The Times’ New Website and the State of Newspapers
Posted on January 9th, 2014 in Uncategorized | 14 Comments »
Yesterday at my office two of my colleagues and I spent a few minutes discussing the new New York Times website. They like it; I don’t.
The argument my colleagues made was that the design is cleaner, less cluttered, airier. One of them (a woman) described it as “more feminine.”
I don’t know about that, but I do have this nagging feeling that there’s less information on it than there used to be, and that the website is moving away from being a reflection of the paper’s actual appearance and front page, and toward something intended to approximate “how people read online,” or some such notion. I myself think that we’re so early in the Internet age that no one can say for sure how people read online, and given that, it’s a shame to throw away something as beautiful as a front page.
Plus, I look at the home page today and see this: Four stories on the left that seem fairly serious—a piece on Chris Christie’s jerkiness, chaos in Iraq, a decision by the private equity firm Black Rock to stop trying to get insider information, and a terrorism disclosure by the government.
I guess those stories are supposed to be important—is that why they’re on the left-hand column—but I miss the placement on the front page metaphor that is intended to convey their importance. Is this new left-hand column now the “hard news” space?
And then, in the middle of the page, I’ve just got a lot of fluff. A piece on pop stars doing reality shows; something about the unstylishness of “tech attire”; a piece about MoMa’s planned expansion; and a book review. Is this the Thursday Style section, front and center?
The right hand column is just, well, dribs and drabs, basically. If there’s an organizing principle to it, it’s not obvious.
The Times has a link touting the virtues of its redesign; there are a couple things that seem useful, like the ability to enlarge a photo without leaving an article you’re reading. But on the whole, it doesn’t exactly make the case for fixing something that, to my mind, wasn’t broken.
And given that the paper is launching the redesign at the same time it’s launching its new and controversial “native advertising”—basically, advertorials written by “journalists” and dressed up to look like articles —it’s hard not to suspect that this redesign is not, as the Times says, “a redesigned web experience with you in mind,” but a redesigned web page with advertisers in mind.
Then again, my younger colleagues say that I just don’t like change, to which I will, occasionally, plead guilty. (In my defense, I embraced color photography when the Times introduced it to much outrage way back when.)
So maybe I will come to see the virtues of this redesign in the next weeks and months.
I don’t know, though—I loved that old concept of the front page translated online and thought it worked well. Is there a better invention than the front page?
And I don’t want a front page that reflects what some algorithm thinks I want to see. I want a front page that reflects the perspective of seasoned and thoughtful editors. I may disagree with it, but it’s more engaging than just having my own biases reflected back at me.
As you can tell, I’m conflicted—and curious: What do you think of the redesign?
14 Responses
1/9/2024 1:41 pm
Advertorials. A good third of Worth Magazine is devoted to advertorials.
1/9/2024 2:59 pm
Anon,
First, congratulations on being a reader of Worth! Presumably this means you are doing well.
But you’re wrong about the ratio-it’s far from 1/3rd. (Which is not to say that we wouldn’t happily run more.) And no one could mistake those advertorials for editorial content.
So…just to clarify-I have nothing against advertorials per se; I don’t see any reason why they couldn’t be well-done and contain useful content. (I think the ones that we run are and do.) I just want them clearly understood as advertising, and what’s happening online these days is really blurring the line between edit and ad. For example: Times’ spokespeople talking about the “journalists” writing advertorials, or the fact that if you click on one of the Times’ new advertorials you also get recommended articles on similar subjects from the Times.
Consider, for example, this paragraph from an Adweek story on the Times’ new “native advertising” plan:
<<>>
It’s the “mix of content” part that concerns me. Also the idea that Dell has its own “newsroom,” which it most certainly does not, no matter what they may call it.
What I’m also watching to see is if they make the advertorials searchable; that is, if you’re looking for an article on, I don’t know, Dell computers on the Times website, and your search brings up one of the Dell advertorials. That doesn’t seem to be the case now, but I could see it happening, and that would be a watershed.
1/9/2024 3:00 pm
Sorry, here’s that quoted paragraph that somehow got deleted:
—Dell used its launch ad to spotlight stories on topics like millennials in the workplace, marketing tech and women entrepreneurs. The campaign, which is set to run for three months, contains a mix of content from its own newsroom, articles from the Times’ archives and original stories by Times-contracted freelancers on Dell-chosen topics.—
1/9/2024 4:39 pm
BlackRock is not a privare equity firm. It is primarily a firm that manages mutual funds and investments in publicly traded securities. You are confusing it with Blackstone.
Also, Schneiderman is not stopping them from getting “inside information” about companies, as used in the sense we generally think (e.g. SAC ). If that were the case it would be an eight column headline or however many columns there are in the paper and digital Times.
1/9/2024 5:04 pm
Yes, you are right, Anon, and frankly I had caught that earlier and meant to fix it; I do from time to time confuse the names of the two. I wish they would change one so that they aren’t quite so similar.
And forgive my rough paraphrase, but I don’t think I’m totally wrong by using the term “inside information.” Given that analysts’ calls move stocks, getting them ahead of the general public still counts as insider information—perhaps not in a legal sense, and yes, that’s important. But in terms of one’s ability to make a profit off information that is not available to the general public—the efficient markets theory and all that—it is absolutely insider info.
