Traditional media will cease to exist in just two years. The analyst experts told this to Artoftech based on the latest trends in the reduction of newspapers’ and magazines’ staff in the USA.
“7,200 American journalists lost their jobs in January-August this year. If the trend continues, at the end of the year, this number will increase up to 10,000 according to optimistic forecasts. 88,000 people worked in the industry at the beginning of the year. It is expected that almost 12% will lose their jobs, that is every eighth. This will be an unprecedented level of job cuts in the industry over its entire history. 8,000 journalists were left without a job in the crisis year of 2008. But over the next two years, all these vacancies have returned to the market. Current reductions are irreversible,” say the experts.
In 2011-2017, American journalists were made redundant again, at an ever-increasing pace. Over the past eight years, the number of laid-offs amounted to 5,000 workers. During the last year, the industry has lost about 1,500 working places. And in 2019 there was again a boom of layoffs, six-fold increase in layoffs in particular.
What are the reasons for that? Social networks and Google. They are rapidly sucking up advertising budgets. Their revenues are growing exponentially, and the market – in arithmetic progression.
However, there are other factors as well. The credibility of the media in the United States is extremely low. It fell in 2014-2016, then increased, but it still fluctuates somewhere at a low level. This is the result of clickbait and emotionality: yes, people read mass materials about victims of oppression, scandals about social justice, gender war, racists, and fakes about polar bears dying on the last ice floe in the Arctic. But all this seriously undermines the trust of readers as well as advertisers.
The most “progressive” media became champions for staff reductions: the Disney conglomerate (4,000, over a half of all reductions); Vice Media – several hundred employees, now Verizon is unsuccessfully trying to sell this center of an implacable struggle for social justice; HuffPost – over 300, also rumored to be for sale or close soon; CNN – 100 people so far, but these are not the last cuts.
Thematic, niche publications, and special-interest media are also affected.
Traditional media journalists need to bear in mind: the market is shrinking, traditional media is more likely to be dead. If you love your profession and want to stay in it, adhere to journalistic standards: news is facts, facts and nothing but facts, plus comprehensive coverage and positions of all parties, objectively and honestly. This will help keep job and media at a difficult time.