With the explosive growth of the
Internet and the World Wide Web in recent years, traditional media have faced the issue of
how to deal with this emerging communications medium. In the early years of computer
networks, newspapers in particular experimented with a variety of information delivery
systems. These largely proprietary teletext
and videotex systems proved to be problematic both technically and financially (see
Abbott, 1989; Aumente, 1987; Ettema, 1985; Koch, 1992; Sigel, 1980; Tydeman et al., 1982;
Zerbinos, 1990). By the time of the AT&T
antitrust suit and the resulting Modified Final Judgement in the U.S., where newspapers
successfully argued that AT&T and its offspring companies should be prohibited from
providing information services, the newspaper industry had by and large given up on
distributing information online via dedicated computer/information systems (Cole, 1991;
Lansing & Bates, 1992).
Traditional media did not abandon their
interest in, and concern over, emerging information systems, however. Some interest remained in videotex and other
computer-based information retrieval systems (Salvaggio & Bryant, 1996), as
newspapers, in particular, sought alternative revenue streams for their increasingly
digitally produced content. Several firms
sought to develop online databases containing newspaper content, while several papers
experimented with fax and email delivery of selected content to subscribers, or through
subscription-based electronic bulletin board systems. With the initial commercial
development of the Internet in the U.S. by ISPs such as Compuserve, Prodigy, and AOL, and
the rise of European systems such as Minitel, many media outlets embraced the Internet as
an alternative channel for audience response, and began to place some content on
developing information systems.
With the development of the World Wide
Web and its user-friendly, interactive, multimedia interface, new forms of communication
were enabled and the Web began to replace older systems (Dauncey, 1997). As technology and network expansion enabled and
fostered a shift from text to graphics and multimedia content, questions emerged over the
nature of this new medium. Was the web a form
of mediated interpersonal communication or a form of mass communication (Morris &
Ogan, 1996; Newhagen & Rafaeli, 1996; Stephens, 1998)? Was this new medium a
competitor, a substitute, or a complement to traditional media (Chyi & Sylvie, 1998;
Porteman, 1998; Singer, 1997)? How should,
or will, existing media react to this growing communications system (Borden & Harvey,
1998; Kay & Medoff, 1999)? Should
traditional media create a Web presence, and if so, what kind of content should be
presented (Rauscher, 1996)? Finally, there
was the related question of what value could such a presence create for the traditional
media firm—How could they profit from expansion onto the Web?
Initially, there seemed to be a
tendency to ignore new media, including the Web. The
failures of the dedicated systems trials, and the failure of most fax, email, and BBS
trials to cover costs, and uncertainty over the value and viability of this new media
form, made many traditional media firms hesitant to enter a new business that they
weren’t sure they understood. Many media
initially stayed with old business definitions—they were newspapermen, or
broadcasters, or networks—rather than reconceptualizing themselves as information
providers. However, the increasing convergence of traditional media and the increased
competition for revenue that it brought started many owners to consider alternative, or at
least redefined, markets. And a few saw the
potential of the developing Web as a potential mass medium.
Thus, after a slow start, over the years most media outlets have sought to
establish at least a presence on the Web.
At first, most media came to the Web as
a precaution. As in the early days of radio
in the U.S., media were uncertain where value lay, but they wanted to make sure that they
were positioned to take advantage of any potential. Professionals
and the trade press have proposed a number of potential values, such as on-line
advertising, and have also argued for moving to the Web as a pre-emptive measure in case
that medium evolves to the point of becoming a primary conduit for the delivery of
information. Many traditional media firms
have followed that advice, mostly while wondering where the revenue to support the
creation and maintenance of websites will come from.
A number of studies have followed the rise and development of media websites and
examined their content and use (cf. Aikat, 1998; Bates & King, 1996; Bates et al,
1997; Brill, 1997; Endres & Caplan, 1997; Gordon, 1995; Li, 1998; Martin & Hansen,
1996; Massey & Levy, 1999; Mings, 1997; Waisbord, 1997).
