This year’s Pew Research State of the Media report was released recently and has left everyone in the media, especially the journalism field, much more hopeful for the future of the industry.
In a field that is often referred to as a “dying industry”, this State of the Media reports its just the opposite- it’s growing, and at a large amount.
Though the industry is still heavily supported by advertising, followed by subscriptions for readerships/viewers, there is now clear evidence that other ways exist to help pay and support the news.
While it is still only makes up a “sliver of the pie” in terms of revenue for news, philanthropy and capital investment have shown growth in its contribution to the news industry.
What seems to be a promising area of growth for revenue is hosting & marketing services as well as web consulting. Though it’s still only 7% of total revenue, the future for these aspects could become critical.
However, many of the new investments in the industry have been through digital media, which is revolutionizing the field as we speak.
Revolutionary Digital Media
More and more news agencies are replacing print jobs with digital media jobs. Out of the 486 outlets Pew’s Research interviewed, both major organizations and small non-profit one’s, nearly 5,000 editorial jobs have been created.
Though this explosion of new jobs has certainly boosted journalism, it has changed the face of such. Many of these digital news organizations are characterized as small, nonprofit, and young places that focus on storytelling through a local lens.
The irony in this all: there is still no business model from the digital news sector that offers a successful plan for ensuring its expansion. As the report coined, they are “flirting with profitability.”
The Future of Journalism?
As many professors say, this is one of the most exciting times to be entering into the journalism news. Things are constantly changing and provides an atmosphere of unsure excitement.
Here are the things we do know:
- New technology is changing the news gathering process daily
- Traditional & legacy media jobs are falling in their numbers
- Local television is growing in viewership & transactions
- Having digital media skills & knowledge is now vital
Though many things are uncertain in the news industry at this day in age, one thing is certain- people will always need their news, and the news industry will continue to adapt to the mediums most-available to its viewers to ensure they get it.