News outlets are collapsing as advertisers flock to social media platforms. It has major implications for society
CNN
Social media companies are soaking up the billions in advertising dollars that once flowed to legacy media companies.
Editor’s Note: A version of this article first appeared in the “Reliable Sources” newsletter. Sign up for the daily digest chronicling the evolving media landscape here. Social media companies are soaking up the billions in advertising dollars that once flowed to legacy media companies — a trend that continues to accelerate despite an ever-growing mountain of evidence indicating the Silicon Valley titans govern their ballooning kingdoms with little regard for how their products negatively impact society. While the dramatic shift has empowered these companies, it has also simultaneously dealt massive blows to news organizations, most of which are struggling to survive as they see their one-time revenue sources sour on their products in favor of tech platforms. Just two months into 2024, several news organizations are already collapsing in plain sight. The Messenger shuttered last month; an already-slimmed down BuzzFeed announced it would slash 16% of its remaining staff; and Vice Media said it would lay off hundreds of employees and cease publishing on its website as it pivots to an entirely new business model. Over the last few years, the situation has grown more dire, with nearly every major news organization cutting their workforces to survive — if they can. Hundreds of local outlets have not been so lucky, closing their doors as advertising dollars disappear. Not only are these news organizations crucial to the communities — both local and national — that they serve, but they also diligently work to ensure that their platforms are grounded in facts and free of abuse. You’re not going to find articles promoting body dysmorphia in the pages of The New York Times. The Wall Street Journal is not going to casually elevate carelessly risky investment advice. CNN will not enrich itself through imagery exploiting children. And if any of these companies engaged in such behavior, it would be a major scandal that would not only leave their reputations scarred but also chase away advertisers. As a result, these organizations invest heavily in content moderation, providing a stream of hand-curated content for their audiences and brands to advertise around.
Constellation Brands, the US owner of Modelo Especial and Corona, bet big on Latino customers for growth. But that strategy is unraveling under the Trump administration’s mass deportation push.
The European Union agreed Wednesday to phase out Russian natural gas imports by late 2027 as part of an effort to end the bloc’s decade-long dependency on Russian energy.
US wireless carrier AT&T said in a letter to the US telecoms regulator that it had committed to ending diversity, equity and inclusion programs, a move that comes as it seeks approval from the Trump administration to buy wireless spectrum assets.
Larry Summers has been banned for life from the American Economic Association, a professional organization for economists, with more than 17,000 members, over his ties to the late sex offender Jeffrey Epstein.
The US labor market has weakened over the course of the year as hiring has stalled across many industries. The national unemployment rate has ratcheted higher in the process, hitting 4.4% in September.
Michael and Susan Dell are donating $6.25 billion to fund investment accounts for at least 25 million American children.
Gas prices dropped below an average of $3 a gallon in the United States on Tuesday for the first time in four-and-a-half years.
The United States appears ready for war with Venezuela, a prospect that Venezuelan President Nicolás Maduro this weekend attributed to America’s desire to control the country’s vast oil reserves.
Pete Hegseth’s hostility toward the press has been a defining characteristic of his time as defense secretary.
Crypto had a rough November. The pain is persisting into December — and it could signal trouble ahead for the stock market.
Airbus has identified an issue affecting “a limited number” of metal panels in its A320 passenger planes, a spokesperson for the company said Monday, just days after warning of another technical problem in its aircraft.
Teddy bears and stuffed plushies have long been a mainstay in toy collections. But today they don’t talk back in a child’s imagination — they talk through built-in AI chatbots.
Revenues at China’s giant military firms fell last year as corruption purges slowed arms contracts and procurement, according to a study released on Monday by a leading conflict think tank.