Financial newspapers are investing in online video journalism (Emily Craig)
By Emily Craig
It’s becoming more and more evident that the big broadcasters and their alter-egos, the solo vloggers, aren’t the only ones investing time and money in online video content. Many in the media have noticed that newspapers such as The Guardian and the New York Times have been building increasingly sophisticated multimedia platforms over the past few years. But there’s now a new player in the market as the financial dailies get involved in creating and sharing video content.
So why are financial newspapers in a category of their own? Why is their interest in online video journalism more surprising?
This question can, perversely, be answered with a question – would we expect video journalism to add anything to business reportage? For a medium that relies on creating a visual impact, how it is that footage of brokers and traders staring at computer screens in strip-lit offices has the potential to make an interesting or arresting piece of video journalism?
Admittedly, the likes of the Wall Street Journal and the Financial Times do not confine themselves to only reporting financial news, but it’s certainly the main focus (and the most profitable part) of their output.
Now the websites of both newspapers are experimenting with the video format – and, apparently, making money out of it too. Perhaps crucially, each newspaper’s website is ring-fenced by a paywall. Their readers are paying for expert information, be it stock tips or expert analysis of the market.
And this means that their video journalism doesn’t have to be ground-breaking or particularly original – they have a captive audience, who come to their website for niche or ‘exclusive’ content, regardless of the form in which it is delivered.
But how exactly have these newspapers made a success out of the online video format? The Wall Street Journal now has 10 million streams per month of its latest videos, with more than 20 people working to produce up to 5 videos per day. Each video is bracketed by an advertisement, normally of about 15 seconds. The ‘shows’ normally come in at under 10 minutes, with some less than a minute in length, and all of them are filmed live.
We’re not talking cable television production values. Against a prosaic corporate-HQ-type backdrop, we hear live from correspondents in the newspaper’s other bureaus (another corporate-HQ-type backdrop…). Any newsworthy footage is usually provided by an agency like Associated Press or Reuters, with stills also used as wallpaper for a voicer from one of the newspaper’s journalists.
So far, not so inventive. But the style of the video ‘broadcasts’ has been compared to that of the cable TV bulletin in the US. With American networks continuing to produce programs that are more opinion-focused and less news-based, the Wall Street Journal could be onto something with its daily briefings at 8.30am and 4pm.
Video journalism online could also be a new source of commercial revenue. Advertisers are willing to pay more for a premium video slot once they’ve seen the impressive CPM (cost per thousand impressions) figures. It might even be that journalism is following the money, rather than the other way around – although that’s a difficult one to prove.
In contrast to the Wall Street Journal’s bulletin-style analysis, the Financial Times is not looking to reproduce an existing TV format. This arguably means it can afford to be a little more creative with its video output, since it’s looking to produce stand-alone ‘complimentary’ features.
However, for both newspapers at this stage, you’re left with the impression that filming a conference or interviewing a talking head is their idea of video journalism. Neither newspaper has been driven to experiment with video as a way of widening its audience or broadening its appeal.
There’s no critical need for either of these publications to be creative with presentation when they can afford to rely on the nature of their content to attract subscribers.
But, having been offered the chance to boost commercial revenue on the cheap, it’s hardly surprising that these newspapers are capable of identifying a shrewd investment. They’ve woken up to the trend, and it seems like they’re cashing in on it.
Local News – The Future
March 15, 2011 Leave a comment
screenshot courtesy of Ledger Live
We’re all familiar with a newspaper’s ‘comment’ section. Or, as some of them like to call it, their ‘opinion’.
These have been stalwarts of print journalism for many years. But, as Toby Coaker outlined for videojournalismonline back in January, The Times is the only UK based paper to transfer this type of journalism onto the web in video format.
In the States things are a bit different – one example of local political opinion transforming into online video is Ledger Live, from New Jersey’s The Star-Ledger.
Here Brian Donohue gives an often sarcastic/satirical take on the affairs of local government.
A good example is this not too complimentary assessment of Govenor Christie’s selective economic policy.
How does this relate to the UK?
Donohue’s producing something that doesn’t really exist in the UK, because national broadcasters (the BBC, ITV, Channel 4 and Sky) have to be impartial and national newspapers just haven’t got on board with the idea behind Ledger Live.
The Future
David Cameron’s been a champion of local government since his time in opposition.
As Prime Minister he’s devolving power and says he wants to create more vibrancy in local politics – to get people interested in the affairs of their local councils as part of his ‘Big Society’.
And Jeremy Hunt’s plans for local TV news slip nicely into line with this ideal.
But if the whole plan works and political activism flourishes once again in the boroughs and constituencies of the UK, you can bet that intense frustration will be kindled in the general public when it comes to local TV news.
Local output’s required to be impartial too. As a result Council failure won’t be reported with the angst needed to reflect the voters’ views.
In this political climate there’ll be an opportunity for partial ‘comment’ or ‘opinion’, and the websites of local newspapers will be the platform capable of supporting such a development.
Could they afford it?
On one hand it’s unhelpful to draw comparisons between state newspapers in the USA and their British ‘equivalents’ because New Jersey, for example, has a population of about 9 million and the Star-Ledger’s circulation is about 220,000.
Each UK constituency has an electorate about 66% smaller than the Star-Ledger’s readership, and local papers would reach dramatically less than that.
But print journalism’s suffering in the US in the same way it is here.
Sponsoring online video is now an option – adverts screened prior to the content beginning – and could bring in valuable revenue.
And if Ledger Live shows us something else about the future, it’s that you only need basic equipment to bring politics alive for the next media generation.
Here’s The Washington Post’s Dana Milbank proving this very point. Can you imagine a similar video poking fun at 4 or 5 candidates in Garston and Halewood?
Filed under Alex Dibble, Bloggers, Broadcast Media, Foreign Media, Print Media, The Future Tagged with Brian Donohue, comment, Dana Milbank, David Cameron, Gareston and Halewood, Jeremy Hunt, journalism, media, New Jersey, news, opinion, politics, The Star-Ledger, The Times, TV, UK, USA, Washington Post, website