Still, traditional managers and owners
tend to complain that very few of these operations seem to be profitable in their own
right. At least at first, on-line
advertising and subscriptions, and the direct sales of information, had not proven to be
the bonanzas that some proponents had thought. Further,
traditional media are finding that providing the content to attract visitors to their
site, and to cultivate an online audience, are continuing and not inexpensive endeavors. Some firms are thus reconsidering their online
strategies and activities in the face of mounting short-term deficits.
Killing websites that don't generate
sufficient direct revenues to cover current costs, however, is not a good strategy. One can argue that as in the early days of most
media, new outlets often face periods of losses as they seek to build the audience that
will eventually provide the basis for revenues and profitability. Like early newspapers, radio stations, and
television stations, media firms may need to invest in developing websites and content
that will permit them to build the audience that will eventually lead to a solid revenue
base. And Internet advertising revenues have
begun to increase substantially. While focussing on long-term strategy is important, with
Internet/Web sites and content it is also crucial to keep in mind that direct sales and
advertising are not the only sources of value to the media firm. Information goods have value to suppliers, users,
and society, that range far beyond the simple exchange value that is often the focus of
short-term fiscal policy (Bates, 1988).
This paper will argue that traditional
media considering a Web presence have to look beyond simple direct revenues, to identify
and consider the ancillary values that information goods and services can create for the
media firm. They also will need to consider
what provides value to potential consumers, for any value to the media firm will come only
if and when consumers visit the site and utilize its content. Value for the media firm
depends on the site being accessed and utilized, and the media firm should not forget that
that will happen only when the audience finds something of value on the site. This exploration will build upon recent research
on media website uses & gratifications with which the author has been affiliated.
The paper will identify the various
potential sources of media website value for media owners/creators, from those which can
create sources for direct revenues, to those which reward the media firm in other areas
and fashions. In particular, fitting with the
theme of the conference, the paper will discuss how the interactive aspects of the Web can
create value through time-saving in information searching and retrieval, and archival
access, for consumers. In addition, the paper
will explore the social value of media websites, which can provide a basis for arguments
in support of website presence as fulfilling public service obligations, or in support of
subsidies of various forms. The paper will draw upon both theoretical and conceptual
arguments, as well as synthesize literature and research in the area.
Where does the value of the media
website lay? Most media firms generate
revenues primarily from some combination of subscriptions and advertising (Albarran, 1996;
Alexander, Owens & Carveth, 1998; Picard, 1989).
This generates a tendency to focus on those sources of direct revenue, to follow
the old business models, when considering the economic value of media websites. However, it is too simple, and much too limited to
simply assert that the value of a media website lies in the dollars that it directly
generates through subscriptions and advertising. Not
only are the Internet and Web new forms of media, with new uses and values to audiences,
but media firms are discovering that the traditional economic and business models are also
undergoing a transformation (Outing, 2000). They
are finding that their old "product" orientation (i.e., newspaper, magazine,
radio, tv, cable) is too limiting, that there are new opportunities for value that can be
gained from reconstructing themselves as "information" businesses.
Media websites are clear examples of
information goods and an information business. The
nature of the Internet and Websites makes the content contained in those sites the epitome
of immaterial information goods, with features and properties distinct from those of
traditional physical goods (Bates, 1988). To
use Gilder's (1989) metaphor, websites are wholly bits, with nary an atom in sight. Instead of having to replicate and distribute
content, it remains an ethereal inventory, where others seek and download copies of
electronic files, and bear those costs themselves, turning traditional marginal costs and
revenues calculations on their ears. This
makes it imperative, if one is to understand the true costs and benefits, and thus the
whole value, of media websites, to consider the distinctive nature of the economics of
information goods and services.
