Me: In other words, engage with the community?
Hell, yes, we’re a local paper. But it’s not just outside bloggers. We must have more conversations with our audience. All of our columnists and beat specialists should command a legion of Facebook friends and Twitter followers. We should have more of our own blogs on subjects that people care about: personal finance, health issues, the public schools. Stuff like that. Let’s even reach out to crossword buffs or bridge fanatics. Or foodies and wine lovers. Let’s have discussion groups for parents with school-age children. Or a chess club. Or a reading group. Or create a hyperlocal site. Whatever. We can find these people ourselves, based on knowledge of their reading habits and interests.

Me: Are you saying that the Daily Bugle can become an information and service platform for organizing specific groups that are, in effect, small communities of like-minded people?
Bingo! Then we can target content and ads to them, sell them products and services they care about. Hell, Google’s not the only one that can target people. We’ll build loyalty and readership. We can offer databases—on our schools, for example, or maps of high-crime areas. We can run directories of local businesses, provide calendars of community happenings, stage our own events, and find opportunities for e-commerce. All on our own platform.

Me: Aren’t you concerned about violating your readers’ privacy rights?
Not at all. No one’s forcing them to do anything. But we hope to convince them that they’ll benefit by sharing their interests with us and others.

Me: Can newspapers like yours get into the video business?
We’re on our way. Of course, we won’t be a full-service TV station, but we’re building a set and hiring video journalists to produce webcasts for various stories or stream live video. The webcasts draw traffic to all of our digital platforms, and they look great on an iPad. And get this: Advertisers are paying top dollar.

Me: Everybody’s jazzed about tablet computers. Are they just another gizmo? Or do they offer real benefits to the Daily Bugle?
Yes, real benefits—if we’re smart about it. We need to develop imaginative content for mobile devices. Sure, we can repurpose our online content for the convenience offered by an e-reader or mobile phone, and we’re doing it already, but the ultimate value may lie in creating content tailored to reader interests—and sponsored by advertisers. My guess is that in a couple of years, our content for mobile devices will be a lot different than what we offer online via a Web browser. Tablets are really different platforms, you know, and the ways people use them are different from the ways they use their laptops. Remember, we can provide video and animated graphics with stunning beauty, especially in the coming 4G world. And mobile phones are great for quick hits of targeted information and ads.

Me: Sounds great, but who’s going to pay for all this new stuff?
You’re going to love this one. I’m pretty sure we can charge readers for our digital content. Our research shows that a well-designed pay system does not reduce traffic in any meaningful way. Yes, pageviews may drop a bit, but they often do not carry any advertising, or they are sold at remnant rates that have little financial value to us. A metering system may well offer us the best of both worlds: We can allow our casual readers to access up to 10 articles a month in the Daily Bugle, thus maintaining the bulk of our traffic. But readers who want the convenience of mobile devices, bless them, will pay for digital delivery on a variety of platforms, including tablets and smartphones, via a Web browser or a mobile app. And we’re starting to develop some premium products for our real fans. We even have reason to believe that our most-engaged readers, who are paying for the privilege, may command higher rates from advertisers. And the ads can be beautiful—none of those crappy banners or pop-ups that annoy everyone.

Me: That’s great. But even if readers will pay for valuable journalism, will that be enough to sustain your future?
Not by itself. True sustainability depends on profitability. New revenues will be hard to come by, but the Internet is an engine of efficiency that can drive down our analog-world costs. Ultimately, we won’t have to pay for printing, paper, or distribution in the emerging digital world. Hell, we’re not in the printing business. We’re in the journalism business. In the meantime, we need to slash other costs. We don’t need so many servers in an era of cloud computing. We don’t need proprietary systems and software when open-source technology is cheaper. We can outsource other tasks, too. Ultimately, our company will probably be smaller with lower revenue, but we will be profitable and sustainable.

Me: So you’re saying you will one day stop printing the Daily Bugle entirely?
For the next few years, we’ll be a hybrid—print plus digital. But going all digital is probably inevitable if print advertising continues to decline. We’d start by ending print editions on the days with the least advertising—typically Monday, Tuesday, and Saturday. Or give up every day except Sunday, if that makes sense.

Me: Doesn’t that make you sad?
It breaks my heart, but I try not to be sentimental about these things. Look at poor Kodak. We can’t mismanage the transition to digital the way they did.

Me: It sure is a new world, for better or worse.
For better and worse. Get used to it.

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Stephen B. Shepard is the founding dean of the Graduate School of Journalism at the City University of New York.