Popular financial news and commentary website Seeking Alpha seems to have a pretty sweet setup — the site has built up a large readership (40 to 45 million pageviews per month) with articles that are written for free. So the announcement that the site will start paying its contributors looks a bit odd — why start paying for something you were already getting for free?
The move seems especially risky since Seeking Alpha’s Premium Partnership Program will pay a rate of $10 per thousand pageviews. That means a big chunk of the money the site makes from each article will go to the writer. (On the other hand, Seeking Alpha founder and CEO David Jackson told me last week that the site charges its advertisers premium rates thanks to its high-quality audience.)
So why change things? Jackson said it’s because the pay model allows Seeking Alpha to reach a new set of writers. Until now, most contributors were financial advisors or other professionals who saw their articles as a way to build their reputation and attract new customers. But there’s a big pool of writers who have expertise in a specific financial subject but aren’t looking for customer leads (for example if they’re retired, or if they’ve built up knowledge as an individual investor). Those writers need a different incentive to contribute — namely, money.
The ultimate goal, Jackson said, is to become “the eBay of financial content, to put people in business who otherwise wouldn’t be in business.” Your average Seeking Alpha article receives between 2,500 and and 20,000 pageviews, he added — which means a payment of between $20 and $200. (The payments will be made quarterly, and to reduce the company’s overhead, you won’t get paid until you’re owed at least $100.) For some contributors, the payments will just represent an extra bit of spending money, but for others it could be a nice income.
Some of Seeking Alpha’s existing writers will switch to the new model, while others will not, Jackson said, because if you want to get paid, the site will require exclusive rights to the article.
One of the risks of the pay-per-pageview model is that it might encourage sensationalism for the sake of chasing traffic (and making more money). Obviously, the site wants to grow pageviews, but Jackson said he’ll be relying on its editorial team to act as a quality filter as the amount of submissions grows.
Seeking Alpha already has 4,000 registered contributors, Jackson said. The site’s investors include Benchmark Capital, Accel Partners, and DAG Ventures.
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In the same Good Morning America interview in which he said that Jared Lee Loughner "wasn't on the left, he wasn't on the right," former Loughner friend Zach Osler mentioned a documentary film called Zeitgeist, which he says heavily influenced the alleged Tucson gunman.
Osler, who George Stephanopoulos described as perhaps "Loughner's last close friend," said, "I really think that this Zeitgeist documentary had a profound impact upon Jared Loughner's mindset, and how he viewed the world that he lives in."
And though by Osler's account he and Loughner stopped hanging out two years ago, and there's no way of knowing what Loughner thinks of the documentaries today, there are a few resonances between the film and the online videos attributed to Loughner.
Zeitgeist: The Movie, produced in 2007 by a man named Peter Joseph, is actually the first film in what's now a trilogy. A sequel, Zeitgeist: Addendum, came out in 2008, and a third film, Zeitgeist: Moving Forward, was scheduled to be released over the weekend. Together, they form the foundation for The Zeitgeist Movement, which, according to the movement's website, "works globally to spread information about a new social system called a Resource Based Economy." The website claims 420,000 people have registered as part of the movement, and says "estimates" put the number of online views of the original Zeitgeist: The Movie at over 100 million. (In March 2009, The New York Times reported on a "Z-Day" event in New York City.)
The first film (which you can watch in its entirety here) "debunks" myths and "exposes" conspiracies about religion, monetary policy, wars and 9/11. The film features a nameless narrator, and combines graphics, news footage and trippy animations with words from famous thinkers, stand up comedians and public officials, topping it all off with commentary from various conspiracy theorists. Among other things, the movie critiques the central bank model, controlled by the "ruthless banking interests," which it says leads inexorably to debt.
"The end result of this system is essentially slavery," the narrator says. "For it is technically impossible for a government and thus the public to ever come out of this self-generating debt."
Getting rid of the gold standard, according to the film, was a way to rob the public of wealth, and lock it into a system controlled by an elite few.
"The only thing that gives our money value is the public faith and how much of it is in circulation," the narrator says. "Therefore, the power to regulate the money supply is also the power to regulate its value, which is also the power to manipulate and control entire economies."
In online videos attributed to him, Loughner shows an obsession with "currency" that echoes the arguments from Zeitgeist. He spoke of "mind control" and government control. One video, titled "Introduction: Jared Loughner," was concerned with the creation of "new currency."
"No! I won't pay debt with a currency that's not backed by gold and silver!" Loughner wrote. "No! I won't trust in God!"
[TPM SLIDESHOW: TPM Retraces Shooting Suspect's Steps]
In another video, titled "hello," Loughner writes, "the current government officials are in power for their currency, but I'm informing you for your new currency!"
After Osler mentioned his movie to the press, Peter Joseph issued a statement criticizing the media for making any connection between the massacre that occurred in Tucson and his film.
It has come to my attention that various mainstream news organizations are beginning to run an association between my 2007 performance piece/film, "Zeitgeist: The Movie" and the tragic murders conducted by an extremely troubled young man in Tucson, Arizona. They are also slowly beginning to bleed the obvious line between my 2007 documentary work, my film series as a whole and The Zeitgeist Movement, which I am the founder. Frankly, I find this isolating, growing association tremendously irresponsible on the part of ABC, NBC and their affiliates - further reflecting the disingenuous nature of the America Media Establishment today.
Make no mistake: The Social System is to blame for the rampage of Jared
Loughner - not some famous online documentary which is known as the most viewed documentary of all time in internet history. Are the other 200 million people who have seen the film also preparing for murder sprees? I think not.
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