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Author Topic: Finding a Business Model for The Bitcoin Weekly  (Read 1239 times)
kiba
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April 24, 2011, 06:16:54 AM
 #1

I do not know how to profit from my creation: http://bitcoinweekly.com

The business operate at a loss because I have to pay writers. Also,  Operation Fabulous ads don't rake in enough revenues to cover the cost of operation. I dislike the idea of putting more ads on the site...

I also posted to http://witcoin.com for the purpose of attracting traffics, with the occasional profit.

I got some donations from time to time, but it seems that I am still losing money at a lower rate.

Summary: Revenue < Expense.

I am interested in hearing business idea from you guys and see how I can capture value without detracting from the value of my site.

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Garrett Burgwardt
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April 24, 2011, 06:18:06 AM
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My guess is that the market just isn't big enough for a dedicated bitcoin newspaper - good idea with bad timing it seems?
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April 24, 2011, 06:19:11 AM
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Though I did just have an idea - make a newspaper like article host that allows people to post articles that once they pass an editor, they are posted. Once posted, they are assigned an address and any donations to that address are split between the editor, the writer and the host.
kiba
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April 24, 2011, 06:21:25 AM
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My guess is that the market just isn't big enough for a dedicated bitcoin newspaper - good idea with bad timing it seems?

I just recently reached my goal of capturing 400 unique visitors in one day. The market is emerging but I am not sure if it will turn a profit or not in the future.

Also, my magazine is less of a news source and more of a...well..how to say it... theoretical magazine dedicated to spreading interesting bitcoin information.

kiba
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April 24, 2011, 06:21:48 AM
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Though I did just have an idea - make a newspaper like article host that allows people to post articles that once they pass an editor, they are posted. Once posted, they are assigned an address and any donations to that address are split between the editor, the writer and the host.

That's witcoin, but it also describe my magazine somewhat.

I earned bitcoin from advertising. Donations are used to fund articles, exclusively. The host get paid for hosting my site.

BioMike
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April 24, 2011, 07:49:27 AM
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Hi Kiba,

I think setting up a news paper is HARD (ask established publishers of news papers, I expect them also to run losses on their online content). But at least they can compensate by their pressed papers.

The idea of the paper is good, but I think there is a lot of room for improvement. Some points:

1) Abstracts with articles. The main page lists the titles and half a line with no clue on what the article is about. Put proper abstracts below the title (full sentences describing what the article is about, check with news papers how they do that.
Example: (Article 2) has the abstract "The value of Bitcoin has recently [shot up](http://bitcoincharts.com/charts/mtgoxUSD#rg60zvztgSzm..." Any idea what the article is about?

2) Who are these authors? I see: Vitalik Buterin, Kiba, Nefario, Theodore Minick... who are they? And why should I care to listen to them? What do they know?

3) Categories. Make different sections. You have different audiences, some from a technical (IT) background, some from a financial background. Make it easy for them to find what they are looking for/interested in.

4) Content. Dare to offer different type of articles... not everything bitcoin related. When I look at the titles I get the impression that I can also read that at the forum. Example: featured article about one of the organisations that accept bitcoin as a donation (write the article about the organisation and mention only in the last line (and introduction) that they accept bitcoins as donation).

5) Make people pay, make it less voluntarily. I only see a donation address on the main page. You could offer only part of an article for the first week and have people wait or pay a small fee for the last part. Other idea is to have people pay to have the last part released (when a total of 2 BTC is received at a specific address the rest of the article is opened). The idea is that if people are interested in the article they want to continue reading and will pay for it. But don't do that with all articles.

My 2 bitcents,

BioMike
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April 24, 2011, 11:32:05 AM
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I think it will just takes more time(the sites just started, and bitcoin is only taking off), keep working on it, also I think I'll have some business for you over the coming weeks.

Wait 6 months and I'm sure you'll be doing quite well.

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April 24, 2011, 02:56:28 PM
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When my projects are made public, I'll pay you (or one of your writers) to write a well-researched article on my projects.  You could (should) make profit of this.

One off NP-Hard.
kiba
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April 24, 2011, 03:36:06 PM
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I think it will just takes more time(the sites just started, and bitcoin is only taking off), keep working on it, also I think I'll have some business for you over the coming weeks.

Wait 6 months and I'm sure you'll be doing quite well.

I am skeptical about "wait and let the traffic grow" strategy. Even Forbes magazine have to plaster their site with advertisement.

That being said, my pleas for donation is suboptimal. I could certainly...optimize it better.

kiba
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April 24, 2011, 03:40:59 PM
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4) Content. Dare to offer different type of articles... not everything bitcoin related. When I look at the titles I get the impression that I can also read that at the forum. Example: featured article about one of the organisations that accept bitcoin as a donation (write the article about the organisation and mention only in the last line (and introduction) that they accept bitcoins as donation).


I am not looking to expand Bitcoin Weekly beyond Bitcoin...Beside Bitcoin Weekly's purpose is to present information about Bitcoin that's originally from the forum.

kiba
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April 24, 2011, 07:59:35 PM
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5) Make people pay, make it less voluntarily. I only see a donation address on the main page. You could offer only part of an article for the first week and have people wait or pay a small fee for the last part. Other idea is to have people pay to have the last part released (when a total of 2 BTC is received at a specific address the rest of the article is opened). The idea is that if people are interested in the article they want to continue reading and will pay for it. But don't do that with all articles.


Interesting idea: micro-ransoming articles.

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April 25, 2011, 12:52:26 AM
 #12

How about you offer a premium extra service that perhaps provides a real time news feed for traders...

Or maybe providing a premium market analysis service (which I'd be happy to help provide)
kiba
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April 25, 2011, 01:53:22 AM
 #13

How about you offer a premium extra service that perhaps provides a real time news feed for traders...

Or maybe providing a premium market analysis service (which I'd be happy to help provide)

That's more approriate for the guys at bitcoinwatch.com and bitcoincharts.com. The Bitcoin Weekly is not a "news organization".

Raize
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May 06, 2011, 12:49:47 AM
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Make it for pay only and charge a very low amount of Bitcoin for it.

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