The news media and I share no loyalty

When it comes to the news media, I don’t have brand loyalty.

Well, except for Twitter and Facebook, but as Mark Zuckerberg would politely remind me, he’s in the “technology” business. Certainly not news!

My soon-to-be journalism degree should elicit some level of empathy toward the plummeting revenues, shrinking budgets and job cutbacks among the legacy media. After all, it was less than a decade ago I anxiously awaited the weekly Sports Illustrated in my mailbox. Now, I can’t name more than three reporters still with the magazine.

But I really don’t have much remorse for the media giants of the past. Because, while I have no brand loyalty to the news media, the news media certainly has no loyalty to me, either.

Stuck in the Paleolithic, err… “pre-digital” era of journalism, many media companies continue to employ a business model that caters to advertisers rather than an audience. For decades, scarcity in publication made this symbiotic relationship between news publishers and advertisers possible.

This outdated advertising model is affecting the type of content that news organizations are publishing online. Instead of creating interesting, curated stories worthy of my loyalty, clickbait, catchy headlines and commodified journalism instead populate my social media feeds.

Marketing strategist Corianda Dimes notes that the demand for advertising (specifically, digital) has never been higher. However, the total dollars for marketing services remains the same, thinly scattered among millions of banner ads and pop-ups.

Thanks to the infinite abyss that is the Internet, just about anyone can become a content publisher these days. Just look at every freelance “sports journalist” who claims to also be a fantasy football guru.

In turn, unlimited publishing capabilities have significantly reduced costs for advertisers, whose needs no longer align with those of legacy media. Additionally, advertisers can use Facebook, Google and other technology companies to reach consumers that fit a specific profile and demographic.

So how will the news media survive with advertising revenue on the unforeseeable decline? The answer is audience engagement.

No longer can the New York Times bleed the pockets of advertisers who crave its front-page real estate. For the first time in 2017, the Times reported its subscription revenue surpassed that of its advertising. In other words, even the largest media players must start to better understand their audience, working to establish a community of passionate users.

But before the news media can engage with its audience, it must first understand who its audience even is. As of now, media companies lack the necessary tools and data capabilities, relying on third parties, like Nielson, comScore and Quantcast, to provide outdated audience metrics.

And even when media companies have adequate data tools, they are still measuring the wrong things, or key performance indicators (KPIs), according to Tylt Executive Editor Will Federman. Far too often, the news media targets clicks and impressions in an attempt to attract advertisers, leading to “click-bait” and content that dilutes brand credibility in the long haul.

Instead, the news media must distinguish between its advertising consumers and its users, or its most passionate, interested audience. By studying the right KPIs, such as engagement rate and share rate, the news media can churn out content tailored for its specific community.

This fostering of community and belonging can go beyond the type of content produced. Other examples include subscription and membership benefits such as exclusive meet-and-greets with reporters or private tours of newsrooms.

Sure, some media giants, like BuzzFeed, are already using data metrics to drive their content production and engage with their audience. But no offense to Jonah Peretti, Tasty doesn’t really satisfy my news cravings.

It’s time for more major players in the news media to implement a business model that prioritizes users over advertisers. When I start to see some loyalty on their end, I’ll be sure to return the sentiment.