The Hyperlocal News Market: Funding and Production Models
Rachel Sterne
October 27, 2009 New media guru Jeff Jarvis calls it the"Holy Grail." Michael Gluckstadt wrote a Fast Company feature questioning its '$100 Billion Potential.' So what does 'hyperlocal' news look like today in the United States?
As newspapers shutter and traditional media models crumble, the public and private sectors have recognized a need--and perhaps a very lucrative opportunity--to invest in hyperlocal, or community-level, media.
Wikipedia defines hyperlocal as follows:
Firstly, it refers to entities and events that are located within a well defined, community scale area. Secondly, it is intended primarily for consumption by residents of that area. Thirdly, it is created by a resident of the location
Earlier this month NPR announced they had received $3 million in grants to "develop in-depth, local coverage on topics critical to communities and the nation." Starting with 12 sites, the project has enormous potential given NPR's nearly 1,000 radio stations.
Today Patch, recently purchased by AOL, whose CEO was an original investor, announced an aggressive expansion to dozens of affluent cities in the New York metro area.
Below, a brief look at where the various players are situated, how they fund their models, and inherent pros and cons of how to address the gaps in community-level coverage.
Tags: Hyperlocal , Citizen Journalism , Local , Npr , Ny Times , Huffington Post , Propublica
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