These businesses are not sustainable because their costs exceed their income. It's perfectly possible to make profitable and sustainable news outlets. The Times of London is profitable and has been for years, for example, because it put up a paywall and creates journalism people are willing to pay for. The Daily Telegraph also posts healthy profits.
I'm afraid there's a a very clear correlation here that people seem to be in denial about. There isn't a problem with people paying for news. There's no problem with the internet and there's no need for new business models. News can be profitable and for some firms, it is. What's not profitable is freely distributed left-wing agenda journalism like Buzzfeed: the market is saturated, and the people who make it do it primarily for influence and not to build a business. As a consequence they not only woefully over hire, but they are also loathe to put up paywalls and take other obvious steps more conservative, more business oriented media outlets have been willing to take.
A simple contrast is between the Guardian, which had as of a few years ago over 1000 journalists, no paywall and massive losses, with the Times, which turned a profit. To illustrate the irony here is an opinion piece in the Guardian asking whether this "joltingly unlikely thing" is "worth it":
> Murdoch’s flagships are locked behind a barrier that throttles traffic and, arguably, relevance. But they made £1.7m last year.
Well, is being a sustainable business worth it? Is it better to be able to pay the bills or be "relevant"? These are probably not questions most working people have the luxury of asking, and given the state of the Guardian's finances, soon it won't be a luxury they have either.
I'm afraid there's a a very clear correlation here that people seem to be in denial about. There isn't a problem with people paying for news. There's no problem with the internet and there's no need for new business models. News can be profitable and for some firms, it is. What's not profitable is freely distributed left-wing agenda journalism like Buzzfeed: the market is saturated, and the people who make it do it primarily for influence and not to build a business. As a consequence they not only woefully over hire, but they are also loathe to put up paywalls and take other obvious steps more conservative, more business oriented media outlets have been willing to take.
A simple contrast is between the Guardian, which had as of a few years ago over 1000 journalists, no paywall and massive losses, with the Times, which turned a profit. To illustrate the irony here is an opinion piece in the Guardian asking whether this "joltingly unlikely thing" is "worth it":
https://www.theguardian.com/media/2014/dec/07/is-profit-wort...
> Murdoch’s flagships are locked behind a barrier that throttles traffic and, arguably, relevance. But they made £1.7m last year.
Well, is being a sustainable business worth it? Is it better to be able to pay the bills or be "relevant"? These are probably not questions most working people have the luxury of asking, and given the state of the Guardian's finances, soon it won't be a luxury they have either.