The media industry has been laying off employees left and right. And since 2008, newspaper jobs are down by more than 50%. Why? Everything is going digital, just like Bold TV.
Layoffs in the media industry
Even the digital giants can’t keep up. BuzzFeed just bought Huffpost from Verizon Media. They laid off 30% of HuffPost U.S. workers and completely closed down the Canadian office. Back in 2019, before buying HuffPost, BuzzFeed themselves laid off a whole bunch of their employees, including their entire national desk. So how can the media industry make money and avoid laying off more people?
Fake news and social media
Part of the media industry’s problem is that people don’t want to pay for news anymore. They can log on to Twitter and Facebook and know everything that’s happening. Then, on the internet, media companies have to compete with the fake news machine. The people who publish misinformation don’t have to worry about paying employees to fact-check. All they need is a clickbait headline to attract all the eyeballs and boost their advertising income.
Plus, because fake news is so common, even once trusted media companies are being called fake news now. So who can readers trust? One upside is small digital companies like Bold TV can fill the void for young viewers looking for trustworthy news.