Everyone agrees. The business model employed by media companies is broken. As advertising revenue dwindles, newspapers and magazines find themselves searching for additional sources of income. One option: charging readers for access to content. But it has become generally accepted that readers won’t pay for just any content, especially things they can easily get for free via the Internet.
Today, The Wall Street Journal, which arguably already has one of the best pay models in the biz, announced its plans to launch a new specialized version of the paper for professionals. The service, called The Wall Street Journal Professional Edition, will provide subscribers with customized content from the Journal, Dow Jones newswires and the Dow Jones-owned news database Factiva — for up to $49 a month.
The Journal describes it Professional Edition today:
“WSJ Professional allows users to set up the Web site with custom feeds of news, information and alerts for the markets and industry sectors they care most about, as well as to access the regular content on WSJ.com. Dow Jones editors will select news stories and information to help WSJ Professional users dig deeper into topics of interest.”
Rupert Murdoch, the CEO of Journal owner News Corp., has already said that all of his pubs’ Web sites will go behind a paywall within the year. Those plans, combined with the Journal‘s new venture might provide a model for other media companies to follow. Is this a look at what journalism will look like in years to come?
Dow Jones to Launch ‘Professional Edition’ of Wall Street Journal — Wall Street Journal