More sophisticated ways of measuring usership and engagement will change focus from mass audience, Plotz believes, and that will make journalism better. Raw numbers create “pressure to produce one kind of story” that will draw hits. New metrics of engagement and behavior offer a “tremendous opportunity for Web journalism to escape the traffic” trap. He believes that will liberate Slate to “make a magazine that recognizes those dedicated readers.”
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I’ve seen multiple estimates that somewhere between 1%-5% of regular visitors to free news-related Web sites will be willing to pay for a subscription-only service. So I don’t think Plotz is really braving any new territory here. What is a bit interesting is he appears to be trying to spin those dismal estimates as an opportunity.
The cynic in me says this is just another variation on the old “If we can capture a 1% share of a huge market, we’ll be rich, rich rich”
mentality. The logic might work, but it assumes you know specifically which 1% of the market you want and you can provide the right product to successfully capture the market share. So whether Slate can execute remains to be seen.
On the broader front, I’m not sure the problem is as simple as carving up the universe of Web consumers of news into a bunch of small boutique subscription-based communities. Some providers will continue to offer free content. Others will pursue a hybrid business model (some stuff free, some subscription-only premium content). So there will continue to be intense competition for clicks as well as subscription revenue.
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