What makes a journalistic entrepreneurship successful?
SembraMedia is carrying out a study regarding journalistic entrepreneurships in Ibero America. Although the gathering of data and association of new media has been going on for about one year, the analysis has already produced some findings.
A balance between content production and business is the key to successful journalistic entrepreneurships in the region. This is one of the findings identified by SembraMedia among the more than 500 new Ibero American media that have joined its Board so far this year.
These media are the source of information to identify best practices for entrepreneurship and management of new journalism companies. To be a part of the Board these organizations must comply with several criteria that go from the production of original and independent content to transparency in the use of their funds.
How can a balance between journalistic production and business be achieved? One way that seems to be producing the desired results is to integrate people other than journalists to journalism companies. Specialized professionals from other disciplines are also needed, such as from the areas of technology, marketing, and business administration, to mention a few. Janine Warner, Executive Director at SembraMedia points out, "More diverse teams lead to more solid enterprises".
These data were shared during the "Encuentro iberoamericano de periodismo joven y emprendedor" (Ibero American Meeting of Young and Entrepreneurial Journalism), organized in Cartagena, Colombia, by the Asociación de Periodistas Europeos (APE) (Association of European Journalists), the Fundación Gabriel García Márquez para el Nuevo Periodismo (FNPI) (Gabriel Garcia Marquez Foundation for New Journalism), and CAF, Development Bank of Latin America.
The diversification of income sources is also an element that is present in successful entrepreneurships. "We have seen that new journalism entrepreneurships that have two or more sources of income have a more solid performance". Some of these sources may be the classic advertising business model, funds from donor organizations, or contributions from readers to sponsor the production of content.
During the meeting, cases that stood out included Chequeado in Argentina and Eldiario.es in Spain, which have achieved a diversification of sources and teams, leading to sustainable journalism companies with financial stability. Warner and her organization are hoping that information regarding new journalistic entrepreneurships will consolidate in 2017, so that best practices both in journalistic as well as business aspects may be identified.
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