You’ve heard it said before “Boston is s young city.” Demographically that is. Lots of college kids, lots of city stuff – it’s a big draw for Millennials and younger adults. The New York Times is selling off the Boston Globe. The New York Times, after taking a major shot in the chops, has pulled its financials together under the guise of the old marketing saw “focus,” and been selling a number of non-core properties – About.com was let loose a while ago.
Here’s the thing, The New York Times is a brilliant newspaper and news property. One of a kind. The Boston Globe is also quite good. But the captains of industry in Boston are reading the Times. The problem with the newspaper business is kids aren’t reading paper papers. Walk around Boston and count how many upward mobes are carrying newspapers. They have smarties and iPads but no paper.
The NY Times has to see this and plan a generation ahead – and it know this. The NYT is in the news business, not the paper business – and it knows this. The company can take all the Mexican bailout money it wants to right the ship but the future is the future and it’s coming. Knowing and doing are two different things. Don’t follow the new financial statements, look out the window.
Selling the Boston Globe may fund innovation but this news property needs to demonstrate it is looking and planning beyond the dashboard. Peace.