The financial Times ran a big story entitled, “Return of the local press baron” in this weekend’s Life & Arts issue. The story focuses on the Philadelphia Inquirer and one of its owners Brian Tierney. I was disappointed to read that the company is doing nothing extraordinary to revitalize their product or business model.

I firmly believe that the paid broadsheet business model is dead and only papers which add value to their customers (readers and advertisers) will remain viable.

The Wall Street Journal, Financial Times, NY Post, USA Today, these papers have well defined target markets and are doing better than broadly ambitious papers like the Washington Post, LA Times, and Philadelphia Inquirer. I don’t understand why Mr. Tierney doesn’t see this basic problem at his paper as the root of ALL their problems. If you can find a needy audience in Philly Mr. Tierney, then the money will come. This is not an issue of cost cutting, exciting new inserts and sections, or even Pulitzer prizes. Who cares how many Pulitzers the paper has won if no one is willing to purchase the paper?

What value does your publication add to the community? Why should I buy it? Why should I advertise in it? I wish FT reporter Joshua Chaffin would have asked Mr. Tierney these three questions point blank but he did not. So I ask you now. Can you answer these questions? I think that in the process of answering them you, Mr. Tierney, will gain better perspective on the direction which your publication should be headed. You cannot “hope to… stabilize the print business until the internet catches up”. You must take executive action to create an environment in which your employees can succeed.

Philadelphia Inquirer Circulation Figures:
2003 Circulation: 768,237 Daily 747,969 Sunday
2006 Circulation: 352,593 Daily 688,670 Sunday

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