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The media industry's current round of cuts and consolidation is accelerating. Sizable layoffs at Buzzfeed, Gannett and Verizon Media (home of AOL, Yahoo, HuffPost and others) were announced Wednesday, totaling over 1,000 jobs cut.
Why it matters: If the headlines signal anything, it's that the news media will continue to struggle to find a sustainable business model in an advertising and attention ecosystem dominated by tech companies like Google, Facebook and Netflix.
By the numbers:
- Verizon Media will cut roughly 800 jobs, or 7% of its global workforce across the organization, as well as certain brands and products. Verizon CEO Hans Vestberg told Axios earlier this month that each of the company's three units, including the media business, needed to be able to stand on their own. (A company spokesperson later clarified to Axios that Verizon Media Group will still have access to Verizon customer data when customers opt in to provide such information.)
- Buzzfeed will cut roughly 250 jobs, or roughly 15% of its workforce, including jobs within its news division.
- Gannett cut over 20 jobs Wednesday, per Poynter, with more expected as the company tries to shed costs amid buyout talks.
[...] Bottom line: Many news companies are struggling to find sustainable business models in the digital era. There's no sign it's getting any easier.
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Over 1,000 Media Jobs Lost in One Day
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Oh, that sound of male ego. You travel halfway across the galaxy and
it's still the same song.
-- Eve McHuron, "Mudd's Women", stardate 1330.1
(Score: 5, Interesting) by Runaway1956 on Friday January 25 2019, @03:43AM (3 children)
Government has failed to prevent monopolistic growth among corporations. No, we can't blame any administration, but it was patently obvious with the bank bailout that gubbermint is the corporate lackey. Actually, it was obvious long before that, with the military industrial complex pretty much dictating contracts to the government.
Anyway, if government were to do it's job, and represent the PEOPLE instead of corporations, these monopolies and near-monopolies wouldn't be shedding PEOPLE in pursuit of profit.
Yeah, sure, any moron understands that a corporation's job is to make money. Any corp that doesn't show a profit is doomed to failure, or death. And, I ask, WTF is wrong with that? Evil Corp goes belly up, it's assets are sold off, and a couple of startups start hiring people.
Let me ask: How many people believe that big corporations create jobs? Historically, startups create jobs, and when they start showing success, some big corp buys them up, then ELIMINATES JOBS!!
I lean more and more toward the idea that our government is a complete failure. Other than the common defense, they neglect to do their jobs entirely. And, in defense, they over perform by an order of magnitude.
The current administration has zero motivation, and less than zero capability to get any of this mess under control. Maybe it has made some marginal improvement in the MIC, but it's sure hard to see if they really have.
(Score: 4, Interesting) by Anonymous Coward on Friday January 25 2019, @04:25AM (1 child)
You are not wrong. But think of what these jobs basically were.
They are little more than rumor mongers. They sit in their ivory towers and chuck stones at people for just 'looking' the wrong way.
Their job is to embellish things they may or may not have seen themselves.
"news" has devolved into little more than people yelling at each other over things they heard someone else say about someone else. Their monetary value is rapidly shrinking. They wanted to pretend they were the keepers of truth. But we have learned it is not necessarily what is true they are telling us but what they want to convince us to believe.
If you had told me 20 years ago that CNN would be publishing in the way they are now I would have laughed in your face and thought you a loon job. Yet here we are.
The current administration has zero motivation, and less than zero capability to get any of this mess under control. Maybe it has made some marginal improvement in the MIC, but it's sure hard to see if they really have.
The thing is it is these very people who have stated openly they hate him. Telling us he is a 'do nothing'.
From where I sit their tabloid news gotcha journalism is what is doing them in. In their mad rush to have 'first post'. They have conveniently forgot to actually check anything. When you have a major news anchor standing in a ditch up to his waste in water telling us how bad the weather is and his camera crew is standing in a puddle you start to question their motives in lying... about the weather?!
(Score: 2, Insightful) by Anonymous Coward on Friday January 25 2019, @05:29AM
The more SJWs learning the basic life lessons they demanded to be protected from in their liberal arts degree programs, the better.
(Score: 4, Insightful) by deimtee on Friday January 25 2019, @11:09AM
I would say that your government fails in the area of common defense too. They over perform in the area of corporate defense.
And by corporate defense I mean defense of corporate profits.
All the freedom and liberty rhetoric disguises the fact that the USA has a very elitist government. You talk openly and without irony of presidential dynasties. There is a class of people who, no matter how badly they fail, will be helped back up with huge low interest loans and porky government contracts, or even outright grants.
(The government here in Oz isn't much better, it is just smaller and has learned to keep its hands off certain things.)
If you cough while drinking cheap red wine it really cleans out your sinuses.