this is probably the best time to work in media

Q&A with Advisory Board Member

1. What are the main challenges for online media seeking to monetise their operations?

As a journalist and entrepreneur this is exactly the question I am thinking and talking about all the time. We are going through a structural change of the entire industry, which is mainly exciting, but also a little bit frightening. I think in the future we'll look back and say that this was the dawn of a new era of journalism. But we have to face today's challenges first before we can look forward to a brave new world. For me there are two critical problems we need to solve: how to get the attention and time of an increasingly fragmented audience and how to allow advertisers to reach our audience in the post-print age. Both are connected. The main reason why we are in a crisis is that so far only technology companies seem to come up with the answers - so maybe the biggest challenge for media companies is to think more like tech start-ups.

2. How would you describe the development of online media in Europe?

There are a lot of exciting, forward-looking projects in Europe - there is no doubt about that. However, the fact is that most media companies largely rely on traditional revenue models and that has an impact on their culture. We mustn't forget that this is only the start of a new era. Digital is still in its infancy and nobody really knows where we will be in 5, 10, 20 years time. That's why this is probably the best time to work in media since the invention of printing presses.

3. What are the key characteristics of a project that is considered 'innovative'?

In my experience a lot of people confuse innovation with experimentation. It's great to experiment and try new things, but a project becomes truly innovative once it turns into a sustainable business model. Innovation is not necessarily about invention, but mostly about working very hard to make a new idea work. To do that you have to religiously believe in your idea and work with great people who do the same.

4. In your opinion, how do initiatives like the IPI News Innovation Contest promote the development of new media and strengthening of journalism?

I am absolutely delighted to be involved in this contest. The main reason is that I believe that we are not doing enough to support innovation in media. The US is an exception and perhaps a role model in many ways. Every time I go back there I am impressed how young entrepreneurs are supported by a foresighted VC community who are looking at long-term success stories and not short-term returns. Unfortunately, we don't have that in Europe and probably the rest of the world. This is why IPI's funding programme is so important. It's about planting that seed that will grow into a project that can innovate a region or industry. I am honoured to be part of it and wish all applicants good luck, and thanks for putting your case forward.

Torsten is a journalist and leading digital media expert with experience in editorial and commercial roles. He currently spends most of his time as Managing Director of NewsCred, a young tech company that helps publishers monetise content online. Torsten's career began as a newspaper journalist in Germany, where he trained at a regional title before freelancing in both print and radio.

After studying literature and linguistics in Hamburg and London, Torsten joined FT.com where he managed a number of online editorial teams between 1997 and 2000. He soon moved into a more strategic role designing the distribution module for FT's cross-platform publishing system and developing innovative products and business models for the content sales division. In 2004 Torsten joined The Guardian as Business Development Manager. After setting up a highly profitable digital syndication business he went on to launching the Guardian and Observer digital archive, the first online newspaper archive in the UK. As Mobile Business Manager he helped to develop and launch Guardian's award-winning mobile products for iPhones and iPads.

Before joining NewsCred Torsten spent a year at CNBC, a global business news broadcaster, where he started up a digital division at their London office and lead strategy and development for online, mobile and digital TV platforms in Europe, Middle East an Africa

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