Though I didn’t know it at the time, two years later I would be working at the paper – the last hire before a long freeze. What followed was two years of constant struggle to keep the paper going: a Ukrainian/Russian version was abandoned, the paper became much thinner and many jobs were lost. The market was tough and by mid-2013, when I briefly replaced Brian Bonner as chief editor, the paper was slowly entering a death spiral – with staff and page cuts leading to lower ad revenue, which led in turn to more cuts.
Over the past year we broke free of that vicious cycle. By selectively trimming costs, finding new ways to generate revenue and seeking out new partnerships, we managed to break even in September-December 2013 – our best result since Zahoor bought the paper. Even in this tough year, amid revolution and war, we kept loses down to a fraction of their previous level.
We did this by moving forward, not looking back at the glory days, and by taking a bullish attitude. While other publications were closing we launched the Legal Quarterly, a magazine focused on the legal intricacies of doing business in Ukraine, to great success. We organized multiple events with top business leaders and government officials. Instead of betting the house on print ads we developed our online revenue streams (though a lot remains to be done). Perhaps most importantly, after years of falling editorial budgets, at this critical time for Ukraine we have actually been able to grow our staff.
I am also proud to say that for the first time in its history, the Kyiv Post has an independent readership survey, carried out by professional services giant EY, which will serve as a guide on how to improve the paper and make better-informed decisions. That matters because, despite the significant progress made, a lot more still has to be done – particularly to revamp our online version which, in the words of one reader, does not do justice to the caliber of the publication.
Nothing worth doing is ever easy, particularly in Ukraine, but I believe the Kyiv Post has a lot going for it. The paper has stood for honesty and excellence in journalism in times good and bad – a fact reflected in the survey, where readers praised the quality of reporting and indicated a high level of trust. It’s one reason why the Kyiv Post was a 2014 recipient of the University of Missouri’s Honor Medal for Distinguished Service to Journalism, and why the world turned to us for the real picture of what was happening in Ukraine. It also made the Kyiv Post the most-quoted Ukrainian news outlet in Western media since the Euromaidan Revolution started and brought our pageviews to over 42 million this year!
Over the years this also allowed the Kyiv Post to grow from a relatively small expat paper to being Ukraine’s voice in the world. But we have also grown locally: although Ukraine-based senior managers, CEOs and business owners surveyed are mostly foreigners, over half of middle managers, the future of the business community, were Ukrainian.
Yet I believe that what truly makes the Kyiv Post stand out is its ability foster great talent and forge future leaders. Nataliya Bugayova, the incoming CEO, wrote for the Kyiv Post before going to Harvard and later leading the Economy Minister Pavlo Sheremeta’s team. Many of our journalists and commercial staff have gone on to write for the world’s top publications or play prominent roles in leading media organizations, NGOs or businesses. In addition to being an excellent editor, Bonner is an exceptional mentor – to the Kyiv Post’s and Ukraine’s great benefit.
I decided to enroll in the Insead MBA program before EuroMaidan even began in hopes of gaining additional skills and using them to build upon Ukraine’s great potential. The Revolution of Dignity this winter has made me even more confident about the country’s future. Meanwhile, I will continue to work with the Media Development Foundation, an NGO founded by several Kyiv Post journalists to help raise the level of Ukrainian media – a critical factor for the country to safeguard its democratic gains.
Ukraine still carries the weight of decades of communism and centuries of foreign rule. But in recent months a new nation and a new generation of leaders has emerged. They will drive the country towards the free and prosperous future it deserves.
Through its commitment to independent media, free markets and democratic value, the Kyiv Post will also play its part. I would like to thank all my colleagues for the chance to be part of this great project, and wish them strength and courage in their important task: It makes a difference.
Former Kyiv Post CEO Jakub Parusinski can be reached at [email protected].
