New York Times Co. Reports $24M Profit, Thanks to Digital Subscribers
That’s just insane.<p>This is a great accomplishment for NYT but I’m worried about what it means for the rest of the industry.<p>NYT switching its business model has to be one of the most public and well-executed digital transformations of an old company ever.<p>If NYT is <i>the</i> best at this and can only turn 24M a quarter, almost everyone else must be absolutely bleeding.<p>This would confirm most of the newspapers out there are indeed running failed business models with zero opportunity for success.<p>The reason this is worrisome is going forward there will be less and less ‘diversity’ in the reporting ecosystem. Instead of 50 professional reporters confirmed writing about an event, we’ll have 5.<p>Reality and facts will be more about picking teams than believing the consensus.<p>In the age of leaders publicly gaslighting, unrefereed global forums of social media which can be bought, and massive concentration of wealth at the top, fewer and consolidated reporting entities will be bad for the republic.