in our world report and below with permission and thanks.

Tonight, my point of departure is the future: the future of financial journalism.
First, the good news: the opportunities have never been greater. The internet and the giant aggregators are blamed for many sins — coarsening civic discourse, creating echo chambers, monopolising advertising revenues, influencing elections — but the digital revolution has also led to an explosion of creativity and new forms of rich storytelling.