Revenue and Circulation
The spot that these website based projects truly find their niche is in their share of revenue. Website based journalism projects exceed the next closest project type (Magazines) by around 13 percent which is good for about 29 percent of the total share of revenue for journalism dollars according to the PEW Research Center. Overall however, these projects’ production and revenue gained is still a drop in comparison to the original reporting output which occurs on a daily basis. This also does not include the revenue that is received for advertisements within other media outlets.
Where crowdfunded journalism loses a lot of its potential viewership is that the intake and audience can’t quite keep pace with the larger circulating numbers of other media companies. Another interesting aspect of crowdfunded journalism is that anyone can be considered a part of a target audience. This is because anybody can find an article that pertains to what they are looking for due to the freedom that crowdfunded journalists have to write about what they would like and the amount of crowdfunded writers there are.
The true beauty behind crowdfunded journalism is not how much revenue it can potentially generate or not generate, but rather that it is a new segment of nontraditional journalism. Crowdfunded journalism presents a new style of journalism that is by in large about public interest driven and motivated. It provides the public with an additional option that can be utilized in order to ingest news that may otherwise go unreported or neglected by other mainstream media outlets.
Would I buy?
The question is rather I would invest in crowdfunded journalism myself or not. I believe that if I had the means to do so I would invest in this. This decision makes sense to me because of the opportunity that it has for virality and thusly maximizing potential revenue for a single post rather than daily print circulation which I still also firmly believe is relevant and necessary.
Would I work for?
I would in fact delve into crowdfunded journalism because of the opportunity for freedom to write about whatever I would like. I believe a happy journalist to be one who can go out and cover a story that they find interesting and unique. This type of journalism provides journalist such freedom and thusly created better more concise articles.
Strengths: Individually Maintained, Large Public Interest, More interesting article and larger variety.
Weaknesses: Not much room for growth or expansion, Not as large of an overall audience reach, Not much room for advertising revenue.
Opportunities: More freedom while reporting and greater networking
Threats: Mainstream print organizations, and daily media outlets
Crowdfunded journalism has the makings to be able to sustain relevancy for quite awhile. This is because they have been trending upward in popularity and continue to receive more and more interest from prospective journalists looking to spread their wings and venture out into this new concept.