hyperlocal funding and sustainability

Some thoughts onHyperlocal Funding and Sustainability

Damian Radcliffe, 5th February 2014

Twitter: @damianradcliffe Web: damianradcliffe.com

Image via:http: //bit.ly/1eughoI

Funding – and sustainability - is perhaps hyperlocal media’s biggest challenge.

Here are some thoughts for you to consider, if you haven’t already…

There is no “one size fits all” solution

Most sites need to have multiple income streams to survive.

This also enables you to spread your risks i.e. if one source falls by the wayside, always have other income streams.

In other words…

Don’t have all of your eggs in one basket…

Examples of income sources

• Online Advertising

• Printed What’s On Guide (SE1)

• Printed Newspaper (Brixton Bugle)

• Social Media Services (Oakland Local)

• Copywriting (Caerphilly Observer)

And a few more….

• eBooks (Londonist)

• Property supplement (HU17.net)

• Weekly newsletter (ChiswickW4.com)

• Groupon and local deals (Caerphilly Observer)

• Web hosting and Tech support (Mon TV)

Examples of some who’ve done it. Well worth a look.

Some ideas from old media - may also be worth a look…

Examples of income sources

• Franchising (DMGT, Localpeople)

• Advertising Partnerships (DMG and Trinity

Mirror)

• Daily Deals and Vouchers (Johnston, STV)

• Property (Rightmove)

• Paywalls (Esp. in North America)

Sustainability isn’t just about money

Sustaining the momentum

This is an important consideration, as inevitably your interest – and energy levels will wane at some point.

Involve your community

You may find people with different skills and interests.

Your work does not need to grind to a halt because you go on holiday, or you’re sick. But it often does.

Not just behind the scenes… … but potentially in content creation

And don’t forget:Feedback, identifying – and potentially even paying for stories.

Know your limits

Some sites also get funding – in the form of grants or advertising from local councils and other public bodies.

But some sites feel this may impact on their editorial integrity and the ability to fairly criticise these bodies.

Not everyone holds this view, but you need to think about where you stand and if these sources are for you.

Always have an exit strategy

Some great sites have continued when their founders have moved on.

@bournvillenews

But others have been mothballed

Or closed.

Which seems a shame after allthat effort was put in.

Or perhaps they served their initialpurpose?

So that’s ok…

“Remember that you are not just a journalist any longer.

You’re a marketer, publisher and business leader.

Above all, stay focused, but be ready to change on a dime.

As a local news entrepreneur, you will need to evolve and evolve.

Make the surprises work for you.”

Jan Schaffer, Ten Steps For Any News Startup

Over to you…… and Good Luck!

More at: www.slideshare.net/mrdamian

About Me: @damianradcliffeDamian Radcliffe is a Doctoral Student and an Honorary Research Fellow at Cardiff School of Journalism, Media and Cultural Studies.

He has written about hyperlocal media for a number of organisations and media outlets including: Ofcom, the BBC College of Journalism, Networked Neighbourhoods, journalism.co.uk and the Democratic Society.

In 2012 NESTA published his landscape report - “Here and Now” – the first comprehensive review of the UK’s hyperlocal scene.

Links to Damian’s extensive hyperlocal writing and research can be found via his portfolio website:

www.damianradcliffe.wordpress.com/hyperlocal