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BREAKING NEWS & VIEWS
Under Twitter's Sway, Media Luminaries Ponder Business Models Moderated by the site's founder Patrick Phillips, the discussion covered a range of topics, most notably the rise and future of popular microblogging service Twitter, its role as an online content aggregator and the long-term viability of paid content models. The panel was headlined by magazine publishing veteran Bonnie Fuller, Gawker Media founder Nick Denton, Wall Street Journal deputy managing editor/executive editor online Alan Murray, Craigslist namesake and founder Craig Newmark and Twitter co-founder/chairman Jack Dorsey. Twitter was a focal point of the conversation, as the site incorporates elements of social networking, publishing, news aggregation and promotion. Although a set monetization strategy has yet to be established for Twitter, Dorsey says he is in no rush to make it profitable and would rather first see it integrated into daily lives. “Twitter is a success when people stop talking about it and it fades into the background,” said Dorsey. “And we want [monetization] to emerge from usage. We don’t want something that doesn’t fit.” However, the panelists were divided on how the immediacy of Twitter and the blogosphere would affect future publishing models. “What’s clear here is that we’re not going to make our living off of advertising,” said Murray, arguing that strategically placed pay walls are integral to the future of journalism. Denton, on the other hand, claimed that Gawker Media’s profitability using an ad-based model suggests otherwise, and that pay walls allow writers to fall out of public discourse. When asked whom they would nominate for their media person of 2009, the panelists reflexively nominated Dorsey and his Twitter co-founders. Fuller was quick to praise Twitter as a promotional tool that turns its users into “stars in their own lives.” Murray commended the site as a more satisfactory news source than most aggregators. Newmark uses the service for fact-checking while conducting customer service for Craigslist. Dorsey, though, had a different media person of the year in mind: “I would have to say our users."
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