Tag Archives: Websites

TheStreet.com reports record revenue

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Financial news web site TheStreet.com reported Tuesday that its third-quarter revenue increased 24 percent to a record $16.1 million, according to a short story on its site.

TheStreet.comThe story stated, “Marketing services revenue, which comprises advertising and interactive marketing services revenue, totaled $6.9 million for the third quarter of 2007. Advertising revenue totaled $4.6 million for the current quarter, and interactive marketing services revenue, derived from Promotions.com subsequent to the Aug. 2 acquisition, totaled $2.3 million.

“In response to an analyst question during a conference call, Clarke said he expects advertising revenue to accelerate during the fourth quarter, with the firm aiming to eventually grow its ad-sales staff to about 20 from around 14 currently.

“The company reported a 97% year-over-year increase in non-financial advertising revenue in the quarter. Marketing services and paid services revenue in the quarter accounted for 43% and 57% of total revenue, respectively.”

Read more here.

WSJ becomes the National Enquirer of business journalism

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Adam Hanft of The Huffington Post writes Monday that The Wall Street Journal‘s story last week about Bear Stearns CEO James Cayne shows that the paper will become more rumor-driven like other tabloids owned by News Corp. CEO Rupert Murdoch.

Adam HanftHanft wrote, “What’s telling is that all the positive quotes — and there are a bunch of them, to be fair — are disclosed. And all the negative ones are unattributed. When you can’t get one person to speak on the record about the bad stuff, any responsible journalist should reconsider the story.

“Consider these weasels and caveats sprinkled toxically through the piece:

• ‘Attendees say..’

• ‘…according to someone who was there…’

• ‘…associates say…’

• ‘Friends say…’

• ‘On July 12th, chatting with visitors over lunch…’

• ‘On another occasion, he told a visitor…’

• ‘…participants say.’

• ‘…according to people familiar with the calls…’

• ‘Mr. Cayne had left, say two people who were there with him…’

“Beyond these unsubstantiated allegations is the invidious comparison between Mr. Cayne’s purportedly disengaged management style, and that of other CEOs of sub-prime plagued companies.”

Read more here. 

Business media under attack

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Diane Mermigas of Media Daily News writes Monday that the business media is being attacked by online sites as they try to convert to online strategies themselves.

Print vs. onlineMermigas wrote, “There are, of course, many enterprising and progressive business media players reveling in new concepts. However, time is running out for business media to seize new opportunities to transfer their brand value and leverage reader and advertiser loyalty. Saturation levels are high, and the resources that constituents have to invest are stretched. The gap is narrowing between business-to-business and business-to-consumer press, expanding choice and complexity.

“To survive, business media players can’t just be a quick read; they need to be a must read. They should be using interactivity to connect readers and advertisers as well as buyers and sellers in new ways, to deepen their targeted ties and transactions. They should develop more sophisticated community interfaces, borrowing best practices from such social networks as Facebook and LinkedIn. This is particularly important as business media entities become more global and need to transfer their services and products across date lines, currencies and cultures. It is not clear how quickly business media companies are prepared to move past the periodic special sections on emerging markets to integrate international business into every aspect of their digital interactive editorial and sales.”

Read more here.  

WSJ.com reaches 1 million subscribers

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The Wall Street Journal Online announced Sunday it has reached the historic 1 million mark for paid subscriptions.

WSJ.comIn addition, WSJ.com reached a record 10 million unique visitors in October (up 104 percent from a year ago) and the Wall Street Journal Digital Network, which also includes MarketWatch.com, Barron’s Online and AllThingsD.com, hit a record 20 million unique visitors and 454 million page views, up 25 percent and 37 percent versus a year ago respectively.

The print Journal continues to outpace industry peers as its strategy of building revenue through price increases and elimination of low quality circulation has delivered seven consecutive quarter of revenue growth.

According to the recent ABC FAS-FAX numbers released Sunday, total paid Wall Street Journal circulation (print & online) is 2,012,000, showing a decline of 1.5 percent compared to the same period a year ago. These results build on the print Journal’s success over the last two year, during which low revenue Other paid circulation was reduced by over 30 percent and high revenue Individually Paid Circulation increased by 6.5 percent.

WSJ.com subscriptions grew 30 percent during this two-year period.

Tough ad market for Fox Business Network

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Jonathan Berr writes on BloggingStocks.com that the Fox Business Network launch will have to swim upstream against a tough advertising market.

Fox Business NetworkBerr wrote, “The thing that baffles me about Fox Business Network is the timing. Advertising is one of the first areas that gets hit during economic slowdowns. I wonder whether the advertisers who flocked to Fox Business when it launched will be there at the start of next year when the novelty has worn off. The overall advertising environment remains problematic.

“Spending fell 0.3% to $72.59 billion in the first half of the year, according to TNS Media Intelligence. Cable TV spending rose 2.8%, while broadcast TV spending and spot TV spending dropped 3.6% and 5.4% respectively. Spending by financial services firms, a key advertiser for the business media, rose 3.5% to $4.49 billion. But given the turmoil on Wall Street because of the subprime mortgage meltdown, a cutback in advertising by these firms seems pretty likely.

“The bigger, established news outlets will do just fine since they get their fair share of advertising from non-financial companies. But newer outlets like Fox Business and Portfolio.com have a tougher slog ahead because they lack a long track record with advertisers. These challenges, though, don’t seem to be dissuading Slate.com from launching a new business site.”

Read more here.

TheStreet.com makes an acquisition

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TheStreet.com has acquired Bankers Financial Products, which owns BankingMyWay and RateWatch, and is one of the nation’s largest providers of information about banks and credit unions, according to a story on its web site. The purchase price was $25 million.

