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Strong job numbers have been prevalent over the last two years, but one industry has been seeing sharp declines as layoffs and buyouts continue to rise. That industry is the media in which major players have been dropping jobs at alarming rates.
Buzzfeed, Verizon, Gannett, Vice Media, and McClatchy are among the news outlets that have been cutting staff in the last few weeks. Just over a month into the new year, over 2,100 journalists have been displaced. Entire publications, such as the Weekly Standard, have closed down.
https://twitter.com/BenjaminGoggin/status/1091510005264777216
My Take
It’s ironic that as President Trump continues to call out the media, many who have been the most critical of him are the ones losing jobs. But this is very likely not a causality scenario. Instead, it’s more likely a testament to the changes that have been happening for the last two decades as the internet continues to change the way media is ingested.
Moreover, the models through which media companies can make money are drastically shifting at a rapid pace. This site, for example, has struggled to monetize, which is why we’ve turned to our audience to support the site’s frugal model.
The writing is on the wall for journalists. As it becomes harder for news outlets to turn a profit, those in the media should consider alternative revenue streams. There are those at the top, and the rest of us are on the bottom, one bad turn away from joblessness.
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