For any new media venture to be successful it has to be self sustaining. Let’s not kid ourselves what we are proposing isn’t going to be easy. The current landscape is incredibly challenging as this article from The Atlantics Derek Thompson lays bare, but there are examples of new media platforms who are operating successfully, and we’ve already started speaking to them. One of our first priorities is to meet with these ventures and discuss what has and hasn’t worked and incorporate the relevant parts in to our business plan.
An idea isn’t enough for a business to succeed, it needs sufficient revenues, the best source of revenue is from customers, are people willing to pay for news and content? The answer is yes, if they feel the content is worthy of the outlay, Netflix is an extreme example, but they have disrupted the traditional TV market and shown people are willing to pay for content.
One of the core purposes of establishing a new Wales based media service is to help keep the populace informed, this isn’t something they’re necessarily going to want to pay for and it isn’t something we want to charge people for. Subscriptions and benefactors will have to play a part, especially in the early stages of any venture, but we need to develop a model that will attract investment, not investments that offer a substantial return but investments that help strengthen the economic outlook in Wales.
A successful independent Welsh media service has the benefit of enabling Welsh advertisers, and advertisers from beyond Wales to engage with new and existing customers in Wales, how do we leverage the value of the “Welsh Pound”? Developing a digital advertising platform that can work for the benefit of Welsh businesses, organisations and institutions has commercial benefits beyond our own platform, developing such a platform successfully has commercial potential internationally. There is a real opportunity here for us to collaborate with the tech industry in Wales to come up with a solution
Collaboration will be key, yes we want to challenge existing players in the Welsh media sector, particularly those who are headquartered outside Wales, but for a new service to succeed it needs to work with others, in new ways. If you’re interested in talking to us, whatever your background and area of expertise, we want to hear from you.
We won’t be spending money on having a shiny office in the centre of Cardiff, we will be based all over Wales, embedded in Welsh communities, connecting digitally. We are already talking to potential partners who can make this happen.
The output of the next two months work will be the topic of discussion at a conference which will take place towards the end of March, this will open to current contributors as well representatives from the traditional and digital media sector in Wales.
Remember your contributions are still welcome, the more money and backers we have behind us will enable to invest in more research, conduct focus groups and buy in the relevant expertise. You can do so by visiting our crowdfunding page.
I look forward to updating you weekly with progress.