Also published at WGBHNews.org.
When Boston Globe Media unveiled Stat a year ago, it struck many observers—including me—as wildly ambitious. With more than 50 employees, it was hard to imagine how the health and life-sciences site was going to make money. Gideon Gil, the co-managing editor, told me that Stat would probably start charging for some of its content, but at the time there was no plan beyond gathering data to see how that might work.
Now we’re seeing the next phase. Stat editor Rick Berke, in a letter posted online, has announced a redesign and, far more important, a premium service called Stat Plus, which will cost about $300 a year. According to Lucia Moses of Digiday, the target audience comprises “professionals working in and around the pharma and biotech industries.” The goal is to sign up 10,000 subscribers.
My first thought is: Why so little? As Moses points out, the model for this sort of thing is Politico, whose pro edition starts at $5,000 a year. Individuals aren’t likely to pay for Stat Plus; rather, it’s a business expense. On the other hand, it might make more sense to start at $300 and then add, say, an ultra-premium service later on (Stat Plus Plus?) than to start high and have to cut the price.
The purpose of Stat is two-fold: to offer high-quality journalism in a field in which Boston is a leader, and to make money that can help fund not just Stat but the Boston Globe itself. Stat‘s first year showed that it could accomplish the former. Today’s announcement is an important step toward meeting the second goal.