Key among the distinctive features are
some generally associated with public goods: non-consumption and non-excludability (Babe,
1995; Bates, 1988; Melody, 1993; Noll, 1991; Rescher, 1989). Non-consumption means that, unlike more typical
physical goods, information is not used up when it is consumed. Unlike the typical physical good, we retain the
information content even when we pass it along to someone else. Consumption and distribution are not rival
choices, the owner of information can do both. Both
the information component, and its value, remains even after the exchange and can be
distributed through a variety of media venues. In
a similar way, information is “non-excludable,” in the sense that consumption of
information by one person or group does not exclude others from the opportunity to acquire
and consume the information good. The use of
a media website by one person in does not hamper the ability of others to receive the
signal, in general, although, like roads and bridges, the site can get clogged at times of
high traffic (demand). These characteristics
differ from those of more traditional goods, where the use or consumption of goods
diminishes supply, and thus its availability to others.
Another way of looking at these “public good” characteristics is to point
out that selling or consuming information goods does not diminish their inventory. However, the value of this inventory may
change with the distribution of information. As
information goods are acquired and used by others, that use can affect the value of the
information for the distributor. In
particular, judgements about the value and utility of information will impact on
perceptions about the probable value of other information and content provided by the
site. That's a particularly critical
implication, as another key feature of information goods is its high degree of risk and
uncertainty. That is to say that consumers
rarely know the full and precise value of information before it is accessed. They make consumption decisions based on
incomplete information, and incomplete information and uncertainty over value will tend to
decrease consumption. Information providers
need to provide indicators of that value to encourage consumption, particularly in the
face of increasing competition.
Another aspect of the economics of
information is what has been termed the property of "novelty." Novelty refers to the fact that for most forms of
information, it is what is new, or novel, which is of value. One implication is that the value of most
information declines with use. Another
consequence is that media need to continually create and distribute new content to
maintain audiences. When this aspect is
considered with the immaterial aspect, there are further implications. Primarily, the greater the immateriality, the less
consumers are concerned about the medium through which they obtain the information
product. Under competitive situations, this
also suggests that preference will be given to the media that can deliver added-value of
one form or another-- and recency or immediacy (the latest, newest information) can be a
competitive advantage.
In practical terms, what that means is
that media firms need to create and reinforce public perceptions about the value of their
information goods, and one of the primary ways they do that is by establishing a history
of providing value to potential consumers. This
is particularly crucial for web media, as consumers must actively choose to visit their
sites, and are likely to do so only in the expectation of some value. Further, consumers are likely to continue to visit
media websites only when they consistently find valuable and useful information on those
sites. Thus, a determination and
consideration of the value of website content to consumers is crucial.
Still, the primary implication of
immateriality is that the value of information is not contained in its physical
attributes, but in the information itself, in its use by those consuming it. Value lies in the ability of information to impact
on the users environment, and thus by its very nature it is likely to impact the value of
the information inventory. This also suggests
that it is not only the information content that can impart value, but also the conditions
of consumption and use. In particularly,
factors which impact the costs (or ease) of access, and the ability to find and utilize
the content, must be considered as aspects of value.
In particular, the ability to interactively and quickly search for specific
information can not only save time, but create added-value.
Since time is an important component, and one where the Internet/Web can have a
technological advantage, it is also one which needs to be fully considered.
There is little question that the
Internet/Web is an active communication channel, that those who use it tend to do so with
specific uses & gratifications in mind, and that they highly value the interactivity
offered by the medium. There is also
considerable evidence that a variety of types of information can be highly valued by
audiences. General media uses &
gratifications research has identified a wide range of valued uses for media and
information. Some early studies of the uses
& values of media websites (Costello, 1999; King, 1998; Mings, 1997; Murphy, 1998)
suggests that consumers value many of the same things they do with regard to traditional
media, but also highly value the interactive nature of Websites.
This raises the question of what is it
about interactivity that consumers/audiences value. There
would seem to be several aspects of interactivity that are highly valued. Essentially, what is valued is the ability to
control information flow. Traditional mass
media are defined by their basic nature of providing the same content to a large number of
people. While websites present that same
content, they can also provide mechanisms for quickly finding specific pieces of
information, whether through search engines or through other hierarchical organizational
schemes. The speed and ease of finding
specific information not only empowers consumers (creating a sense of value), but can also
save considerable time and effort in locating desired information products and services.
