We hope venture capitalists in Singapore are listening. A report by the Pew Research Center says these money men have sunk in at least US $300m into digital news organisations, many of them start-ups, in the last one year.
BBC quoted one of them as saying: “It’s time to build new brands in the media landscape.” Eric Hippeau, managing director at Lerer Ventures, continued: “Young people do not really care about the old brands for the most part. They are attracted by brands that cater to and are building content that are specifically for what they like.” he says.
He is involved in a venture capital fund that has invested in many digital start-ups, including Policymic, a news site geared towards millennials – people born between 1980 and 2000.
Another online publisher, Vox Media, will soon launch Vox.com, with former Washington Post columnist Ezra Klein as its poster boy. The company has raised more than $70m in funding.
Lockhart Steele, vice-president for editorial at Vox Media, said: “The way we see it is that every generation builds brands in its mediums. If you look at venture capitalists in general, they’re placing bets on the future – and one of those bets is Vox.”
For those who keep harping that there is no money in new media, here is some advice: Better start changing your mind.Follow us on Social Media
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