How To Save The Newspaper Industry

Kudos to Jimmy Wales, Wikipedia founder for prompting a big discussion about consumer generated media and the future of newspapers. He had a few words to offer newspaper and media companies and he pointed to the Wikipedia business model.

During the opening keynote remarks at the ad:tech 2009 San Francisco, Wales told attendees that newspapers and traditional media companies cannot compete alone in online media.

“I think newspapers should try and invite the community in and take over sports journalism. Avid sport fans write tons of content and there are people who would pay money to have the job of a Sports Illustrated reporter. Many newspapers are transitioning from print to online and incorporate online video, but not many are taking advantage of user-generated content. The industry is in its infancy.

“When I look at consumer-generated video like YouTube, it feels a lot like text did in 1999,” Wales said. “It’s a lot of individuals posting things they made themselves.”

(C) MediaPost

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