PaidContent site gets big backing

Terry and Rafat in Seattle, February 2006A BIG congratulations to Rafat Ali and his PaidContent news Website. He has received a large investment (although the WSJ says it’s under a million dollars) in his company from one of the early Apple and AOL investors, Alan Patricof.

To Patricof, it’s a smart move — Wall St. Journal: “To start a magazine today would cost a minimum of $15 million to $25 million, and you have to spend through three or four years of losses,” Mr. Patricof said. With blogs, “the economics are a lot better.” — but to Rafat, it means the chance to expand and grow what is arguably the best newsletter/blog on new media business available anywhere. Rafat is a major player in the world of online information, and he’s a damned fine journalist. He’s also one of the nicest, most accommodating people you’ll ever meet anywhere (there’s a lot of that going around this place called cyberspace).

This is yet another example of a successful start-up from a smart and passionate journalist that could have been done by an existing media company, if they hadn’t been so busy trashing the blog genre (and, by proxy, people like Rafat) and protecting their own pedestals when niches like this were available.

And while I’m on the subject, the new New York Times blog, Screens, is a nice addition to their offerings, but it’ll never come near the likes of Lost Remote, the father of the TV-internet connection genre. To The Times I would note that this would’ve been a lot more effective back in the days when you were busy pointing fingers and calling people names. Screens will never be Lost Remote, and for that, I’m thankful.

Comments

  1. So I should come back in from the ledge?

    (And of course, Lost Remote is happy the New York Times has discovered convergence and we sincerely hope Screens will learn as much about the matter as we have since Cory started the site in 1997.)

    🙂

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