Wall Street Journal Adds Social Networking Tools
The Wall Street Journal is hoping to gain readers by renovating its Web site to include certain features from social networking sites.
In it’s first major revision since 2002, WSJ.com’s new “Journal Community” will allow paid subscribers to create their own profile page with their interests, hobbies and photos.
Alan Murray, a deputy managing editor who oversees the site’s editorial operations said the Journal hopes to capitalize by bringing more paid users to the site.
The site will also be changed so that nonpaying visitors can navigate and identify free, ad-supported content.
WSJ.com has 4.7 million visitors in July, nearly twice July 2007′s total of 2.4 million, according to comScore Inc. Only about 5 percent of visitors are paying subscribers, according to the Journal.
Members of the Journal community will be able to comment on stories, create discussion groups and ask for business advice.
"There’s no technology here that you can’t get at other places," Murray said. "What we have that you can’t get anywhere else is the Journal community, the Journal subscriber base."
News organizations have been slow to adopt new social networking tools such as those used by Facebook or Myspace, which was bought by the Journal’s owner, News Corp.
"They are making some strides, but overall it’s pretty slow going," said Steve Outing, a columnist with Editor and Publisher magazine.
Besides adding the networking function, the Journal is looking for ways to merge its community with those elsewhere. And Facebook and MySpace, among others, are developing tools to make that possible.
"We believe that in the future, social networks are going to be an important means of distributing content and of spreading news, and we want to be a part of those networks," Murray said.
WSJ.com hopes to increase the quality of discussions by insisting that users post over their real names – as verified against billing and subscription information.
Subscribers can search for and contact others, but they won’t be able to declare anyone a top friend, as they can on other sites. Nor are the Journal’s personal profiles meant to include for party photos, games or music.
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