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The total value is the value of content plus the value of advertising. However, advertisers don't care about journalism –  only the audience that it produces. Thus the real measure of journalistic value is value created by serving readers.

The total value is the value of content plus the value of advertising. However, advertisers don't care about journalism –  only the audience that it produces. Thus the real measure of journalistic value is value created by serving readers.

To comprehend journalistic value creation, we need to focus on the benefits it provides. Journalism creates functional, emotional,  and self-expressive benefits for consumers. Functional benefits include providing useful information and ideas. Emotional  benefits include a sense of belonging and community, reassurance and security, and escape. Self-expressive benefits are provided  when individuals identify with the publication's perspectives or opinions, or when they're empowered to express their own  ideas.  

 

These benefits used to produce significant economic value. Not today. That's because producers and providers have less control  over the communication space than ever before. In the past, the difficulty and cost of operation, publication, and distribution  severely limited the number of content suppliers. This scarcity raised the economic value of content. That additional value  is gone today because a far wider range of sources of news and information exist.  

 

The primary value that is created today comes from the basic underlying value of the labor of journalists. Unfortunately,  that value is now near zero.  

Moral philosophers differentiate intrinsic and instrumental value. Intrinsic value involves things that are good in and of  themselves, such as beauty, truth, and harmony. Instrumental value comes from things that facilitate action and achievement,  including awareness, belonging, and understanding. Journalism produces only instrumental value. It is important not in itself,  but because it enlightens the public, supports social interaction, and facilitates democracy.

Moral philosophers differentiate intrinsic and instrumental value. Intrinsic value involves things that are good in and of  themselves, such as beauty, truth, and harmony. Instrumental value comes from things that facilitate action and achievement,  including awareness, belonging, and understanding. Journalism produces only instrumental value. It is important not in itself,  but because it enlightens the public, supports social interaction, and facilitates democracy.