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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology GlobalPost charts online future amid newspaper woes AFP - Monday, March 29 Send IM Story Print File photo shows a newspaper vendor waiting for customers at his stand in an underground rail station in San Francisco, California. As US newspapers struggle for a business model for the digital age, the founders of a free online news site which recently celebrated its first birthday are optimistic about its future. Slideshow: Full Photo Coverage: Internet Portals & Search Engines WASHINGTON (AFP) - – As US newspapers struggle for a business model for the digital age, the founders of a free online news site which recently celebrated its first birthday are optimistic about its future. "It's been an extraordinary year for us, far beyond any reasonable expectations I could have had," said Philip Balboni, president and chief executive of GlobalPost.com, which launched in January 2009. While Boston-based GlobalPost has yet to turn a profit, Balboni is heartened by how quickly the operation has been able to establish itself as a destination for international news. "Internet time is faster than other time but the speed with which we were able to establish our brand and scale an audience was remarkable," said the veteran television executive who founded the New England Cable News network. "It's somewhat amazing to me that from a standing start, with no site, no brand, no awareness, no nothing, we've arrived at this point," he told AFP. GlobalPost attracted more than 750,000 unique visitors to its website last month and is on track to surpass 800,000 in March. "We've set a goal for 2010 of going over the million mark," Balboni said. GlobalPost employs 70 correspondents in 50 countries, including veterans of The New York Times, The Washington Post, CNN and other major news organizations paying them a monthly retainer and shares in the company. While 70 percent of GlobalPost's traffic was from North America last year, Balboni said the site "had visits from 232 countries and territories, literally every single place on Earth with the exception of North Korea." "For any media company the most important ultimate objective is to establish a brand that consumers see as credible and attractive and that begins to build an audience that you can then monetize," he said. As for making money, the GlobalPost president and CEO said the site is counting on three revenue streams: advertising, syndication of GlobalPost content to newspapers and other outlets and a paid membership service. GlobalPost's revenue last year was "not a million dollars but it was many hundreds of thousands of dollars," Balboni said. "It was consequential revenue even though it was not what we'd hoped for." "You have to remember we sailed right into the global economic recession and also into the worst media economy probably in modern history," he noted. "I was very pleased we did as well as we did given the overall circumstances." Balboni said 70 percent of GlobalPost's 2009 earnings came from advertising with the remaining 30 percent from syndication and the membership service called "Passport" which offers premium content for a 50-dollar annual fee. "We ended the year with about 500 (Passport) members, which was less than we'd hoped for but we really weren't surprised," Balboni said. Next month, GlobalPost plans to become one of the first US news outlets to experiment with the services of Journalism Online, a company founded last year to help news organizations make money on the Web. "We will relaunch our membership strategy in April using their technology," Balboni said. "What this will allow us to do is to target the most loyal and frequent users of GlobalPost and deliver a message to them asking them to join Passport and to support our journalism. "We're hoping that this will allow for a much more rapid expansion of membership," he said. "We'll also be bringing our pricing down to create a level of membership that will be even more affordable for more people. "We need and hope to be in the tens of thousands of members." While a number of US newspapers are contemplating charging readers for full access to their websites, Balboni said that is not the route GlobalPost will be taking. "We're not going to put up a pay wall," he said. "We want to continue to be a free site." 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