Websites are also not bound by the same
time/space limitations of traditional media. Cyberspace
is inherently infinite, and server space tends to be very inexpensive. Thus, media websites can (but do not always do)
provide much more information than can be economically transmitted by traditional media. The additional information can also provide
additional value for those seeking such information.
In particular, consumers seem to value the Web for their ability to proactively, and interactively, seek out specific information goods and services, saving time and effort. They also highly value the web's ability to provide more information quickly and easily. What consumers value in websites is not only content, but the ability to find and retrieve the level of information desired, quickly and easily.
While consumers value content and
interactivity, what media website owners value are audience and consumers. An unvisited website has no inherent value, and
although there are a range of direct and indirect sources of revenues and value open to
both traditional media and media websites, virtually all of them depend on the ability to
attract audiences. Whether through direct
exchanges of value with audiences (in terms of cash or attention), or through the indirect
values associated with media content, any media product has to attract and retain
audiences to create value. Media websites are
no different in this regard.
There is a range of possible sources of
value to the owner/creator of media websites, particularly in an era of growing media
competition and convergence. In this last
section, I will identify and consider a variety of sources.
I will start with those that have the potential to generate value directly, by
bringing in revenues. Then I will consider
more indirect sources of value, where the contribution, though real, may not be as easily
measured. In both cases I will raise issues
related not only to general concepts of value, but to the particulars of those types of
values for media websites. In particular, I
will consider how important those sources are likely to be, and what factors are likely to
influence the amount of value achievable in those ways.
Subscriptions. Direct sales of information goods, whether on an
individual basis or through paying for the right to access content is one of the oldest
mechanisms of value, and still is the dominant source of revenues for a variety of media
and information products. Subscriptions work
best, however, where direct competition is limited, where expectations of differential
value can be clearly established, and where access to the content can be easily restricted
to those paying for it. For those reasons,
it's historically been a largely unsuccessful source of value for media websites.
The primary content of most media
websites is news and related forms of information (weather, sports, listings of programs
and/or community events). It is information
that is rarely unique, and for which there are a number of competing sources, both
web-based and from traditional media. While
the nature of the web does allow for access restriction, two factors currently limit the
viability of direct information sales. First,
the direct and indirect costs of setting up such a pay system are high enough that most
consumers will consider alternative sources. Not
only do subscription prices have to cover transaction costs and the costs of the access
restriction system, but there are also indirect costs to the consumer beyond the nominal
subscription cost (remembering passwords, pre-paying for what might be an on-demand, spot,
interest, etc.). Even so, the problem is that
there are, for most types of information, a plethora of alternative sources; that is, the
same basic information is often available elsewhere, and just as easily accessed, for
free. Thus, consumers have little incentive
to subscribe to media websites unless and until those sites develop substantial amounts of
unique content (entertainment content, in-depth analysis and interpretation, searchable
archives, photos, etc.).
Further, any subscription costs will
restrict consumption and use of content on the media website, and therefore will reduce
visits and audience size. This will reduce
the opportunity to take advantage of other sources of value, such as advertising, direct
sales, or the development of indirect value. At
this point in their development, very few media websites have the kind of content that is
amenable to generating value through the direct sales of subscriptions or specific
information goods. A few have been able to
offer such content, in the forms of archives, additional details and content not widely
available, or in terms of highly specialized content.
There remains the potential for future development of this source of value, if and
when sites can create more unique and high-value content.
There is also greater potential for the
direct sale of information goods and services if and when the technologies supporting the
idea of "microtransfers" are more fully developed and diffused.
