Amid all the recent coverage of financial troubles at various newspapers, WSJ columnist L. Gordon Crovitz offers this:
One reason most media companies suspended normal business practices online, such as seeking subscription revenues, was a misinterpretation of one of the most powerful observations of the Information Age. When author Stewart Brand coined the expression "Information wants to be free," he focused on how technology makes it cheap and easy to communicate and share knowledge. But the rest of his quote is rarely noticed. This says, "Information also wants to be expensive." The right information in today's complex economy and society can make a huge difference in our professional and personal lives. Not having this information can also make a big difference, especially if someone else does have it. And for valuable information, online is a great new way for it to be valued.
I have subscriptions to the print editions of the New York Times, the Wall Street Journal, and the Cleveland Plain Dealer, though I most often read them online. My belief in and support of grassroots, social media-style journalism notwithstanding, newspapers still have a vital role to play, and I will happily pay for information that has value in my life.
Like any other business, however, newspapers must constantly strive for innovation in how they address the needs of their customers. If newspapers meet those needs, they should charge for that service. Their slice of the pie may be smaller, a factor that has already reshaped the industry and will continue to do so. But in age when we are awash in information, much of it of little consequence, the value of good information is at a premium, a premium that I'll happily pay.
Read the WSJ article: Information Wants to Be Expensive - WSJ.com
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