The definition and our consumption of news is constantly changing and evolving, we are becoming increasingly reliant on third parties and our practice of sharing news and information, from various sometimes unverified sources, increase.
Society’s trust in established news outlets is waning, many news outlets are now platforms for expressing an owners political point of view, the news content may be factually correct, but the way in which it is packaged and presented can colour and influence the readers opinion of what is being read.
So how does New News apply to what we are trying to achieve? Our newness is our greatest strength. Our business plan is not reliant on pivoting, we are not faced with the challenge of changing our business model as established media players are having to do, we have no legacy from a print or broadcast perspective. We are not dictated by an attitude of “this is how it’s always been done”. We will be the new way news and information is gathered and presented, harnessing AI, deep learning and data analysis to verify and fact check.
Start small or launch big?
There are benefits to both, starting small as a digital only entity with a small core editorial and creative team and building an audience is less risky and more achievable. Launching on a bigger scale is clearly a greater challenge and has much higher level of risk, it will require a much higher level of initial investment with a need for sufficient financial reserves to sustain running at a loss for a set period of time. The aim is to create a sustainable, profitable business, this will not be achieved overnight, we have to take a long term view and potential investors need to realise the wider value a new Welsh media platform would provide. Many Welsh ventures lack ambition, for the venture to succeed we have to set ourselves the target of becoming a major player and influencer within the Welsh media landscape as soon as possible. Launching big will achieve this.
We are developing more than one business plan. We’re looking at the key elements of the services we aim to provide, digital, video, audio and print. Who are our audiences? Where are they? Physically and digitally. How does the business scale?
We are receiving advice and support and collaborating with a number of different individuals and organisations, small, medium and large enterprises based in Wales, England, Scotland and Europe. Many have already been through the experience of launching new ventures in recent times.
Collaboration is a major part of our development plan. How can a media service of scale support existing ventures in Wales? Enable part time ventures to become full time.
There is clearly a lot of goodwill and support out there towards what we are trying to achieve. There appears to be change afoot in Wales, there is an increasing desire and demand for a new Media Service in Wales, one that compliments and challenges the current media landscape of Wales.
This is something that has taken some considerable time, research and thought. A true sense of ownership not only endears a feeling of trust but also ensures accountability and transparency, that is why we are setting up as a co-operative, but not in the traditional sense. We are working in co-operation with the wales co-operative centre on a structure which allows for the purchase of shares which can earn interest, individuals and institutional investors can invest and own. And all will have an equal voice.
Those who have already invested will have the opportunity to learn more about and discuss all of the above in April at a conference we are currently organising, and don’t worry if you cannot attend in person you’ll be able to attend and contribute digitally.