In times when the economy just simply stinks and newspapers can’t seem to make money at all, it’s nice to read about at least one news organization making money. The Times UK reports:
Arianna Huffington looks set to cement her position as the Queen of Capitol Hill in the next few days.
The Times has learnt that the Huffington Post, her influential political website, will confirm within the next week that it has completed a $15 million (£10 million) fundraising from investors.
The money will finance the expansion of HuffPo, as it is known, into the provision of local news across the United States and into more investigative journalism. And it will ensure that Ms Huffington’s influence continues to spread across the US political scene.
The online news site has been garnering a lot of interest during the election months. I view this type of Web site as some of the best online journalism. While it has a less serious tone, it gets the job done. Some might feel its too gossipy, but I disagree.
Raising this much money is great, but raises the question of is this sustainable. If it is, then I wonder if there’s hope the Huffington Post can also find a way to make money out of the Internet, something almost all other news media companies are struggling with. The site doesn’t have to worry about producing print content, so that saves it a lot of money. It’s also immediately gratifying; just sign online and go to the site to get the latest political news.
What are your thoughts about the amount of fundraising moolah this site has raised? Do you think it could help the industry?