The News is in Trouble
I just read this item: MORE GLOOMY MEDIA NEWS [from Politico] “Axios Laying Off 10% of Staff,” by NYT’s Katie Robertson: “Axios announced on Tuesday that it would lay off about 50 employees, or roughly 10 percent of the company. In a note to employees, the media outlet’s chief executive, JIM VANDEHEI, attributed the cuts to ‘changes in the media business’ and said that Axios needed to shift its investment to its core business areas to adapt. … He said that the company would continue to hire in ‘key areas’ but was facing a fragmenting of reader attention, new rivals going after its business and talent, and artificial intelligence models capable of summarizing news.”
The problem is this in a nutshell. Sharing the news is not profitable. Network news programs like NBC Nightly News, ABC World News, etc. are economic losers for the networks. And, viewership keeps declining—massively! More cuts like the one above have already been announced and more will follow.
A harbinger of things to come is that last item above, “artificial intelligence models capable of summarizing news.” Yes, AI is coming for all us us! It can write a disaster plan!
