Tina Brown Says Advertising is Coming to the Daily Beast By Spring, Darling; ‘We’re Getting A Lot of Overtures’

Last night, at the Columbia Graduate School of Journalism, Tina Brown told a few hundred young J-school students that the Daily Beast—which Barry Diller finances and said won’t come close to turning a profit for two or three years, “if then”—that there is indeed a revenue model for the Web site.

“Our business model will be based on advertising,” she said. “We believe, Barry Diller believes, that the advertising model is going to work online even though you keep hearing it won’t. He’s willing to be patient.”

They’ve had limited advertising in the first few months of their existence.

Last night, at the Columbia Graduate School of Journalism, Tina Brown told a few hundred young J-school students that the Daily Beast—which Barry Diller finances and said won’t come close to turning a profit for two or three years, “if then”—that there is indeed a revenue model for the Web site.

“Our business model will be based on advertising,” she said. “We believe, Barry Diller believes, that the advertising model is going to work online even though you keep hearing it won’t. He’s willing to be patient.”

They’ve had limited advertising in the first few months of their existence. And apparently more want in!

“We’re getting a lot of overtures for advertising,” she said. “We didn’t want to look at it until January. We wanted a three-month workshop and now we’re looking and we’re getting good reception and we think we’re going to get good advertising.” (Beast representatives struck the same note at another panel yesterday, according to Media Week‘s Mike Shields.)

“By late spring you’ll see advertising on the Daily Beast,” she continued.

She also opened the door for another source of advertising for the Daily Beast: A print edition. Ms. Brown, who said the one unfulfilled goal of her career was to be a newspaper editor, said that she’s interested in creating a print edition for the Daily Beast, one not unlike the Politico print edition.

She said she wants to figure out how the Daily Beast can produce narrative, long-form journalism, and thus far she’s found what every other magazine and Web editor learned a while ago: It doesn’t work on the Web.

“I’d like to do it online, but I haven’t figured out how to do it yet,” she said.

Ms. Brown also tackled some Big Picture journalism topics. For one, she didn’t seem to care much for Walter Isaacson’s iTunes-for-news proposal in Time last week.

“That’ll kill journalism,” she said. “The most lucrative stories are the ones about Jennifer Lopez. They’re not going to make money on 5,000 words of reporting from Rwanda.”

“You can’t expect people to say, ‘Let’s do more of the things that lose money.’ It won’t succeed, that idea.”

The business model for journalism in the future, she kept saying, hasn’t been discovered, but she’s optimistic something will be discovered in the next 10 years.

Other small take-aways from last night’s talk: she thinks Newsweek‘s move toward The Economist–model is a smart one, but thinks it might be too late. Also she’s a fan of Portfolio!

 

 

 

Tina Brown Says Advertising is Coming to the Daily Beast By Spring, Darling; ‘We’re Getting A Lot of Overtures’