Dow Jones Hires Booz Allen To Figure Out This Revenue Thing; Reuters Hires McKinsey Partner Fulltime

It is the day of hiring consultants, in more ways than one: First Discovery did a reorg and hired two high-profile consultants. Now comes the slightly puzzling news that Dow Jones consulting firm Booz Allen Hamilton for three months, to help in “an ongoing, companywide search for additional sources of revenue, including new blogs and other products,” reports DJ-owned MarketWatch.
This is intended to provide enough “arms and legs” to gather information on new revenue opportunities and help prioritize projects, said Gordon Crovitz, publisher of WSJ and president of Dow Jones’ Consumer Media Group in the story. Crovitz said the company is evaluating potential new specialty blogs and others ideas for new marketing initiatives, such as ads with scented inks. He said BAH would help DJ evaluate how potential new products would make money, whether through ads or subscription, and ensure DJ has the right staffing for new products and projects. Crovitz said DJ will pay Booz Allen a “very modest fee” for the firm’s three-month stint, with no income tied to revenue initiatives or other objectives.
Would be interesting to figure out if BAH has been asked to evaluate WSJ.com’s subscription model, or any changes to it.
In related news, Reuters has hired a consultant as a full time employee…it has appointed David Craig, a partner at McKinsey & Company, to be Group Strategy Director reporting directly to CEO Tom Glocer. Craigs, who has worked extensively as an advisor on technology and strategy issues in Reuters marketplace, will focus on implementing Reuters short term strategy supporting the Core Plus program, which includes its digital media efforts.
Oh wait, another one: UK magazine and radio firm Emap, which just bought out mobile user-gen software firm YoSpace, has hired McKinsey to figure out its future. McKinsey will advise the group, whose assets include magazines like FHM and Heat, on how best to meet the challenges of the digital age. Here’s an idea: dump FHM.

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