Covering big business in the real world
Section aims to show how the actions of companies affect the day-to-day lives of readers, says editor Doug Cudmore
This story is part of the Star’s trust initiative, where, every week, we take readers behind the scenes of our journalism. This week, we look at how Business Editor Doug Cudmore shapes the Star’s coverage of companies that affect the lives of readers.
Loblaws is launching a premium home delivery service. Amazon’s digital assistant Alexa and its voice-controlled speaker devices will soon ship in Canada. Ride-hailing company Lyft is coming to Toronto.
These are just three of several business stories on developments related to major brands published by the Star this past week.
One of the challenges facing editors and reporters on the business beat is imparting important information to readers about companies without straying into promotional territory. This week, we sat down with senior editor Doug Cudmore, who manages the Star’s business coverage, to learn how he navigates this delicate balancing act.
What makes a good business story?
First, it helps to ask the question “what motivates most people?” Love, for some; passion, altruism, or charity for others. For a lot of people, money is a major motivation for their choices, whether it’s the job they do, the house they live in, the decisions they make, or the school they choose. That’s all business.
Second, where do you spend the majority of your adult life? At work. That’s business. And where do you spend your hours outside work? At the movies, at the gym, fixing up your home — those are all related to businesses, too. Really, a giant chunk of what we do, and why we do it, comes down to business. The more we can help readers understand that, the more we can help them understand their own lives, and gain some con- trol. There’s a dollar sign behind nearly everything.
How does the Star walk the line between reporting business news without becoming a promoter for any company?
It’s easier when we are covering stories about things going wrong: emission scandals, major hacks or bankruptcies, for example. It gets trickier when we’re covering something new, such as a product launch, or a new company moving into the market.
For these kinds of stories, we ask: if someone’s winning, or trying to win, who is losing, or fighting? Take the story about Lyft coming to Toronto, for example. What does that mean for Uber and the taxi companies? There’s only so much money and market share to go around, so someone will be up and someone will be down.
We also try to go beyond simply reporting what is happening to address what it means and how it will affect people’s lives. Here’s another example: Amazon just announced that it is paying a whole bunch of money to make a Lord of the Rings TV series, which will be available on its streaming service. While that’s interesting, it could be perceived as being promotional if we report only on the announcement. So what could it mean?
Well, Netflix is going to have to put even more money into productions to fight off its competition, as will Apple; it’s likely traditional networks won’t spend that kind of money, so they will continue to see declining viewership; and movie theatres could struggle to attract audiences as TV gets better and the movies — at least the big-budget blockbusters — get worse.
So, that could in turn mean consumers will be asked once again to pay more for popcorn, or we’ll see layoffs at the theatres, or suddenly see new multi-purpose entertain- ment complexes popping up as theatre chains look for other answers.
Meanwhile consumers, particularly young ones, spend more and more on their mobile devices.
So there are ways to turn an announcement story into something bigger that looks at ramifications to the way you’re entertained, or employed, or how you spend your money.
Does advertising have any impact on the kinds of stories you assign or the companies the Star covers?
No, not in terms of the kinds of stories we assign or the companies we cover. But we have to be sensitive in certain situations. We have to be balanced in our coverage. But, that’s just an extra reminder to be a good journalist. What considerations do you make to try to ensure stories connect with everyday readers? In general, our business coverage aims to speak to those readers. We cover news that affects people as consumers, as employees, or those saving up for a mortgage or paying off a debt. When it comes to broader issues on a national scale, from international trade talks to fluctuations in oil prices, we aim to cover the subjects by explaining how they affect readers in their everyday lives.
We also try to put a human face on stories. So when a condo project is cancelled, we talk to the distressed buyers. When Sears Canada goes bankrupt, we reach out to pensioners and shoppers. They can tell business stories in a way that numbers can’t. Finally, we often consider the progressive values espoused by the Star’s Atkinson principles (named for former Toronto Star publisher Joseph E. Atkinson) when covering business stories. We’ve covered gender-equity and pay-equity issues. We’ve tried to look behind the rhetoric when it comes to minimum-wage increases and tax changes. We looked at the economic issues behind the Canadian migrant worker program.
All in all, business journalism is a lot like other types of journalism, from political to celebrity. If you just cover the announcements, it can be promotional; if you dig deeper and ask harder questions, it can be enlightening.