Sharon Waxman, the founder, CEO and editor-in-chief of TheWrap shared her wisdom on connecting to readers, incorporating paywalls and upholding ethical standards in a changing media industry on Tuesday.
“I love talking to young journalists. I have these conversations frequently in our newsroom,” Waxman said. “Media is evolving and confusing in a lot of ways right now, and so the more we can talk about it, the more we can try to clarify what’s kind of unprecedented.”
Drawing from her experience leading a major entertainment news outlet, Waxman shared practical strategies that she has applied while in a changing media environment.
Waxman said she particularly finds that connecting with readers and directly seeking their feedback has helped the success of her publication.
“We really use the data that we get from our readers to help us figure out what’s the best direction for us to take our work,” Waxman said. “It’s our job to be essential as a news organization – we have to cater to our audience.”
With newspaper revenue in decline for years, Waxman also highlighted the importance of including paywalls in publications. Similar to The New York Times and the Washington Post, TheWrap has an annual fee of $3.83 per week or a monthly fee of $6.25 per week.
“If you want good reporting, you need to pay for it,” she said.
She explained that as consumers’ attention shifted and technology evolved, an entire part of the Hollywood industry got left behind.
“The models that supported theatrical distribution that made DVD libraries, etc. dissolved as a whole ton of money just fell out of the bottom of the business,” Waxman said.
Gordon Stables, the director of Annenberg School of Journalism, explained that Waxman’s forum allowed Annenberg students to discuss the future of newspapers and the current ethical debates surrounding journalism.
“I think that she really lends insight to the evolving nature of what’s happening, especially with entertainment in journalism out here,” Stables said. “I think there’s nobody better for students to hear from what’s actually happening and how the industry is evolving.”
Professor Christina Bellantoni, director of USC Annenberg’s Media Center, said she sees Waxman as an inspiration for young female students.
“To me, I always want to highlight women who are in positions of power… And particularly for our student body, many of whom are women who can gain confidence and understand what it means to be a leader,” Bellantoni said.
Offering advice for students, Waxman emphasized the personal qualities that she finds essential for journalists.
“The main thing you really want is just to be curious and to bring your empathy,” she said.