OhMyNews to contributors: Show Me the Money
Korean-based citizen journalism site OhMyNews has asked its 100,000 contributors to pony up some hard cash, not just more stories, a blog on Forbes has just reported.
The posting comes from PlanetSizedBrain, a Korean-based blog dealing with technology issues.
A more in-depth version of the story can be found on the Guardian newspaper site. Here is a clip:
The founder of the South Korean citizen journalism site, OhmyNews, has appealed to readers for financial contributions to keep the business afloat in the global economic downturn.
In an open letter published on the OhmyNews site today, Oh Yeon-ho disclosed that the site lost 50,000,000 Korean Won (£248,735) this year amid fears of heavier losses as advertisers keep slashing their marketing budgets.
"For a news media to remain healthy, it will have to earn at least 50% of its income from the sales of content or paid subscriptions. Despite our best effort, OhmyNews still relies on advertisers for more than 70% of its revenue," Oh said.
OhMyNews is seen to be a pioneer in the "user-generated news" field, and attracted a huge amount of attention when it was launched in May, 2000.