A couple of thoughts came to mind as we read the piece "Cooking Pot Markets" piece by Ghosh. Consider this a stream of consciousness ....
One, as for journalism and online news, there might not be a business model. Period. It becomes free forever.
Two, I'm not sure that I totally agree with Ghosh's central argument: "money is not the prime motivator of most producers of the Internet's free goods, and neither is altruism." Oh, really? I think can think of some instances when the primary motivators are either of those two — more often money, but altruism as well. (Think of Yochai Benkler's notion of "sharing nicely.")
Third, much of the monetary value to be made via the Web comes offline ... as in the case of Jeff Jarvis, who leveraged his online blogging to enhance his offline opportunities to speak, write books, teach, and consult. I like how he puts it here in this column for The Guardian:
Some people think I'm nuts for blogging when I could be doing real work (as if writing newspaper columns were the only real work). They ask me how much money I make directly from my blog and the answer is: not much. But to me, the blog is worth a million dollars - or more - for it brings me value in many other ways. So I thought I'd give you an accounting of that worth.
Last year, Buzzmachine.com, which has been in business, loosely speaking, since 2001, made $9,315 (£4,655) from two blog ad networks, $1,866 from ads on my RSS feeds, and $2,674 from Google ads, for a total of $13,855. Though I've written many a blog post and column lamenting that there aren't better, richer ad networks to support grassroots media, when I add that up, I'd say it's not too shabby. Nonetheless, you'd still be forgiven for thinking I shouldn't have quit my day job.
When I did quit that day job - as president of an online division of Condé Nast's parent company, which I left in 2005 - I got my next job thanks to the blog. If I hadn't been pontificating about the state of the news in the internet era, I wouldn't have come to the attention of the City University of New York, which appointed me to the faculty of its journalism school - a job I love. But I must confess that my teaching post pays a fraction of my prior salary. So you may still think me a fool.
To make the money I don't make teaching, I consult and speak for various media companies and brands. The only reason I get those gigs is because companies read the ideas I discuss at Buzzmachine and ask me to come and repeat them in PowerPoint form and explore them with their staff. I've also been asked to teach executives how to blog (a class that should, by rights, take about two minutes). That work and the teaching get me to a nice income in six figures. So I'm not looking quite as idiotic now, I hope.
It was also because of the blog that I got this column. The MediaGuardian editors asked me to take some of the topics I write about online and turn them into columns; the newspaper is an aftermarket for the blog. It pays a bit, a few hundred dollars a column, but that's not why I do it. I enjoy the discipline of taking the lumpy clay of a blog post and moulding it into a column. I like discussing column ideas with my community before I write them. And I quite like having you readers as an audience. So please don't tell my editors that I like doing this so much I would do it for free.
I just got a book contract because of a notion that began in the blog and that I kneaded over and over for about a year. As I write What Would Google Do?, I continue to explore ideas on my blog, helping me to think them through. The US contract roughly doubled my consulting income last year; international contracts may add more.
If I add all that up over the past five years and the five to come, to me the blog is worth a few million (dollars, not pounds, sadly). But it's worth even more than that. Buzzmachine has taught me about the new architecture of media; I wouldn't have learned that without jumping into the new world myself. The blog has stoked my ego, getting me on TV and on conference stages to blather to audiences far and wide.
It has also checked my ego, as my readers never hesitate to challenge and correct me. It has forced me to be more open to new ideas. It has given me a second career playing with new toys; professionally, it keeps me young. Personally, it has made me countless new friends and reconnected me with old ones, owing to a blog's ability to give a person a strong identity in Google searches.
People ask how I have the time to blog on top of everything else. But the real question is, how could I not blog when it leads to so much more? Finally, for a proper accounting, I should also give you the other side of the ledger: the blog costs me $327 a year for hosting. So this is one web 2.0 venture that is profitable.
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