Metro Journalism - the Way Ahead
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05/04/2017 Metro Journalism - The way ahead As Australia’s oldest publisher, we believe that by pursuing the stories that matter we play a vital role in the nation’s democracy. We also secure the future of our business. Technology has changed our world. It has enabled viewers and readers greater choice in what and how they consume. What hasn’t changed is the demand for high-quality content. Fairfax Media has a great history of meeting the demands of information technology. We became the home page of choice in the 1990s and the noughties. Our editorial content leads the market in politics and urban issues, business, investigations and sport. Our breaking news coverage is best in field. Never have journalists been more important. Never have journalists been more influential. In the ‘golden era of newspapers’ in the late 1960s and early 1970s, circulation of our mastheads was slightly over 1 million papers. Today around 5.5 million people view and read us each month. Their trust is the differentiating factor between us and our competitors. Like all publishers globally, we are confronting challenges. Print circulation and revenue have declined. While our digital audience is vastly bigger, digital revenue is less certain in the face of mega players Facebook and Google. Yet there are plenty of reasons to be optimistic. Our subscriber audiences are highly-engaged and passionate about our quality journalism. Digital subscription revenue for the metro business was up 22 per cent in the six months to the end of December 2016. Our digital subscriber base exceeds 226,000 - and growing. Engagement time is enormous. In January users spent 448 million minutes, or the equivalent of 852 years, on our capital city mastheads. Video streams have doubled in the past year. Both The Sydney Morning Herald and The Age dominate news in their local markets. Brisbane Times and WAToday both have strong positions in their states. Across the country, we have the second-largest digital audience in the “news” category while maintaining our reputation for quality. Our journalists continue to be the best in the country. Over the past five years, Fairfax Media was the most awarded news organisation at the Walkleys, picking up 36 awards. The growth of social media, the surge in fake news and the rise of populism - Brexit, Trump, One Nation - provides our mastheads with enormous opportunity to capture readers seeking quality news and views. Our challenge ahead is clear: to provide the highest quality content in digital and print media while maintaining our status as a trusted source of news, and operating with a sustainable cost structure. We need to adapt quickly and keep evolving our newsrooms, focusing on providing journalism in areas where we have a comparative advantage, and syndicate or buy in other content. Anything we buy in gets the Fairfax stamp of approval so it must be reliable and trustworthy. During the last few years, our focus in editorial has centred on growing our digital audience. We have been very successful in the race for scale. But the essential strength of our business has always been the depth of audience attention we command. Telling relevant stories for Australian audiences must be at the centre of everything we do. What it means on a day-to-day basis With tight resources, and multiple platforms to serve, we need to make smart decisions about what stories we pursue and how we cover them. We have made big improvements over the past 18 months. Project Sunrise was an unqualified success. Through better commissioning we have increased our average audience per story by more than 30%. A terrific achievement. Our visual storytelling capabilities have improved dramatically. February was a record month for Page 1 Confidential - Commercial in Confidence 05/04/2017 video. We average more than 1 million streams each day and we have doubled the number of monthly video streams we do over the past 12 months. We need to keep this focus going. In its recent ‘2020 Report’, The New York Times noted that of the 200 pieces of journalism it produces each day, “Too many stories …lack significant impact or audience — that do not help make The Times a valuable destination … We devote a large amount of resources to stories that relatively few people read.” Our goal is to increase the proportion of stories that reach a larger readership. Of course there will be stories that need to be told, even if they don’t reach a large audience. As a trusted, quality publisher it is our duty. We will make smart decisions around stories through better commissioning and rigorous editing. We need to ask questions like, ‘is this piece of journalism worth paying for?’ And, ‘what are we aiming to achieve by writing this story, producing this video or graphic?’ The focus of our day will shift to a programmed schedule of news. We will have four deadlines a day, matching peak readership, while also publishing breaking news as it happens. There will be an early morning deadline, a pre-lunch deadline and an early evening deadline. The final deadline is the traditional print deadline. The content delivered at those times will reflect the needs of our readers. Mornings will be biased towards hard news while the evening deadline will include more analysis and longer reads. Our decisions on the best delivery platform - smartphone, desktop, social - will reflect what our readers want, when they want it and how they want it. We will continue to set the agenda, push insightful analysis, stimulate the reader. But we must listen to the consumer more carefully than ever before. This means engaging with our audience, encouraging them to share their experiences, story tips, ideas and comments. While quality content is our raison d'etre, scale remains important to our digital advertising business. As subscriptions grow in importance, we can’t lose focus on producing great stories that are of interest to a wide audience. We must attract a large audience, keep them engaged, and convince them to return. We can only do so through high-quality journalism. Our print future Print continues to attract hundreds of thousands of readers every week and significant revenue and earnings. It also delivers an experience which can’t be measured in dollars or readership. Print provides credibility and influence with those decision-makers in society - politicians, business and community leaders - still looking to the front page of our newspapers. Our print products have an ongoing role in our continued success. Our readers focus on the front page, business front page, back page and opinion pages with the other news, business and sport pages filled with valuable and entertaining content across a broad spectrum of topics. Our weekend papers, led by the Saturday editions, will remain our marquee products full of news, analysis, entertainment and lifestyle content. We will keep digital at the heart of our newsroom while producing great daily newspapers. Print meets digital We are transitioning the newsroom into a digital plus print state. This means: ● Maintaining a consistent high quality for all content across all our products. ● Writing all content with a Fairfax voice and tone. Page 2 Confidential - Commercial in Confidence 05/04/2017 ● Focusing on original, distinctive journalism.That’s what Fairfax is known for and it’s what our readers demand. We explain the news intelligently and help set the agenda. ● Being clear with our readers if content on our sites and in our newspapers is not from our newsroom. ● Ensuring that ‘clickbait’ (defined as headings that don’t represent the content) is not what our newsrooms are about. We will concentrate our resources where we have a competitive advantage. Where we do not we will buy in or use syndicated content. Quality engagement rather than page impressions will be the main driver. Our core areas of focus will be: ● Federal politics - Canberra politics and policy remains critical to our coverage and reputation as an independent media organisation. ● State and local news - Our mastheads play their most critical role in our local communities. State politics and issues, police rounds and courts, urban affairs all impact everyday living. ● Investigations - Our mastheads have a global reputation for unveiling truth because we have world best investigative reporters. ● World - Fairfax will maintain foreign bureaus in key markets to provide an Australian voice. We also have access to more than 20 news organisations around the globe, including The New York Times, Washington Post and The Daily Telegraph, to supplement our world coverage. ● Business and the Economy - Our pro-investor, pro-consumer view of business is central to our influence in the economic and business community. ● Sport - We have the most influential sports writers in the country, and remain the independent voice in the sports community. ● Breaking News - When big stories break, readers flock to our websites and newspapers. In other topic areas we will focus on telling the biggest stories with a Fairfax voice and tone. We will use our expansive contributor network and access to global media organisations to provide the best content for our readers. These topics tell great stories to the broadest possible audience. These topics include: ● Entertainment - Syndicated content and our contributor network will provide much of our digital entertainment content.For digital we will maintain our own voice when covering entertainment news, especially locally. Other digital content will come from our contributor network and syndication partners. ● Arts - The arts remain a critical part of our offering to readers. ● Travel - Great stories on aspirational travel are hugely popular. ● Food - There is nothing quite as local as food. Essential food journalism remains at the heart of our mastheads.