Advertising. The other traditional source of value for media
products is advertising. With the
privatization of the Internet in 1994, and the subsequent rise of the World Wide Web as a
consumer media, advertising began slowly, but reached an estimated $4 billion in 1999, and
is expected to continue to grow substantially faster than other advertising media. As in other areas, advertising revenues were slow
to develop on media websites, hampered by uncertainties over the nature and size of the
web audience and how to measure exposure. Often,
web advertising was offered as an adjunct to traditional media advertising, with little
thought given as to the value of the ad to either the website or advertiser. Few, if any, media websites generated sufficient
revenues from advertising to cover their allotted costs.
Over the last few years, however,
research on Internet demographics has revealed a rapidly growing and valuable (trending
young, high-income, and increasingly female) Web audience, and traditional advertising
measurement firms (Arbitron, Nielsen, PricewaterhouseCoopers) along with a number of new
firms and an industry group, the Internet Advertising Bureau, have started to develop
metrics to more accurately measure internet advertising exposure. There seems to be little doubt that Internet will
continue to be a valuable and growing portion of total advertising expenditures for the
foreseeable future. The Web also offers a
fairly unique ability to create specific content narrowly targeting particular audiences,
well beyond the more general audiences of traditional media. This ability to focus on narrow-niche programming
opens new areas of high-value advertising, particularly for broadcasters (Rauscher, 1996).
The expansion of online commerce and
information services also provided a new source of advertisers eager to reach that
audience. Internet advertising, though,
reflects traditional advertising in that it will follow audiences. Thus, most Internet advertising dollars are going
to portals and other highly-used websites, or are increasing going to narrowly targeted
sites with particularly desirable demographics. In
one recent list of top advertising revenue generators, no media website was listed in the
top 20. Still, Internet revenues have grown
to the degree that some high-demand media websites are now making a profit from their
advertising efforts, particularly those with targeted content such as financial or sports
news and information.
The general viability of advertising
revenues for media websites will ultimately depend on the same basic criteria as employed
by traditional media: the ability to attract an audience with demographics desirable to
advertisers, and the ability to keep them coming back to the site. Advertising revenue will come to the Internet/Web,
but media websites will have to compete with other sites and portals for those revenues. To date, media websites have not generally been
able to compete effectively with other sites.
Classified (Database) Advertising. Long a major revenue source for newspapers and
some other specialized publications, many newspapers have found that placing their
classifieds on-line not only create added value for the advertiser, but that it can also
create added value for the reader as well. The
advertiser gains value by reaching a larger audience.
The audience can gain value from possible features such as search engines, and a
rapidly updated collection of ads, both of which can save time.
Early on, some online newspaper found
that having access to classified advertising was one information service that consumers
seemed to be willing to pay for. With the
development of the Web and database systems, newspapers soon found that they could not
only put their own ads online, but that they could offer access to a regional or national
network of classified databases. They also
found that they could enter into relationships with commercial firms such as auto dealers
and real estate companies, where visitors to the media site could directly access and
search their databases for desired items (Outing, 2000).
Direct Sales. Some media websites are discovering that there is
a market for what were formerly considered promotional items, such as t-shirts, caps,
mugs, etc. And, as the market for information
products improves, content producers are finding that there can be a market for not only
promotional materials and tie-in merchandise, but there is a growing market for the
content itself (although currently limited to pre-recorded forms). Rauscher (1996) suggested that broadcasters may
find value in offering for sale previously broadcast materials and transcripts, a revenue
source increasingly explored by local stations. Many
larger media websites, particularly those associated with broadcast or cable networks are
finding themselves increasingly partnered with merchandisers, either directly or
indirectly (through affiliate programs, discussed below).
Affiliate Programs. The expansion of online commerce and information
services (particularly financial services), generated not only new sources of advertising
revenue, they also developed new forms of revenue streams in the way of what has become
known as affiliate programs. Affilate
programs are those who sell products that can in some way be affiliated with the primary
website. For instance, a radio station might
affiliate with an on-line music store, allowing visitors to their site to click through to
the online store to purchase CD's heard on the station.
Affiliate programs generally pay sites a percentage of the sales that are generated
by referrals from the host site.
