As a j-school graduate, I can promise you not much of interest is being said on the topic there.

Newspapers, according to my former classmates working at them and people I meet at industry events, seem to still be run by people over 45, who for the most part think they'll be able to sneak out the backdoor just before the whole thing falls apart.

As I said in another thread, I'm here in Chicago trying to figure out how to kill off the local papers. After months wasted spent working on features and design and stuff that doesn't really matter if you don't have a plan, I've started calling up companies that advertise in local neighborhood papers and meeting with them. Met with three on Thursday. I'm making this up as I go along but here's what I more or less was asking:

1. Who are you trying to reach?
2. How are you doing it now?
3. What works well about that approach?
4. What's not working well for you?

Pretty basic stuff, right?

Here's what I'm learning so far:

1. Small neighborhood businesses (think of 37Signals Italian restaurant analogy) are advertising in weekly neighborhood papers like this one: http://www.hpherald.com/

They're paying about $250-300 for a 4 inch square ad that runs in the paper and on the web....which is a static PDF (!) that gets updated once a week. A back of napkin calculation following a look through that paper leads me to believe they're selling 8-12k in ads in it each week.

The businesses tell me this tool is prohibitively expensive and don't like that you can't measure its results.

Now, I asked them what they'd rather have, and they tried to pitch me on some kind of online coupon setup, where people could print off coupons and the businesses pay me each month based on how many coupons they tally up. This seems like a suckers game.

But a few ideas I'm toying with that could be better for them:

1. A daily neighborhood e-mail. They would be paying to reach X inboxes and could measure click-thru's using e-mail tools. Each e-mail would have a short article on something cool in the neighborhood, a la Daily Candy and extensive upcoming event listings (more on that below). Once you get enough of a subscriber base, then you start publishing the content to the web as well to rack in the pageviews and let readers connect.

2. Stepping in as their go-to guy to manage their adwords/CPC campaigns. This would be a lot less fun, but is a direction worth considering. Some of these little restaurants could be well served from getting listed high for certain searches and getting optimized on Google Maps, for example.

Other observation that I'm still trying to make sense of:

The people I'm meeting with say they'd like a place to find neighborhood events.

As a guy who hangs out on Hacker News, I am aware of going.com, eventful.com, upcoming, craigslist and all manner of event sites. Yelp, The Onions new decider.com site, all sorts of people are doing them.

And yet these advertisers had never heard of any of them and the people at the community groups said they wanted a decent online neighborhood calendar.

Which got me thinking that maybe a Garysguide.org-style events site for neighborhood events could play well. Start with just a few neighborhoods with loud identities and own them, get known as the place to go to see what's happening in those hoods. Perhaps this would be the web-half of the daily newsletter.

Anyway, the future of journalism conversation is fascinating. I'd be interested in any suggestions or observations from the peanut gallery on here. As I said, I'm making this up as I go along. A network of cheap, scalable, interesting neighborhood event + news sites seems like something that might be attractive if you can pull in the local eyeballs.

Thoughts?

As for Wired's advertising/editorial ratio, FWIW I just asked my friends working at magazines about it and they say that the ideal ratio is 40% ads and 60% editorial. I'm looking around online for some backup on that front and not finding much to be honest, but that's what they're teaching at j-school on the subject. So Wired's probably hurting if they're over 50% ads.