"You have a lot of journalists who want to turn themselves into a brand and monetize their journalism," Lane said. By building personal brands based on credible reporting and writing, journalists can turn themselves into one-person businesses, a reality that Forbes' new program hopes to complement. If a Journalist Entrepreneur leaves the program and wants to keep the email addresses they collected, an arrangement would be made in which the writer would "fairly" compensate Forbes to keep the list, a rep said.įorbes makes much of its money from advertising, events, and sponsorship deals around its Forbes Under 30 franchise.Īccording to Lane, the Journalist Entrepreneurs concept stemmed from a growing awareness that journalists can be part of the creator economy.
Forbes contributors, however, will own the IP of their newsletters. The writers will split the subscription revenue generated by their newsletters 50-50 with Forbes.ĭespite their name, the Journalist Entrepreneurs will not own the intellectual property of their newsletters, a representative of the publication confirmed, since they are considered staff writers. These "Journalist Entrepreneurs" will write newsletters about subjects they have expertise in, as well as articles for the Forbes website, which makes them eligible to receive pay incentives based on the views and engagement that their articles generate. Third, the publication will be hiring 20 to 30 journalists as staff writers. These contributors will also split the subscription revenue their newsletters generate 50-50 with the publication. Potential contributors must be approved for the role by their editors they must be "high-quality" writers and they must have a clearly defined audience, Lane said. Second, in the first half of 2021, Forbes will offer the opportunity to members of its contributor network to publish newsletters through the Forbes content management system, Bertie, if they meet three conditions. The Journalist Entrepreneurs initiative is composed of three distinct parts.įirst, Forbes is taking franchises like Midas Touch and SportsMoney, which cover venture capital and the business of sports, respectively, and creating newsletters around them, bulking up their staff and providing the franchises with expanded resources. Here are 4 tips from successful creators who started from scratch. Read more: Star writers are making 6 figures on Substack, but most need different tactics. Lane spoke with Insider about the details of the new program, including a detailed breakdown of the pricing and payment systems. "We saw that the market has evolved in terms of people's willingness to pay for journalism and journalism from individual journalists," Lane said. Platforms like Substack and Ghost have underscored the value that a single journalist can generate, with some Substack newsletter writers making hundreds of thousands of dollars working alone.įorbes' chief content officer, Randall Lane, said that although the publication has been in the newsletter space for several decades, the recent newsletter renaissance has spurred renewed interest in the medium. The strategy reflects the growing influence of newsletter writers in a media ecosystem that is increasingly focused on driving subscription revenue.
The publication recently announced the debut of its Journalist Entrepreneurs program, a three-pronged initiative that the publication hopes will drive digital subscriptions, provide a fresh revenue stream, and bring new readers to its site.Īs a key part of the program, the publication is hiring 20 to 30 new staff writers, each of whom will write a newsletter that is promoted across the Forbes website and social channels, in addition to writing regular articles. Your email inbox is quickly becoming some of the most sought-after real estate in the digital world - and Forbes wants in. Visit Business Insider's homepage for more stories.The strategy reflects the growing influence of newsletter writers in a media ecosystem increasingly focused on subscription revenue.They will split subscription revenue with Forbes 50-50, but won't own the IP. Forbes will hire 20 to 30 staff writers, who will launch subject-specific newsletters.Forbes' new ' Journalist Entrepreneurs' program is a three-pronged initiative.
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