Richland County (Wikipedia map, adapted) |
Nevertheless, the county has "one of the more successful local, for-profit digital news startups of the past decade," Franklin reports. "The Richland Source is defying the odds of its demographic deficits and has found a profitable journalistic niche in a community of 125,000 residents that is also home to two local dailies and a weekly newspaper. The Source’s financial elixir is a committed local ownership, a highly diversified revenue stream, a clearly defined editorial mission focused on solutions journalism, a cost structure unburdened by legacy print and award-winning journalism."
He adds later, "Other examples include The Pilot, a hundred-year-old twice-weekly newspaper in central North Carolina that serves a community of similar size to Richland County, and the Shawnee Mission Post, in the suburbs of Kansas City. The common characteristics of all three are local owners who are invested in both the news outlets and the markets where they are located. They have developed business models that stress diversified revenues sources, a laser-like focus on readers’ needs and behaviors, high-touch engagement with the community and trustworthy journalism."
He adds later, "Other examples include The Pilot, a hundred-year-old twice-weekly newspaper in central North Carolina that serves a community of similar size to Richland County, and the Shawnee Mission Post, in the suburbs of Kansas City. The common characteristics of all three are local owners who are invested in both the news outlets and the markets where they are located. They have developed business models that stress diversified revenues sources, a laser-like focus on readers’ needs and behaviors, high-touch engagement with the community and trustworthy journalism."
The owner of the Richland Source says 27 percent of its revenue comes from marketing services for "brands throughout the U.S.," and philanthropy (three national funders are cited) provides 21%. Advertising accounts for 35% and 1,100 reader memberships 17%. "On its news side, the Source is differentiating itself by practicing solutions journalism, a rigorous form of reporting that explores both community problems and potential answers. The Source also has adopted tools in which readers can easily submit questions and story ideas," Franklin writes. "As a result, the Source’s website says, stories on the home page are typically about "progress, entertaining events, and the accomplishments of people, organizations and businesses in our area'."
This newspaper produces just 26% of its company's revenue. |
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