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Anyone can have one free genie, but the fee for two is $24/month, rising to $189/month for 50 genie systems, i.e., the level appropriate for a larger media company.
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Instead, the couple as built a tiered pricing strategy to charge for the genies, as opposed to the content of the genies. You should own your own knowledge and profit exclusively." So Knowledge Genie, the company, wants no part of royalties, commissions, hidden fees-As Thuy Sindell explains, "We've gone through the publishing experience - we don't want to own the author's knowledge. The business model used by the Sindells themselves is helpful in that they don't want to share in any of this revenue generated by content creators. The Times could repackage some of this information as NYT Genies, sell them to the public, share the proceeds with their content creators, and produce a new revenue stream more based on servicing specific audience segments than the one-size-fits-all model from its past. By contrast, The New York Times has hundreds of experts on staff each of whom is probably knowledgeable about a range of issues, large and small, and many of whom have published hundreds and thousands of articles over the years. Now, that's an example of what a single blogger could do.
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In an hour or so, I created this genie, which I now could attempt to sell. So I decided to try out Knowledge Genie by creating a little entity called "Adding News to Your Website." It's a 2,500-word guide that pretty much provides an overview of the key issues involved. You could probably say that I am something of an "expert" in this process, at least for our present purposes. Over that time, I've become familiar with the challenges a new company faces when it tries to join what is a very crowded field. I've been helping various media companies, either as an employee or a consultant, to add or create online news services for the past 15 years.
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Traditionally, the way media folks have monetized this aspect of their work has been to write a book and then get paid to deliver lectures.īut books take a long time to produce, and time is money, plus for the most part, these types of books are not all that successful - probably because writing a good book is a great deal harder than most people (including most journalists) realize.Īlternatively, by using a digital tool like Knowledge Genie, you could theoretically sidestep these large book projects and break down your expertise into a much more granular level â€" bite-sized chunks of expertise - that can be priced at rates for distribution into multiple markets.
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The potential here for a media company could be enormous, but first they have to re-imagine themselves as reservoirs of talented experts whose knowledge goes beyond "news," which could be resold in the form of guidebooks and other tools. The process of setting up a genie is pretty simple once you set up an account and follow the step-by-step DIY guide, although true to form I found ways to make it more difficult than it had to be, by not grasping the site's url protocol at first. This L.A.-based couple, with backgrounds in business consulting and publishing, are launching Knowledge Genie today, a digital publishing platform that "allows you to publish what you know to a web app," called a genie, which you then can sell to your audiences. In this context, entrepreneurs Milo and Thuy Sindell have created a tool that may be of help.
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There is an entirely different approach the industry should explore and that is how to repackage its content into useful utilities that can be marketed to specific audience segments.