And who could belong to one set without also belonging to the other?

Synopsis: they need to be targeted at precisely-defined and highly-engaged niche audiences rather than large, loosely-determined, often indifferent mass markets. Why? Because that’s where the advertising money is going.

But don’t let the brevity of that summary (or Leo’s weird pronunciation of French vocabulary) stop you enjoying his delivery, full of anecdotes packed with valuable insights and opinions informed by real-world experience. This is a man who succeeds in a space that many others merely speculate about.

The Q&A session in the second half is worth watching too: the audience of professional journalists know exactly which questions to ask to prompt perceptive answers from the recently inaugurated President of the Internets.

Via New Business Models for News, The City University of New York Graduate School of Journalism.