Young People Consuming More News

By paulgillin

 

McKinsey Quarterly has some good news for newspapers. It's been looking at readership trends in the UK and sees growing interest in news from under 35-readers. In fact, daily time spent consuming news in the critical 25-to-34 age category is up 37% from three years ago (you have to register to read the report or you can  download a PDF here). People in that age group prefer to consume the news on the Internet rather than in print, but the good news is that they trust newspapers more than any other source: "66 percent describe newspaper advertising as 'informative and confidence inspiring,' compared with only 44 percent for TV and 12 percent for the Web," the report says.

The report is pessimistic on the chances that existing business models will ever transition successfully online. It notes that only one in seven UK news consumers declared a willingness to pay for content. However, the trust factor should embolden publishers to seek more innovative revenue models, including advertorials and transaction fees.

In our view, this is news organizations' best shot. As the volume of online information grows by leaps and bounds, the need for trusted sources grows with it. Publishers need to discard their not-invented-here thinking and look for ways to aggregate information in ways that command a premium value. We also really like the transaction fee idea. We've been pushing that one for about a year.

http://www.newspaperdeathwatch.com/young-people-consuming-more-news.html

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