TheStreet.comThe story stated, “‘Adding BankingMyWay to our network is another step toward becoming the premier destination for multimedia content pertaining to all areas where money and life intersect,’ said Thomas J. Clarke Jr., chairman and CEO of TheStreet.com.

“Larry Starkweather, founder and president of RateWatch and BankingMyWay.com, added that joining the TheStreet.com network would draw attention to the best deals offered by RateWatch’s banking clientele in thousands of communities throughout the U.S. ‘Whether they are offering special CD rates, attractive mortgage loans or competitive auto loans, we help our consumers get the best rates, while helping our advertisers gain new customers,’ Starkweather said.

“On a conference call discussing the deal, TheStreet.com CFO Eric Ashman said this deal should help accelerate 2008 advertising growth. He added that the company intends to leverage the new infrastructure across the network of sites.”

Read more here.

The tech blog wars

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Fortune magazine’s Michael Copeland writes about the battle — which has gotten extremely competitive — between technology news blogs Gizmodo and Engadget.

GizmodoCopeland wrote, “In less than a year the upstart eclipsed Gizmodo; in September, Engadget had just under ten million unique visitors, compared with Gizmodo’s eight million. Today venture capitalists estimate each site to be worth between $30 million and $50 million. ‘He wants to win at all costs,’ says Denton of his factotum turned nemesis.

“About a year ago (after months of increasing traffic at Engadget), Denton brought in Brian Lam, a gadget reviewer from Wired magazine, to revive the flagging Gizmodo. Lam, whose hobbies include kickboxing, now squares off against Rojas’s handpicked successor, Engadget’s Ryan Block, a former software company systems administrator who can seemingly break down any piece of hardware instantaneously.

“At the debut of a new Apple product, the blows can be below the belt. In San Francisco last June, Lam lined up at 7:30 A.M. to make sure he could snag a coveted aisle seat for CEO Steve Jobs’ 9:30 A.M. appearance. At 8:30, Block arrived to a lengthening line of journalists. He walked straight to Lam, who was first in line, and shook his hand. ‘Then he just stayed,’ Lam says of Block’s cutting. (Block claims there was no formal line.) At a September iPod event, Block charged into San Francisco’s Moscone Center and inadvertently knocked a Gizmodo intern’s video equipment to the floor.”

Read more here. 

NYTimes.com expands tech coverage

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The New York Times is expanding its online tech coverage by adding additional content providers such as IDGMedia Brands, Blogrunner.com and PaidContent.org, according to a release on Thursday.

New York TimesThe release stated, “The technology section fully integrates Blogrunner with a module on the section front that features frequently updated links to other sources reporting on technology, both blogs and traditional media publications, chosen by Times editors for their significance. This editing process enables readers to get a thoughtful overview of the day’s top print and online coverage, all on one site.

“‘This new site further enhances The New York Times’s dominant position among the influential readers who frequent our business and technical sections,’ said Vivian Schiller, senior vice president and general manager, NYTimes.com. ‘With the deployment of Blogrunner to aggregate the most relevant content from around the Web, we will further solidify our position as the online ‘must-read.’’

“‘This section is essentially all you need to understand everything that is happening, on any given day, in the world of technology,’ said Lawrence Ingrassia, business and financial editor, The New York Times. ‘With our reporters breaking news throughout the day on the BITS blog and the aggregation of the best outside content, Times readers will be able to find, consolidated in one place, the most critical and compelling stories about technology each day.’”

Read more here.

The future of traditional biz media

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Sam Gustin of Conde Nast Portfolio analyzes what all the talk at the Future of Business Media conference earlier this week in New York means to business journalism.

Gustin wrote, “The mood was fairly tense, because the attendees were keenly aware of the seismic changes rocking the media industry: The Internet’s inexorable grab of readers and advertisers; News Corp.’s takeover of Dow Jones; and Thomson’s acquisition of Reuters.

Rafat Ali“Canvassing the room—and what a room, with ContentNext Media founder Rafat Ali, PaidContent.org managing editor Staci D. Kramer, AlleyInsider.com managing editor Peter Kafka, Dealbreaker.com editor John Carney, New York Times reporter Brian Stelter, BusinessWeek.com’s products director Charles DuBow, WatchMojo.com president Ashkan Karbasfrooshan, and NBC Universal vice president for digital media Sab Kanaujia—produced this consensus:

“The industry is in big trouble unless it can get a handle on how to transmit business news, in all formats, over the web.”

Read more here.

Slate planning business news site

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John Kublin of The New York Observer writes Wednesday that Slate is planning to launch a business news and opinion web site and has asked Dealbreaker.com founder Elizabeth Spiers and Newsweek business columnist Daniel Gross to write for it.

SlateKublin wrote, “Slate deputy editor David Plotz told The Observer he believes there’s a clear opening for Slate’s distinctive editorial voice. He argued that while political journalism has diversified with the arrival of blogs and other independent sites, business journalism is ‘still dominated by the big brands. We think there’s an opening for a really smart, analytical, opinionated Web site that could be Webby and fast and agile.’

“Mr. Plotz cautioned that the new project is still awaiting final authorization from Post company executives. Assuming it goes forward, it will likely capitalize on the Slate brand with a logo at the top of the home page. He would not comment on the projected budget for the site.

“According to a source at Washingtonpost.Newsweek Interactive, the publishers of Slate, the new site, which does not yet have a name, could go live as early as next summer. It was born in part out of the recent launch of Slate’s newly branded video Web site, SlateV, which Post executives are pleased with. Plans call for it to follow the same basic staffing model that has helped make Slate a success—using a few editors and assistants to run the operation, while relying for content mostly on freelancers.”

Read more here.