News room down
The beginning of many fadings is still on the go. The media industry is under a big attack. There were times it seems they were Lords in the game of information. That was then, information dissemination is becoming more of a one time click and ALL eyes freely gaze thanks to social media. It is just a question of how long until the local news industry is gotten rid of. When did you last spend some time watching TV news? Their mode of operation is becoming siloed.
Have you observed news flow faster NOW than before? technology is not giving anytime for refurbishing or data cooking as it used to be in most cases. Someone just gets out his smart phone and publishes what is happening exactly as it is happening. What prompted this writing? News flow of course. A tragic one anyway to the sport (football to be specific) industry.
The lost of Diogo Jota and his brother Andre has flown wide without having to jump into CNN or BBC. I just opted into my social media handle and I saw the feeds trending about a car Crash that took both lives.
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There was a minute of silence for them in yesterday's club world CUP match. Indeed a show of sportsmanship respect. The news went so viral on Facebook that I did not even bother to make any related news search. Of course the next question after death is always what caused it. Should I go searching? No, just give some time, social media has turned many into newscasters. And just as expected, some few hours later, it was reported that their Lamborghini crashed as it was overtaking another car.
It was confirmed to be a speedy drive that went bad when one of the tyres bursted and took them off road, the next thing was followed by a fire outbreak that completely took down the car. I got this news all in one place; social media. Did many see this coming, that an industry that started paddling is becoming a cruise of information. Everyone in the social media space is operating like BBC and CNN and we should not doubt the threat it has already caused. There has been a revolutionized journalism, something we should be happy about, nevertheless, the issue of revenue has been hit big.
Advertisers are turning interest into the social media industry since online users are NOW very dependent on them for information. Many news industries have folded while others are gradually blending into social media delivering tactics. Truth be told, over here, they will have to pass through third parties to stay in profit. Looking at social media like Facebook or X, they have the hedge in terms of advertisers profit. Adding to that, they get to keep all the data. Something we shouldn't burst in for now to avoid an overexpansion of this article.
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Looking at the evaluated value lost, I have not been able to get a more updated information about this. As of 2017, it was recorded that traditional news industries were losing nearly $2 billion dollars yearly to social media. We should from here know how much it will account for adding another nine years. These figures have rapidly grown, we saw an analytic staff layoff of up to 21,000 in just 2023 alone. Where did the news industries miss it? Slow adoption, maybe it should have been them owing the social media.
It wouldn't still have been favorable to journalist anyway, nevertheless, the massive cash inflow through advert would have really enriched stakeholders. We have to admit, it seems too late. Big players like Facebook and X are in no mode to loose attention. The value of data is something we have to also put into consideration. This new oil is making media owners more and more interested in making their platforms a goto point to feed their AI units.
To conclude, let me add, traditional news industry is down, those who will exist are just the ones sponsored by mostly government to do their personal bidding. This is one of the advantages/disadvantages of technology; outdating and updating is at a fast pace. We are now turning into social media for everything. This sector seems to be a master of incorporation. Traditional banks are facing such fate too. No wonder web3'ers are fighting for a spot. money is really swerving into this industry.
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