Billionaire investor Warren Buffett wrote a wonderful letter to the newspaper editors who became his employees. He touted the value of local journalism.
I thought about his words this week when, as I was read the Raleigh News and Observer, I realized I had learned of 90% of its stories from other sources. That’s fine for a newspaper, actually, if (and only if) the newspaper brings me depth I cannot get from other sources.
I expect to get the full story from the paper, not just a “teaser” for which the TV news is infamous. If all you’re bringing me is an abridged version of a story I’ve already read online, you’re not bringing me any value.
Though the economics of the business have drastically changed since our purchase of The Buffalo News, I believe newspapers that intensively cover their communities will have a good future. It’s your job to make your paper indispensable to anyone who cares about what is going on in your city or town.
That will mean both maintaining your news hole — a newspaper that reduces its coverage of the news important to its community is certain to reduce its readership as well — and thoroughly covering all aspects of area life, particularly local sports. No one has ever stopped reading when half-way through a story that was about them or their neighbors.
via Warren Buffett’s letter to his editors and publishers | JIMROMENESKO.COM.
Buffet’s description of how local papers can thrive is almost exactly opposite of what happened to the Durham Herald-Sun when it got bought a few years ago. 🙁 And, as expected, my family, at least, no longer subscribes to our local paper.