The Future. In the past month, newsrooms have been downsized en masse, publications have shut down, staffs have been in an uproar, and an entire industry has been in chaos. As media consumption, especially in the news space, continues to transform, many outlets may only survive by either becoming licensed info farms for AI or rebooting as niche brands that use their publications as entryways into other revenue streams.
Media is having a terrible, no good, very bad start to 2024.
- Layoffs have hit many storied outlets like The Washington Post, Los Angeles Times, Time, Condé Nast, and National Geographic, while publishers are also looking to offload some brands wholesale.
- That’s because news consumption has changed in recent years, with TikTok, Google Search, Apple News, and even newer digital-first publications becoming preferred sources, while traditional publishers have lost readership (and engagement on X).
- Also, there’s been a crunch in digital advertising, with money funneling to platforms like Google, Meta, and Amazon in order to capture the most eyeballs.
- So, many publications have put up paywalls, but those prices have proven steep for many consumers.
Over the past couple of decades, news organizations relied on the vision or charity of billionaires, private equity firms, or a good ole family business to keep things afloat.
But, with everyone currently obsessed with profits above all else, there doesn’t seem to be any money worth losing for a good cause.