Better Butterfly than Bankrupt. Why Newspapers need to create new products

Better Butterfly than Bankrupt. Why Newspapers need to create new products

It’s no secret that Newspapers are dying. Look at any set of figures and they are on a slow (and sometimes fast) downward spiral. Circulation is down. And advertising revenue has been badly hit. One could be cynical enough to wonder if all the talk about a new housing bubble in Ireland is a desperate “Hail Mary” pass to bring back advertising revenue. So what are Newspapers to do? “Go digital or home” might be the mantra. Lots of eyeballs online to compensate for fewer eyeballs offline? All chasing the same advertising dollar? Not the best strategy in the world. Paywalls. Sure if you’re the New York Times there may be some margin in that. What happens if The Irish Times puts up a paywall? Even if people are buying the paper they don’t have time to read the damn thing.  TV, Radio, Buzzfeed, Twitter, Facebook, YouTube, Instagram, iPlayer, NetFlix, Spotify, WhatsApp, Vox, Viber, Vocativ, Vice. 57 bajillion channels of information.  And not enough time. Not even at the weekend.  As Markham Nolan deftly asked on Twitter last week RT if your Sunday NY Times sits lumpen & unread in your apartment. Fave if you’re not online and actually have time to read. — Markham Nolan (@markham) October 8, 2014 So what are Newspapers to do?  There can only be a few New York Times/Guardian/Mail Online sites.  Offering a generic product that a million others are offering in a generic marketplace is not a happy place to be.  News in many respects is the reddest of Red Oceans. Draw a Wardley Map of News and its not going to a...