Bundling - The New York Times Thrives Amid Collapse of Media, Railroads Could Have Saved Themselves, Paul, Weiss Hasn't Laid Off, Middle Class Pays Its Bills
"The News Business Really Is Cratering"
- Jack Shafer, Politico, January 27, 2024.
It might not be the end of journalism per se. There will always be a necessary role for investigative reporting. What is going poof is journalism as a career path. Those full-time employees at prominent media centers such as the LA Times and Business Insider who were axed may never find their way back in. Freelancers might never have another article published again. Who knows, even indie Substack might also be selling what has fewer and fewer buyers.
Shafer does, however, mention exceptions to the collapse. One is The New York Times. And, if we connect the dots the source of that growth is not necessarily the quality of the journalism.
As you might have already noticed, it's gaming. Everything from the crossword puzzle to Wordle.
Vanity Fair details the evolution of The New York Times from news to a subscription bundle including that traditional media service (in less demand) and gaming (in high demand). And the gaming, at least so far, isn't embedded with tech. The core is words. Yes, words. How quaint. And how part of Times' core competence.
An interesting aspect of this bundling development is that Times purists aren't balking that the entity is being corrupted. After all, words are in the loop. Overall, the embrace of games has increased devotion to the brand.
Of course, bundling is nothing new. In essence way back in 1960, Harvard Business School Marketing Professor Ted Levitt told industry it had to ask what business they are really in. If, for example, the railroad had answered "transportation," it likely wouldn't have fallen into decline. The leadership of railroad companies could have bundled into the business airlines, car production facilities and more.
In 2008 - you know all about that, don't you - partner at law firm Paul, Weiss Brad Karp became chair. Unlike the majority of other law firms he didn't lay off. Instead he bundled. No, he wasn't afraid of tampering with what might have been "pure" notions of what was the business of that firm. At the time it was a Wall Street litigation powerhouse.
Karp smoothly bundled with that transactional services plus the ethos of being a change agent. The latter role had been saluted on the "Pivot" podcast by Kara Swisher and Scott Galloway. A major moving part in the bundle has been political activism. Paul, Weiss didn't lay off at the beginning of COVID and it hasn't laid off in this overall down cycle of the law-firm sector.
In my intuitive coaching I am recommending bundling of income streams. Instead of depending on one source of revenue, clients can put together solid packages of several. That's how the middle class can continue paying its bills. An example would be a full-time job (if that is available or more than one), gigs and micro enterprises. Although I was skeptical of pulling it off, I have bundled my services in coaching, Tarot readings and creating content. Actually it's become seamless.
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2024. You can transform the craziness of this time into unique opportunity. Jane Genova provides you with intuitive career coaching, Tarot readings and related communications. Complimentary confidential consultation. No selling. No pressure. (For appointments text/phone 203-468-8570 or email janegenova374@gmail.com)
Meanwhile, please get to know me:
https://tarotreadingsforcareers.blogspot.com/
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