Some affiliate programs are treated as
advertising, just generating revenue on the basis of actual impact rather than mere
exposure to the information. However, there
tends to be a difference in that there is a greater emphasis on sales, and some critics
worry that affiliation may imply endorsement, or that the potential of affiliation
revenues may influence editorial content or reviews of products. In addition, some sites have been worried that
affiliate programs shift consumers away from their sites, and in particular may hurt their
own developing direct sales efforts (Sandoval, 2000).
Indirect Subscriptions (Syndication)- Internet Service Providers (ISPs) provide access
for a fee. In an increasing competitive
atmosphere, ISPs are finding that they need to be able to differentiate themselves from
competitors. They can do so in terms of price
or in terms of service or special features. Content
is clearly such a feature, and is, after all, what media firms produce. Increasingly, ISPs and other Internet portals are
partnering with content providers, particularly media websites. Some portals, such as AOL, have a history of
directly paying for the production of content that might differentiate or drive use of,
their portal or an ISP. Others support
content providers in terms of returning a portion of the content time charges accrued by
site visitors.
While these are not traditional revenue
models, such sources can also be seen as a form of content syndication. The media websites license their content for use
by other Internet sites and services, and are compensated for that license.
Non-Media Information Services and
Products
-- Conceptually, there is nothing that would prevent media websites from providing
information products and services other than those provided by more traditional media. An National Association of Broadcasters
publication (Rauscher, 1996) suggested that broadcasters explore the potential for
alternative value-added services deliverable through the Web. One review of online newspapers (Outing, 2000),
found a variety of alternative revenue sources employed:
Online coupons - a searchable site
allowing users to print out coupons;
On-line shopping malls - offering directories of
shops and stores with websites, and links to retail e-commerce sites;
Yellow Pages Directories - offering a similar idea
to businesses and professions, where publishers sell "enhanced" listings or
links;
Online City Guides - offering targetted
information related to local entertainment and community events, these sites offer both a
veneer of public service which can aid in promotion and branding activities, but they also
offer ample opportunities for selling targetted advertising and promoting e-commerce. A number of television station websites have also
emphasized or incorporated community guides;
Website Design and Hosting - the need to be able to
be able to handle regular updates and crisis reporting means that many media websites
maintain a regular website design staff. As
with other staff, these services can be offered to advertisers and other businesses which
lack the expertise, or whose needs do not require full-time support.
Internet
Service Provision, Regional Portals, and Community Publishing - as many media
websites, particularly newspapers, existed on their own servers, there exists the
potential for those media owners to offer access to those servers, and those services. Few media websites have made the successful
transition to ISPs, although there is an increasing trend of media websites offering to
host both commercial and non-commercial content, and acquiring or partnering with portals
and other Net service providers.
Indubitably, there is an even wider
range of revenue opportunities waiting to be explored and developed as the Internet
expands and as new services and perceptions of value emerge.
Indirect Value - Perhaps the biggest
general source of value for most websites is its ability to provide a range of information
and content to an ever-increasing world-wide audience.
In addition to the general news, entertainment, and advertising content produced by
traditional media, media websites can add two additional types of information which can
indirectly benefit media owners. The first of
these is promotion. Media websites can
contain information about various media outlets and activities, and can offer a controlled
means of promotion and image-building. The
second of these is information which complements traditional content by offering
socially-valuable content
Promotion. Perhaps
the biggest non-revenues source of value for any website is its ability to provide
promotional information.
Branding. Branding is a particular aspect of promotion that
has taken an increasingly visible and important role in the modern competitive
environment. What branding refers to is the
attempt to create a brand image or identity that helps to distinquish
As noted in the earlier discussion of
the value of information, the creation, dissemination, and utilization of information can
create value beyond the immediate exchange value. Most
importantly, there can be a social value component to information (Bates, 1988), a
component which can be significant. Because
of the open and public nature of the Internet, the information and content it contains are
particularly prone to haivng social value.
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