Journalism's next 100 years

Gary Goldhammer writes about the downward spiral in his blog, Below the Fold:

Yet while overall it was a great first hundred years for American journalism, it’s the next 100 I worry about. Or in the prescient phrase uttered by ABC News anchorman Charles Gibson at Pennsylvania’s recent Democratic presidential debate, “the crowd is turning” on how professionals report the news.

History is the art of hindsight, so writing about an event before the ink dries and the digital bits settle is at best unfair. Nevertheless, you don’t need Galileo’s vision to see that the Pennsylvania debate marked another in series of dark turning points for the news business.

The financial pain we’ve known for while – as this year’s State of the News Media study revealed, advertising revenue is still going down, as are pre-tax earnings, profit margins and stock values. Even online newspaper advertising, while up 20 percent in 2007, is growing slower than online advertising as a whole, and is 10 percent lower than last year.

Newspaper owners answered with widespread staff layoffs, leading to less local reporting and therefore fewer readers which – you guessed it – resulted in less revenue. It’s also meant narrower reporting, with issues like Iraq and the presidential elections representing the majority of coverage. And it’s meant an unhealthy attraction to transient stories that are the equivalent of chewing gum, the media smacking its lips long after the gum has lost its taste.

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