Operate From Purpose
Warren Buffett was recently quoted as saying, "In towns and cities where there is a strong sense of community, there is no more important institution than the local paper."
Hmmm... Isn't that pretty much every city and town worldwide?
As an enthusiastic supporter of Local, we would like to respectfully tweak Mr. Buffett's comments, adding, "there is no more important institution than Local Journalism.
Implicit in Mr. Buffett's recent comments (and investments in Local Media) is an affirmation that Local Journalism is worth protecting. We agree, and note that there are legions in the industry that are highly vested in this same viewpoint.
Journalists need resources to operate. Media organizations that successfully sell their display products direct yield 5x the revenue and profit of those that leave the job to others. In large part, the business side of Local is in place to deliver adequate resources to the editorial side of the house.
Inferior revenue models such as remnant fixed position ad placements just do not yield enough resources for the media organization to re-invest in quality journalism. Worse, inferior revenue models erode value in front the premium buyer.
Local Journalism Is Worth Protecting. Together, we can do just that.