Posted on 01/28/2024 3:35:32 PM PST by Excuse_My_Bellicosity
The media industry was beset with a series of layoffs impacting a number of sectors in 2023. Earlier this month, Challenger, Gray and Christmas, an outplacement firm that tracks employment figures, said over 20,000 media jobs have been eliminated this year. This is the largest number of cuts in employment since 2020 when Covid-19 was raging and over 30,000 workers were laid off.
The figure is also six times higher than the number of job losses in 2022 when several large media companies including Warner Bros. Discovery and Disney and others had undergone a series of layoffs impacting thousands of media workers.
There are several reasons cited for this year’s cutbacks, including: challenging economic headwinds, inflation, a sluggish ad economy, competition, shifts in consumer behavior, less than robust subscriber counts, changes in corporate strategy, reorganization, ongoing adjustments post-Covid, advances in technology such as AI and placating Wall Street investors. The layoffs continued into fourth quarter. Paul Wolfe, author of Human Beings First, notes layoffs are more prevalent in November and December when corporations are planning next year’s budgets.
Challenger, Gray and Christmas also noted that among the 20,000 job losses in media, almost 2,700 occurred in the news industry. The elimination of jobs in the news industry this year were across broadcast, digital and print industries. Last year the news industry had over 1,800 layoffs and more than 1,500 layoffs in 2021. More recent media layoffs include CBC, Vice Media and more.
(Excerpt) Read more at forbes.com ...
Well, there is some good news for'23.
It will only get worse. Fluff Jobs are going away......oh noes....sarcasm.
Hopefully, they find new jobs and become producers.
I've been hearing that for 30 years.
Back in the 1990s, Drudge would say on his radio show, every week, "The networks are hemorrhaging ratings! They're hemorrhaging! The studios are hemorrhaging ticket sales! They're hemorrhaging!"
"Hemorrhaging" was Drudge's favorite word.
And the mainstream media has continued "hemorrhaging" jobs, ratings, and ticket sales. And as a result ... they're bigger, richer, and more powerful than ever.
Some good news!
Learn to code!
It’s a start, but no doubt they are now in the welfare system.
And nobody noticed. Because "media companies" mean absolutely nothing in the real world.
I don't believe modern media types and you, have the same definition of the word "Producers".
Good point, now Drudge is “Hemorrhaging”.
How many “reporters” do we really need to reread a DNC fax?
Lucky for them tho. The Chipottel outfit announced hiring 19,000 new burger flippers. Of course for the fiction writers to get a job there they might have to demonstrate some level of skill? Like knowing how to melt cheez on a burger? Do they need another advanced degree?
AI can write fake news now.
I can’t argue with that. They seem to have an inexhaustible supply of billionaires that bail them out.
Q: What do you call 20,000 mainstream media people losing their jobs?
A: A good start.
Keep on slashing! Until and unless they just start reporting news instead of propaganda; they are done!
No doubt. There is a demand for non-slanted news, maybe they should expand into that market.
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