AOL Patch Problem #1 – Knowing the Market
Patch was founded in 2007 and acquired by AOL in 2009. During the early days of the AOL Patch acquisition, Tim Armstrong waxed eloquently of Patch’s mission: “improving local communities with deeper online information, accountability through journalism, and a platform for communicating.”
The problem? Armstrong he never described how intended to back up those flowery words with deeds.
One problem, as AdWeek noted, is that many hyper-local news venture flopped before the AOL Patch deal due to a lack of advertiser support.
Moreover, Armstrong seemed to forget that newspapers — battered, beaten and unloved — were doing the same thing that he was trying to do with the Patch websites … and had been doing so far longer.