It may be hard to recall now, but
Forbes was a
journalistic force not so long ago. Now it has a boss who
says things like "content marketing just might be the full employment act for journalists."
Four years ago,
Forbes acqui-hired Lewis DVorkin and installed him as chief product officer. DVorkin implemented the model he had pioneered at True/Slant, where writers get paid by the traffic they bring, particularly repeat visitors.
This model allows
Forbes to have a far larger stable of writers than it could ever employ under more traditional models of work that are subject to things like minimum wage laws. It's sharecropper journalism. Writers effectively are tenants on Forbes.com, and
Forbes gets a big cut of what they bring in. Or it gets everything: The median
Forbes writer
gets zip.
Forbes has just 40 staff reporters, but it churns out 400 pieces of content a day thanks to its 1,200 contributors. Four hundred of those
are"paid freelance contributors," who must write at least five times a month and interact with commenters. Sixty of them make more than $45,000 a year from
Forbes, which means 85 percent of them make less than that. Throw in the unpaid contributors and that moves to 95 percent.
Effectively,
Forbes has been paying people with its brand equity. But when you do too much of that, you dilute the brand.
Forbes has blurred the lines more than any other mainstream publisher between journalistic content and marketing/PR. Flacky garbage written by marketing executives and consultants is barely distinguishable at first glance from reported stories written by staff writers. This effect reached its nadir in this exchange
reported by Pando Daily's Erin Griffith:
A curious "interview request" arrived in my inbox today: A Forbes contributor would like to include my opinions in his post about equity crowdfunding. I was flattered for a minute, but then I realized what was really happening here: An executive who has been given a journalist's platform is now asking -- through a publicist -- for a journalist to do his work.
I love the irony. Forbes has outsourced the production of content to non-journalists, who are now turning to actual journalists for content. And the topic?
Crowdfunding. It's a snake eating its own tail.