Burrell writes, “The reason it is thriving, Edwards believes, is that mainstream British business news coverage had fallen into a ‘traditional, ritualised’ approach, leaving a gaping opportunity for BI, which is governed by Blodget’s own watchwords: ‘smart, helpful, accurate, fearless, fast, fun.’
“Edwards states it baldly. ‘The traditional British media has not done a very good job in terms of business journalism,’ he says, and while he concedes that the FT is ‘very good’ he points out that it is ‘behind a paywall and the newspaper circulation is microscopic.’
“As for the rest of the business news market, they are simply out of step with the audience. The BBC, he says, ‘is a fine organisation [but] its business coverage is shallow.’ The public broadcaster is uncomfortable with a subject it regards as ‘slightly grubby’ and is terrified of producing content that might ‘sound like a press release.’ BI, by contrast, sees business stories as ‘human drama with money attached.’
“In their ritual-driven mindset, legacy media business desks obsess over a few listed British companies with high public profile, such as Whitbread or Ladbrokes, he says. ‘We tried that initially. [We said] ‘Let’s cover these British companies that are publicly-traded’. And there’s no audience for it.'”
Read more here.
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