It's a Bad Time to Be a Journalist

While the stock market might be a record highs and the rich seem to keep getting richer, times are not good for Journalists.

A Bloomberg story says that "The news business is on pace for its worst job losses in a decade, as about 3,000 people have been laid off or been offered buyouts in the first five months of this year."

At TV stations, the old vets are being pushed out for younger (cheaper) talent. MMJ’s are doing the job of two or three people in the newsroom. Stations are adding newscast in a quest to get more of the 2020 election ad dollars, but they aren’t bringing on more people to do the extra news.

The Bloomberg story says that the cuts are at level of attrition is the highest since 2009, when the industry saw 7,914 job cuts in the first five months of that year.

While tech giants are often blamed for the news industry’s financial troubles, they have also become a destination for journalists who want to leave the field. Amazon is hiring editors to cover local crime news for a division of its security-focused doorbell, Ring. Facebook, Apple, Snapchat and Google have all hired journalists in recent years to work on their media-related initiatives.

And while the industry shrinks, Journalism schools say enrollment is up, despite the dark headlines about the industry, and they are adjusting their curriculum to prepare students for in-demand jobs.

In other words, the kid that is going to take your job for less money is still in school and there are more coming.

H/T Bloomberg

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