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For those who are not yet aware, The New Daily is a new entrant to the news media landscape in Australia. Launched last November, the news site is edited by Bruce Guthrie and bankrolled by three superannuation funds: Australian Super, Cbus and Industry Super Holdings.
Each of the super funds have injected $2million into this venture. With a range of cynics sneering at this move into creative and online. I thought it was worth stepping back and having a look at this objectively.
Presumably the purpose of The New Daily is to provide insightful views and current information to its readership. With such a large range of alternative news and media sources available at the click of a button, The New Daily will need to be incredibly discerning regarding its content. Their service is entirely free (and always will be apparently) and therefore needs its readers to stay loyal to remain sustainable into the future.
It seems highly unlikely that each of these super funds would inject large sums of money (although quite a small figure for them) simply to provide a subtly positive view of superannuation. That’s a large investment, and surely they would get considerably more bang for their buck sending press releases or communicating their message with media outlets directly.
Having said that, The New Daily’s readership will determine whether it will continue into the future or fold like Graeme Wood’s Global Mail. Let’s wait and see.