I like my news sites. CNN, BBC, ESPN.com, Kotaku…and of course, FOX News.
But FOX News is about to make a colossal mistake. Seen on MarketWatch.com’s article: News Corp. swings to loss on charges…
Murdoch, speaking to analysts and reporters during a conference call, said that advertising markets are showing “good signs of life” despite ongoing weakness in the automotive and financial categories.
Murdoch also said the company intends to charge for all of its news Web sites.
“Quality journalism is not cheap, and an industry that gives away its content is simply cannibalizing its ability to produce good reporting,” Murdoch said.
Okay, let’s get one thing straight: established media giants have no idea what to do with the Internet.
The Internet has changed the modern consumer. Everything is free, and is expected to stay free. Things that aren’t free are ignored and destroyed. The way to make money on the Internet is to increase traffic. Increased traffic turns into advertising opportunities. Get even more traffic, and the advertising dollars go up.
Think about the most popular sites out there: Google, Facebook, MySpace, Twitter, Digg…ALL FREE!
Today’s generation doesn’t think that you need to pay for music. First they had Napster. Napster was killed by the RIAA and that whole crew. Did that stop people from stealing music? Of course not; in came Limewire, Pirate Bay, and Mininova.
They don’t just steal music. Now it’s movies, applications, TV shows, ebooks, and anything else that exists digitally.
And you think they’re going to pay for news? Why do these people think that the newspaper and magazine industries are dying rapidly? You have to pay for the paper. You have to pay for magazines. Additionally, why read yesterday’s news when you can read today’s news online 2 minutes after it happens?
Oh, yeah…and it’s free.
Or at least it was. What is going to happen to FOX News' online site is that it's going to push traffic to their competitors. As soon as that happens, their competitors are going to cash in on their increased traffic and increase their advertising revenues.
Stupid, stupid, stupid, stupid.
It’s amazing just how little such powerful, rich figures in the entertainment and news industries actually understand about this new digital age in which we’re engulfed. The future belongs to the young men and women who understand it because they live in it, not to the RIAA and news conglomerates who are expecting methods from the past to transfer seamlessly to the Internet.
For you FOXNews.com fans, if you need to know where to go for your news after they shut you out and die a speedy death, just visit the Drudge Report. They’ll link to free sites that aren’t run by morons.
(((And if you get there quickly enough, you’ll see where I got the link to this story.)))