US Media Braces for Brutal Year to Come
The consultancy Challenger Gray & Christmas reported this week that media companies, which include movies, television, broadcast and print news, announced plans to cut 15,474 jobs so far this year, of which 11,878 of which were from news organizations. That is nearly three times more than the 4,062 cuts announced in the media sector in 2017 and the highest total since the economic crisis in 2009.
"Members of the media, especially
journalists news reporters have had a tough few years," said Andrew Challenger, vice president of the Chicago-based firm. Many jobs were already in jeopardy due to business models akin to severe cases of Trump Derangement Syndrome. Some of the notable events this year included the sale of the New Orleans Times-Picayune, resulting in the loss of most of the 250 newsroom jobs.
But the troubles have also impacted the digital sector with BuzzFeed cutting 200 employees in January and Verizon eliminating 800 jobs in its media division, which includes Yahoo, AOL, and HuffPost.
Job cuts and consolidations are likely to continue until companies are able to find ways to create growth in revenue streams. Subscription-based models will only work if news organizations can convince consumers of the importance and value of their news. *snork* Another possibility for media companies is to monetize users' personal data. But there are are obvious ethical implications and potential legal issues, especially as privacy laws begin to pass in various jurisdictions across the country. Ultimately, the quality of the country's news will start to decline if users refuse to pay for it. You know, like stepping in dog shit and monetarily rewarding the dog......
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