Posted on 04/18/2020 6:26:27 PM PDT by Bruiser 10
The news media business was shaky before the coronavirus started spreading across the country last month. Since then, the economic downturn that put more than 22 million Americans out of work has led to pay cuts, layoffs and shutdowns at many news outlets, including weeklies like Seven Days in Burlington, Vt., and Gannett, the nation's largest newspaper chain.
Finding a sizable audience has not been a problem for publishers. Hunger for news in a time of crisis has sent droves of readers to many publications. But with businesses paused or closed — and no longer willing or able to pay for advertisements — a crucial part of the industry’s support system has cracked.
Hard data on job losses is not yet available, but Jed Kolko, the chief economist at Indeed.com, said new listings for jobs in the media and communications sector had fallen 35 percent in the 60 days before April 3, compared with the same period last year. The decline in postings for all jobs was less drastic, at 24 percent, suggesting that the pandemic has had a greater effect on the news media industry than on other businesses, Mr. Kolko added.
The New York Times is continuing to gauge the pandemic’s effects on newspapers, magazines and digital media companies through interviews with executives, newsroom employees and union leaders across the country. All told, an estimated 33,000 employees of news media companies in the United States have been laid off, furloughed or had their pay reduced since the arrival of the coronavirus.
(Excerpt) Read more at nytimes.com ...
The virus is magnifying some trends that were happening before the virus hit. Newspapers were in big trouble even before this.
Finally some good news!
Oh, poor babies...NOT!
The Journo-list probably had a meeting to plan their next attacks on Trump and did it to themselves.
+1 to the benefit column of CCP-19.
There can be some good in even the worst situation.
Nope. I'm good for another 4 1/2 years.
Jed Kolko, the chief economist at Indeed.com,
Wonder if he is any kin to screaming Gabriel Kolko.
Be still my beating heart. Finally some good news
The only paper worth reading are your local weekly paper...that has local news and local business advertising..and coupons..
Yes.
Chinese violent oppression is every Democrats dream for America.
Wow. Not even the death of their own industry will stop these whores from shilling for the shut it down and keep ‘em down Democrats.
Every company is hit.
Ravaged? Baloney. Media is essential, so it can work as much as the market demands.
Compared with non-essential business, news is in high clover.
It is an ill wind that blows no man good.
Yep. Confirmation there is a God.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.