As Covid-19 ran rampant across the United States in 2020, local newsrooms across the country cut back—even as they covered the biggest story in decades. “As far as readers, we saw that skyrocket during the pandemic,” Emma Way, editor at Axios Charlotte, told CNBC. “So at the same time that revenue was falling, readers were spiking. It was kind of this dilemma that I’m sure a lot of news organizations faced.” Reporters were laid off and furloughed. Some who stayed were offered buyouts. It was a catastrophic and uncertain time for American newsrooms. During the pandemic, more than 70 local newsrooms closed across the country. This includes newspapers that have served their communities for decades. Often, these papers are shut with little notice. But the problem existed long before the pandemic. Since 2004, about 1,800 U.S. newspapers have closed. Newspapers have struggled to make money with the collapse of print advertising as readership moved online. Then, the digital advertising market quickly became dominated by tech companies like Google and Facebook. Today, some of the largest newspaper groups in the country —such as Tribune, McClatchy and Media News Group — are owned, controlled by or in debt to hedge funds or private equity groups. In fact, hedge funds and other financial firms control half of the daily newspapers in the United States, according to a recent analysis by the Financial Times.
A new book argues the 1970’s was a moment when TV, movies, and music all shifted into a new gear, changing the cultural landscape in ways that continue to today. Jeffrey Brown has a conversation with author Ron Brownstein about his book “Rock Me on the Water: 1974-The Year Los Angeles Transformed Movies, Music, Television, and Politics.” This segment is part of our arts and culture series, CANVAS.
Luxury home tours on YouTube are exploding, and transforming the way high-end real estate is discovered and sometimes sold. YouTube personality Enes Yilmazer walks us through the making of a video for his channel, which gets an average of 15 million views a month. Photo: Mikey Ayers
We visit two bold companies finding canny ways to pivot their product for changing audiences. Transhelvetica, a Swiss magazine, and Spiritland, a London-based hospitality and audio venture, are each shaping the media landscape for the better. To discover more about Monocle magazine head to http://www.monocle.com
Leaders in government and tech want to rewrite a law that governs the internet. WSJ explains Section 230, how it shaped the modern internet, and what lawmakers and tech executives want to change.
Photo illustration: Carlos Waters/WSJ
With more than 500 hours of video uploaded every minute and over 1 billion hours watched every day, Google’s YouTube is the world’s second largest search engine. And its meteoric growth hasn’t subsided, over 2 billion users visit the site every month. CNBC takes a look at how the video platform has changed over the past 15 years and if it can stay on top.
The Justice Department is filing an antitrust lawsuit against Google. Here’s how the tech giant ended up in the crosshairs of federal regulators.
WSJ’s Jason Bellini reports. Photo: Getty Images
Monocle 24 – The Stack looks at first issues of European magazine titles on the newsstands: ‘Limbo’, ‘Légende’, ‘command+i’ and ‘The White Room’.
Streaming has become this decade’s preferred way of listening to music. It’s an $11 billion dollar industry, making up 47% of global music industry revenues, and Spotify has become the clear winner globally in terms of paid subscribers. Taking on behemoths like Apple, Amazon and Google, Spotify has dominated the global streaming music industry with about 130 million premium subscribers world-wide. Recently, Spotify secured distribution deals with Joe Rogan and Kim Kardashian West to produce podcasts for the platform. Watch CNBC’s deep-dive into how Spotify started, how it became the audio leader, and where what’s to come next.