The Future of Journalism, part 534

"Recovering Journalist"  Mark Potts notes the Wall Street Journal's precipitous revenue plunge, but worries more about the industry's lackluster and unimaginative response so far.

His ideas, paraphrased:

• Accept that the Web and mobile devices are your primary publishing platform, not the printing press. Even better, stop printing the newspaper altogether and move entirely to the Web.
• Get local. Very local.
• Embrace user-generated content and bring readers into the conversation.
• Give readers' social networking tools to help that them interact and flourish under your banner.
• Find ways to make your company essential to your advertisers' businesses by providing them with non-advertising services.

I don't quite agree with that last point, especially when he gets into some of the specifics he has in mind. But the rest of it is spot on.

 Meanwhile, Scott Karp of Publishing 2.0 notes what he calls the "10% problem" newspapers face going online. 

What you find, with some modest rounding, is that print circulation is about 10% of total audience reach, while online advertising revenue is 10% of total ad revenue — the economics are nearly the perfect inverse of what they should be.

In other words, it's not newspapers that are lagging in this technology transition -- it's advertisers.

Maybe the industry is trained to think that, for display ads, bigger is better. Many are resistant to newspapers publishing in a tabloid-sized format for the same reason -- they don't want to pay the same amount of money for smaller ads.

Maybe newspapers are fetching less for online ads just because that's all they're worth. With online ads, advertisers know exactly what they're getting for their money.

Maybe they're realizing that they've been overpaying for decades.

In any case, I hope my industry, to paraphrase of Jeff Jarvis, can survive long enough to solve this dilemma.