At the same time, this new industry of mass media had to invent business models to support it. The capitalist villain of my tale, New York Tribune publisher Whitelaw Reid, swore in 1879 that newspapers would never grow past eight pages, as readers would not tolerate more content or advertising. It was a magazine publisher, Frank Munsey, who tried selling his egotistically titled periodical, Munsey’s, for a dime and a loss, betting he would make it up on advertising. Thus was born the business model for publishing at scale: the attention economy that has supported mass media since and now infects the internet. |