For journalism, it may be the best of times and the worst of times. On the one hand, the national media is more vibrant than ever. The New York Times, The Washington Post, and The Wall Street Journal, as well as broadcast and cable news networks are thriving. For these outlets, the transition to digital has been painful, but successful and is still ongoing. It was recently announced by CNN and NBC News that they would be moving to a streaming model.
Today, The New York Times derives more than sixty percent of its revenue from digital subscriptions. Recurring revenue models are driving the success of independent and specific news outlets and individual journalists on Substack and similar platforms that are thriving. While romantics rap quixotic about the 23 newspapers that once were available in New York City, websites and Twitter have now subsumed that. New sites start up regularly with lower barriers to entry and what some argue is a greater democratization of information.
For local news, however, the story is different. For what’s happening in your neighborhood, your school board, your city council, is a very different story. Thousands of local newspapers and local radio stations have shut down. The economics of the enterprise has proven to be unsustainable, and even large regional papers in places like LA, Chicago, and Miami have proven to be problematic. While many of the best of these papers have been stripped and plundered by hedge funds, let’s also remember that many were acquired by the hedge funds out of bankruptcy.
All of this begs the question as to whether our political, cultural, and social divide stems from the top as is assumed, or whether the hollowing out of news in our communities, something that should be bringing us together, is at the heart of what’s wrong? If so, does the government have a role to play in fixing that effort? Is the problem with the product, with the public, or as it is often so easy to do, should we just blame social media? Understanding this is the work that Martha Minow takes on in Saving the News: Why the Constitution Calls for Government Action to Preserve Freedom of Speech.
For local news, however, the story is different. For what’s happening in your neighborhood, your school board, your city council, is a very different story. Thousands of local newspapers and local radio stations have shut down. The economics of the enterprise has proven to be unsustainable, and even large regional papers in places like LA, Chicago, and Miami have proven to be problematic. While many of the best of these papers have been stripped and plundered by hedge funds, let’s also remember that many were acquired by the hedge funds out of bankruptcy.
All of this begs the question as to whether our political, cultural, and social divide stems from the top as is assumed, or whether the hollowing out of news in our communities, something that should be bringing us together, is at the heart of what’s wrong? If so, does the government have a role to play in fixing that effort? Is the problem with the product, with the public, or as it is often so easy to do, should we just blame social media? Understanding this is the work that Martha Minow takes on in Saving the News: Why the Constitution Calls for Government Action to Preserve Freedom of Speech.
My WhoWhatWhy.org conversation with Martha Minow:
