I’ve been doing my best to remain calm, but I have to confess that it isn’t working as well as it usually does. I’m speaking, of course, about the tsunami that is currently wreaking havoc on the traditional media business, an industry in which I happen to have spent virtually my entire working life. The earthquake that created this particular tsunami occurred ages ago, and those who were paying attention have long since headed inland to safety, but the shock waves are now starting to hit with real force, accelerated by the economic uncertainty all around us.
Bad news has been trickling in for months, or even years — newspapers cutting back staff, closing editions, companies on the ropes financially. But it’s been a thousand small cuts, mostly at smaller publications, and so it hasn’t really had as much impact as it might otherwise. It seems to be accelerating though, and now it’s not just small papers or magazines but ones that everybody has heard of. It hit home recently while reading through a summary of industry news that I get daily from the folks at I Want Media. Here’s a sampling of recent headlines:
— “Newark Star-Ledger cuts 40% of staff”
— “TimeWarner to cut 600 jobs in magazines”
— “Gannett to cut 3,000 newspaper jobs”
— “Orange County Register to cut 110 jobs”
— “LA Times cuts 10 per cent of staff”
— “Thomson Reuters eyes massive layoffs”
— “Washington Post profit falls 86 per cent”
— “New York Times debt cut to junk”
