The year that I like to call “The Great Media Collapse.”
Layoffs galore. Newspapers folding. Magazines selling for peanuts (remember the $5 million fire sale for BusinessWeek?).
2009 ended with more than 14,000 journalists in the unemployment line and newspaper circulations plunging to the lowest levels since the 1940s.
Not a good year for journalism.
Well, guess what?
It really never got better. Journalism has continued to collapse. Not in the epic fashion of 2009, but through a steady drumbeat of downsizing and attrition. News rooms are smaller. Page counts are lower. Coverage is less comprehensive.
And now we getting additional rounds of layoffs.
The New York Times (again). TIME Magazine. And then today at Dow Jones’ MarketWatch (called a “bloodbath” by insiders and ironically on the first day that the Dow hit 14,000 since 2007).
The question arises yet again: Is the business of journalism sustainable in an online world? Will people – and more importantly advertisers – pay money to fund independent news gathering?
The trend lines point to no. What do you say?
Daily Intelligencer post “MarketWatch Gets in on Unfortunate Layoff Trend”