A news journalism media business on Blockchain could be the panacea Lebanon is looking. Journalism on Blockchain for Lebanon could salvage the business of news journalism. Journalism is a major source of jobs for the Lebanese youth and hence it is imperative to save the journalism industry from extinction. A strong media industry can bring accountability to our politicians. The failure of News Media is a failure of democracy in Lebanon.
Print News Media For Lebanon is unsustainable business model
I read this news that Lebanon’s Print Media is dying.
The media business is reliant on advertising revenue. Advertising is a subset of Marketing where the revenue is around 4% of the GDP of the country (on an average world-wide). With the country's GDP at an all time low. The news business cannot rely on this source of revenue. The 4% percent of marketing spend goes in to TV, Outdoor and Digital. How much can a newspaper make with advertising revenue ?
Also Lebanon doesn’t have the number of readers to sustain only with subscription revenue.The article here has explained why Lebanon’s print media cannot sustain itself.
News Media on Blockchain for Lebanon
Skeptics say no one understands how blockchain works. They say, It is clunky and takes lot of energy, it is not scalable. I have met technocrats in the industry and I am positive about blockchain technology.
Blockchain is a new platform and as with any new platform there will be naysayers. No one thought we would use phones for our work. Now we have a robust smart phones and they are getting better at doing the day to day chores.
Some pertinent questions
1. Is there a way the media business can sustain without depending on advertisers?
2. What does the future of News Journalism look like?
3. Is it possible to have a peer to peer (P2P) media business?
But why blockchain? Some Reasons Below why
Blockchain is immutable
One of the best thing about blockchain is that is "immutability". This means "any news published cannot be changed". It means that news exist on all the nodes of the blockchain. It lends a lot of credibility and integrity to the news. A news journalism media on Blockchain "which cannot be censored". A free media independent media by default. Blockchain as a platform is so remarkable because the OS is TRUST.
Digital Advertising Revenue is not enough
A single publication will own a website. The publication will be still depend on digital advertising revenue to pay salary and expenses.The publication will have to compete with google and Facebook, which together take in about 85% of digital advertising revenue.
Subscriptions revenue alone not enough to sustain
Unless you are a NewYork Times, subscription model for revenue will not be able sustain you. Even Lebanon’s DailyStar is subscription model and I am not sure how well they doing now. Guardian is asking for donations to keep them going.
A Peer to Peer (P2P) news journalism media run by a cryptocurrency
News from the source
The cost of news generation and distribution will come down. Everyone is a citizen journalist on the Blockchain. If you are on the node you can write a story. Senior Editors can verify your story and polish it for further distribution. News comes from the source and there is no middle man to alter the news. If the news is altered, it is recorded in the ledger.
Monetisation with Cryptocurrency
All subscribers of the news media get digital currency. The trading in currency creates value and generates revenue for the news network. This means "no advertisers: and subscribers are the owners of the platform. A "truly" democratic news media business.
Case Studies news journalism media on Blockchain
UAE and Saudi Arabia governments have been leading in there efforts in supporting the Blockchain Ecosystems. Due to this there would be lot of technological talent available in the regions. Even a tiny country like Estonia is way ahead, so it is time we start thinking Blockchain for Lebanon.
If you are in journalism or in media, let me know of any remarkable “news journalism on Blockchain ICO”. My email is atie(at)atiejelmouallem(dot)com