How can products become essential in a crowded and evolving marketplace? In this episode of Capgemini’s 2024 Leaders in Innovation miniseries, Capgemini Americas Portfolio Lead Lisa Mitnick meets with NY Times VP of Product Management Ken Houseman to discuss how the 174-year-old New York Times is reinventing itself to become an essential subscription in today’s crowded media landscape. He shares the NY Times’ journey of transitioning to digital and building a subscription business model. Ken also talks about his non-traditional career path to product leadership and his role in modernizing the NY Times’ commercial systems. Tune in for insights on how the NY Times innovates through experimentation while maintaining its core mission of truthful journalism.
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Show Notes
- The New York Times is focused on becoming an essential subscription by optimizing products for individual interests and engagement levels.
- The company has reinvented itself multiple times throughout its 174-year history to adapt to changing needs and monetize its journalism.
- Ken had a non-traditional career path, with experience in engineering, business processes, and large-scale systems implementations.
- His role involves modernizing the NY Times’ commercial systems to prioritize engagement over acquisition.
- Subscription revenue has surpassed advertising, showing the value readers place on journalism.
- Dynamic paywalls and tailored content keep readers engaged with news while introducing them to paid options.
- Partnerships can help with non-core tasks like billing systems, but the NY Times maintains control over its algorithms and data.
- Experimentation and learning from failures drives innovation, as long as journalism quality is not compromised.
- Generative AI could accelerate spread of misinformation if sources are not verified.
- Brands like the NY Times may become trusted guides through complex information landscapes.
- Readers will pay for arbitration of truth from a source that aligns with their values.
- The NY Times protects journalists’ work while exploring AI’s potential benefits.
- Agility, diverse ideas, and courage to take measured risks unlock growth.
- Games, recipes and other content provide an on-ramp for new users and news breaks.
- A subscription to the NY Times feels worthwhile due to high-quality journalism.
- Dynamic paywalls introduce readers to paid options at the right time.
- Data-driven decisions optimize the user experience and business model.
- The NY Times’ mission is bringing truth to the world through trusted reporting.
- Staying positive, curious and open-minded enables navigating rapid change.
- Iterative learning from experiments drives continuous reinvention.
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Fantastic podcast!
Thanks so much!