Many argue that the future of journalism is bleak, but I contend that it has never been more promising, driven by its resilience, the coexistence of traditional and digital media, the resurgence of local media, the return of advertising, and the impact of diversity on industry growth.
Journalism has shown a remarkable ability to evolve with each technological advance, from the printing press to the internet. This historical perspective suggests not a decline but a continuous evolution. The digital era has reshaped, but not replaced, traditional journalism. Demand for quality news remains robust as evidenced by the success of subscription services and paywalls, along with the resurgence of iconic publications like Bedford Media's LIFE Magazine and the popularity of Costco's Costco Connection, which distributes 15.4 million copies to its members.
Matt Murray, the executive editor of The Washington Post, recently said that the future business model will revolve around a combination of subscriptions, advertising, and events. This perspective is bolstered by the success of subscription-based services such as The New York Times, News Corp., and many others demonstrating current profitability in this approach.
The future appears promising for local news media, a sentiment echoed by Florida billionaire David Hoffmann, who recently acquired over 5 percent of Lee Enterprises, a major U.S. newspaper group. Hoffmann values local newspapers for their crucial role in society, covering everything from high school sports to city elections and significant life events like weddings and obituaries, which knit communities together. He sees a future where traditional and digital media coexist and evolve symbiotically.
Follow the money—a thriving news industry not only enhances society but also supports business. For businesses, the news sector is a critical marketing avenue, offering a powerful platform to meet advertising goals. However, concerns about brand safety, which involve shielding a brand from potentially harmful associations, have presented challenges. These concerns are often based on common misconceptions and excessive caution, making some advertisers reluctant to engage with news platforms.
To better understand these challenges, the research firm HarrisX conducted the News Advertising Study. The study analyzed the performance of ads placed alongside various types of news content, especially focusing on ads near stories considered "not brand safe." The results showed that ads performed equally well next to both "brand safe" and "not brand safe" content. This finding challenges the prevalent fears that deter investment in news media, indicating that the risks may have been overstated.
At the recent Athens Democracy Forum, Persiana Aksentieva of the International Youth Think Tank highlighted a significant challenge—the journalism industry's lack of diversity. She pointed out that the underrepresentation of various groups based on race, gender, disability, and sexual orientation contributes to the growing mistrust of the media among young people.
According to the American Society of News Editors, only 22 percent of newsroom employees are people of color, while a Pew Research Center survey found a significant imbalance with 76 percent of journalists being white, and Hispanic, Black, and Asian journalists constituting just 8 percent, 6 percent, and 3 percent respectively. This lack of diversity can lead to biased reporting—whether intentional or not—and restrict coverage on vital issues.
Incorporating diverse voices in journalism is crucial for maintaining relevance and trust in today's varied media landscape, as well as for driving industry growth. Emerging trends show that newer generations tend to subscribe to content that reflects their own experiences and views. This underscores the importance of diversity in building trust and personal relevance in the media, ultimately fostering industry expansion.
Stephanie Mehta, CEO and chief content officer of Mansueto Ventures, parent of Fast Company and Inc., recognized the issue. "There is a diversity problem in journalism. However, I believe that broadcast and cable newsrooms have always been at the forefront of hiring a diverse workforce," she said. Mansueto Ventures is actively working to bridge this gap within their organization. "We employ a strategy known as the Double Rooney Rule," Mehta said. Mansueto Ventures is actively working to bridge this gap within their organization. This method involves considering at least two candidates from underrepresented groups for any posted job, increasing opportunities for diverse candidates and optimizing the talent pool.
Reflecting on these themes, Dr. Battinto L. Batts Jr., dean of the Walter Cronkite School of Journalism and Mass Communication, remained optimistic about journalism's role in democracy and its adaptive future. "This is not the end," Dr. Batts said.
While journalism faces challenges, its enduring adaptability and evolving models suggest a vibrant future. As we navigate this digital age, the essence of journalism—providing reliable information and fostering community—remains more vital than ever.
By understanding these dynamics, we can better support an industry crucial to democracy and informed societies, reaffirming journalism's role as the Fourth Estate in the digital era.
Lisa Gordon-Miller, director of media relations at Sloane & Company, brings over two decades of expertise in strategic communication and media relationship management across various industries, including food, retail, technology, and capital markets. A journalism graduate from the University of Illinois Urbana-Champaign, Lisa excels in securing media coverage, enhancing client reputations, and maintaining strong relationships with key reporters in the business, national, and trade press.
The views expressed in this article are the writer's own.
English (US) ·