Journalists are news companies’ most valuable assets.

That’s what Mike Arrington asserts, and I think he’s right (disregard the “failing old media” rhetoric):

And earlier today I got a glimpse at what AOL is up to – they are hiring all the journalists being fired and laid off by the newspapers and magazines. And they now have a news room 1,500 journalists and editors strong. Amazingly, failing old media is throwing away their most valuable assets. And AOL is eagerly picking those assets up for a song. Before anyone knows it, AOL may be the most powerful news outlet in the world.

Given that NYT has gone to great lengths to avoid newsroom layoffs, I suspect they know full well how valuable their journalists are.

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The New York Times technology blog, Bits, which features original online reporting by all of the NYT technology journalists, has formally launched a new feature called “What We’re Reading.” This feature (powered by Publish2) illustrates a number of important best practices for how journalists and news orgs can create significant value for readers by curating the web. I’ve got six of them for you.

But first, here’s what the feature looks like, in the blog’s right sidebar, under the ad at the top (click for larger image):

And here are the six best practices:
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If the wire editor and feature editor roles are becoming obsolete for print newspapers, as Steve Yelvington persuasively argues, then those editors should be retrained — or retrain themselves — as web curators. Rather than become obsolete, these editors could become essential to their news organization’s future on the web.

Steve observes:

On the Internet, we have no need of wire editors; if we wish to have wire content on our websites, we can plug in AP Hosted News, or run a full feed of AP Online or some similar product from another service. But with everything on the Internet just a click away, the value of such branded and hosted wire content is low (and measurable), and even that may go away before long, based on simple cost-benefit analysis. We may be better off sending users to CNN, MSNBC and NYtimes.

Feature editing faces the same problem:

But the job simply doesn’t transport to digital media. Again, everything on the planet is just a click away, much of it more interesting, entertaining and informative than can be found in the typical daily newspaper’s features.

Yet there is a HUGE opportunity in this shifting landscape. Just because there’s a wealth of content a click away doesn’t mean that news consumers know where to click in order to find it.

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Today we’re announcing three major additions to the Publish2 team — journalists whose stellar reputations speak for themselves:

• Ryan Sholin joins us next week as Director of News Innovation.
• Greg Linch is the winner of the Publish2 Future of Journalism Contest and will join us in the fall as our Producer.
• Howard Weaver has joined our Board of Directors.

Get the full scoop at the Publish2 Blog.

There is so much misunderstanding flying around about the economics of content on the web and the role of Google in the web’s content economy that it’s making my head hurt. So let’s see if we can straighten things out.

Google isn’t stealing content from newspapers and other media companies. It’s stealing their control over distribution, which has always been the engine of profits in media. Google makes more money than any other media company on the web because it has near monopoly control over content distribution (i.e. like a metro newspaper in the pre web era).

Those who argue that Google is a friend to content owners because it sends them traffic overlook the basic law of supply and demand. The value of “traffic” is entirely relative. The more content there is on the web, the less value that content has — because of the surfeit of ad inventory and abundance of free alternatives to paid content — and thus the less value “traffic” has.

The more content there is on the web, the less money every content creator makes, and the more money Google makes by taking a piece of that transaction.

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The Seattle Post-Intelligencer today because the first major metro newspaper to stop publishing in print but keep the news brand alive on the web. Seattlepi.com’s Executive Editor Michelle Nicolosi promises bold experiments, “to break a lot of rules that newspaper Web sites stick to.” And to be sure, the entire news industry will be watching to see what an editorial staff of 20 can accomplish compared to a staff of 165. (Given their intent to look “everywhere for efficiencies” — and that they won’t have “reporters, editors or producers—everyone will do and be everything” — I suspect they will accomplish more than most people think.)

But in addition to the key editorial question, Seattle has also now become a test case for one of the most important questions about the near-term future of the newspaper industry that is almost never asked:

What will happen to the print advertising when the newspaper stops publishing in print?

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Today, with the signing of the largest government stimulus program in history, Publish2 is announcing a new initiative to help newsrooms faced with declining resources continue to play the watchdog role that is so vital in this time of crisis. Digital Sunlight is our code name for a new feature set that will allow citizens to help journalists cover the stimulus act and the other big stories that affect our lives and our communities by submitting tips, leads, anecdotes, questions, etc. into a global searchable database.

In particular, we aim to overcome what we believe is a limitation of many “citizen journalism” initiatives to date, i.e. viewing citizen journalism as an end in itself, where citizens are supposed to replace professional journalists, filling up community sites with reporting. We believe citizen journalism is part of a larger process where professional journalists still play the vital role they always have. The key is to enable dynamic and ongoing collaboration between citizens and professional journalists, where citizens can become a true practical extension of the newsroom.

It’s all about collaboration.

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Entering 2009, the future of media is undoubtedly a quandary, with no end of head-scratching across the industry. As with everything these days, it seems that it all comes down to radically changing economics. There are way too many conversations about the future of media, news, journalism, etc. going on out there that don’t reference economics, so I’m going to kick off the year with two personal anecdotes that illustrate the problem of media economics.

Last weekend, my wife and I wanted to watch Becoming Jane, because we’ve been on a Jane Austin kick. We watched Pride & Prejudice the night before (highly recommended). We subscribe to Netflix DVDs, but we hadn’t ordered the movie, and we didn’t feel like waiting. I went to iTunes, and it was available for purchase for $15, but not for renting (for $3 or $4). Amazon, same deal, not on their video on demand service, just the DVD for $15. I checked out Neflix’s Video on Demand offering and found that we don’t have the right hardware (nor do we have the required “unlimited” subscription). Hulu, well, they’re making progress on movies, but it’s mostly old stuff. Video store — the Hollywood video near us is an empty shell — and I can’t remember the last time we got into a car to rent a movie.

So here we were, ready to spend $4 even $5 dollars on content, and nobody would take our money. Seriously.

So that $5 stayed in my walled. No sale. No revenue. Nothing. We didn’t end up watching a movie.

Here’s another story.

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