1/9/2024 5:29 pm
Getting information ahead of the general public was not in Schneiderman’s settlement with BlackRock because unlike what you said this has nothing to do with the general public.
If you are going to be a journalist who talks about business, it is important to understand what really is going on.
What BlackRock did was canvass sell side brokers. It got the analysts at those firms (e.g. Goldman, Morgan Stanley) to tell them (BlackRock) things that the analysts hadn’t yet published and made available to all their clients. That is, BlackRock was seen to be favored over other buy side institutions. The general public does not get brokerage analyst’s reports except second hand. The general public has nothing to do with this and this has nothing to do with “inside information.” It is merely sell side analysts favoring certain of their clients (not the general public) over others. All those other clients should be pissed, but then again, most all of them try to do exactly the same thing i.e. find out what analysts think before it is disseminated to all other clients. There is no honor among thieves.
Hope this clarifies it a bit for you.
1/9/2024 9:20 pm
Anon,
I would congratulate you for more closely reading the Times article than I did except I think you beat me to it.
In any case, here’s what the Times said (in three different articles on the subject, all accessible from the first one):
“or almost five years, BlackRock, the world’s largest asset manager, has been surveying Wall Street analysts to extract clues about their views on companies before the outlooks were announced publicly. Now, the tactic has been shut down…
“….BlackRock agreed on Wednesday to stop pursuing nonpublic views.”
“BlackRock, the world’s largest asset management company, has agreed to end its practice of surveying Wall Street analysts to glean clues about their views on companies before those opinions are publicly issued….”
“The BlackRock surveys are careful to ask that analysts supply only those views that they have already stated publicly. But in various confidential documents describing the surveys, company officials state that nonpublic information is what they are after…”
That’s a lot of mentions of the word “public” and not one mention of the phrase “other clients.” I would say that the publication of an analyst’s report is essentially public information; these things are aggregated, reported on, posted online, and not hard for the average investor to find. That is very different than a hush-hush survey that allows you to conduct advance trading on non-public information. And BlackRock itself seems to concede that; its spokesperson said, “The language cited by the attorney general from several internal memos is totally inconsistent with the standards by which BlackRock does business.” Which is obviously not true, since the firm was conducting the surveys for years, so by definition they were a part of how BlackRock does business.
1/9/2024 10:03 pm
Once again, The Times got it wrong. No surprise there. The Times (Gretchen really and she knows better), uses the word public and publicly interchangeably and both words are used incorrectly.
You say that the publication of an analyst’s position is essentially public information, but that is an incorrect assumption. It is not public information. It is information that is passed on to a select group of clients which pay dearly for it. Very little of real consequence is aggregated and posted online. The important information is disseminated to clients who pay big bucks for it. Only later, much later, does some of it get out to the gullible “public.” That is a fact.
As I said, BlackRock was trying to get information from sell side analysts ahead of its peers. Its peers try to get information ahead of BlackRock. They smile at each other and then stab each other in the back. There is no honor…
This has nothing to do with inside information from public companies which is what Bharara has been so successful in prosecuting (and how about Martoma getting kicked out of HLS for falsifying his transcript). It has everything to do with getting an edge on what analysts are thinking.
But, even getting the edge doesn’t do any good. BlackRock’s record, with or without their SAE sub, is mediocre. Their taxpaying clients get mediocre performance and because everyone in the business is chasing short term performance, most of the gains are short term and have a very unfavorable tax treatment. By the way, many of the firms in Worth’s advertorials that show their records to prospective clients, don’t point out that the gains are pre-tax and in most cases today are short term, which as I mentioned means very unfavorable tax treatment. But those are the ways of investment advisers today and very few people make any substantial long term gains from BlackRock or anyone else.
1/10/2024 9:17 am
Anon,
You’ll be interested in this Felix Salmon column, which is supportive of your argument:
http://blogs.reuters.com/felix-salmon/
And I agree that “Gretchen’s” use of the word “public” in her articles is confusing, because she never bothers to clarify exactly what she means by the term, so one assumes simply the traditional meaning; I plead guilty to that.
I can’t speak to the specifics of Worth’s wealth advisors, because looking at their records is not my job; I try to stay far away from that part of the magazine so it won’t affect my editorial judgment.
But I can certainly agree that investors have overly high expectations of returns and that plenty of advisors promise more returns than they can really deliver. (Which came first is a chicken-egg question.)
I think the best advisors recognize that and emphasize other services—tax planning, charitable giving strategies, legacy issues, business succession affairs. And I am sure that no advisor really wants to deal with a client who comes in and says, “I need 12 percent every year. How can you get it for me?” Any advisor who would promise you that—like, say, Buddy Fletcher-an investor should run from…
1/10/2024 9:36 am
Thanks for posting the link. Felix got a few things (facts) wrong as usual, but generally got the gist of the situation.
And Jamie Dimon still sits on top of JP Morgan after 20 billion dollars of fines and other penalties. Simply amazing how corporate boards shirk their responsibility, but that’s Wall St.
1/11/2024 6:45 pm
Back to the NYTimes redesign for a sec…I can’t help but think it’s a little like this: http://www.dailypuppy.com/
1/14/2014 3:37 pm
Do not care about the redesign. Just looking forward to the day the Sulzbergers have to put it out on the curb for chump change.
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