How we will survive as a media company

techforkorea

Tech for Korea has been on hiatus for half a year due to technical issues. Due to a DDOS attack, we were forced to reboot our server multiple times to only temporarily resolve the issue and keep the site up. While dealing with this trouble for two months, our team had numerous meetings, and the conversation came down to one fundamental question: How are we going to survive as a media company?

Yes, surviving as a media company these days is difficult. Even traditional media giants such as The New York Times and The Wall Street Journal are laying off a few hundred staffers this year and combining coverage sections as part of an effort to cut costs. As a small media company, we have been no different.

Thus we decided to suspend our service until we find an answer to that question. After series of meetings and six months of intra-group discussions, we are rolling out a revamped operation plan as follows:

1) TK will shorten the length of its articles: By shortening the length of articles, we will deliver more concise information in timely manner. If readers want more details, they are welcome to contact our journalists who will give more information or connect them with the startups covered in the article.

2) TK will be more active on social media: Facebook drives more traffic to media sites than Google. In fact, 80% of Buzzfeed traffic is driven by social media. We will increase the number of postings with easy-to-read, card-formatted news and connect with more readers on social media.

3) TK will begin to accept donations: Ad revenue alone is not enough to run our operation. As the only media company focusing on Korean startups, our content is unique and worth the money. While our content will still be free, we will accept donations to journalists starting in 2017. If you like the article, click the link on journalists’ profile to make a donation to them.

4) TK will be more open when it comes to article topics: TK will continue to write on topics related to startups, but will begin expanding to other topics. We will often cover the most important Korean news that we want the world to know.

Tech for Korea has been a go-to source for investors and readers who are interested in Korean startups, while also proving a valuable partner for Korean startups that want to go global. As of today we will resume providing our readers with the best service possible, and continue to serve as a platform to connect South Korean startups with readers and investors around the world.

With courage and confidence, we look to the future.

I am interested in applying design thinking to the business. I love to code in Central Park on weekends and build something people love to use. You can reach me at sehwan@techforkorea.com

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