How to Survive the Media Apocalypse
Pivot to readers.
Agony is the natural state of the news industry. Newspaper sales per capita peaked before color television was a thing, and magazines have been in decline since the Clinton administration. When it comes to the finances of the Fourth Estate, bad news is, generally speaking, the news.
But 2017 has been a uniquely miserable year in the media business, in which venerable publications and fledging sites, divided by audience age and editorial style, have been united in misery. At Vanity Fair, the editorial budget faces a 30 percent cut. At The New York Times, advertising revenue is down $20 million annually after nine months. Oath, the offspring of Yahoo and AOL’s union, is shedding more than 500 positions as it strains to fit inside of its Verizon conglomerate. Meanwhile, almost every digital publisher seems to be struggling, selling, or soliciting, whether it’s the media company IAC exploring offers to offload The Daily Beast, Fusion Media Group offering a minority stake in The Onion and former Gawker Media sites, or Mashable selling for a fifth of its former valuation. So many media companies in 2017 have reoriented their budgets around the production of videos that the so-called “pivot to video” has became an industry joke. Today, the pivot seems less like a business strategy and more like end-of-life estate planning.
