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Media layoffs and bankruptcy: The current crisis was born of digital media’s original sin.

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1 year ago

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When it comes to that high-octane, stressful, ever-crumbling field known broadly as digital media, pretty much every week can qualify as a bleak one. The news itself is constantly, famously bad; its pace is relentless and overwhelming. Readers are exhausted; web traffic—that all-important metric for bringing in ad dollars—is erratic. Job prospects are scarce, and solid freelance gigs (never mind sustainable ones) are hard to find.

Even so, last month may go down as one of the most crushing and ominous periods for digital journalism in living memory. Many seemed to agree that the events in April marked the “end of an era”—though far fewer can agree on what the next era might look like. Onetime standard-bearers of industrywide innovation have met tragic fates, and the future of the survivors in the field has hardly ever seemed more uncertain.

To recap last week alone: On Tuesday, Disney’s multibillion-dollar cost-cutting effort trickled down to its big-name news brands, with ESPN, FiveThirtyEight, ABC News, and National Geographic Magazine all taking massive hits to their headcounts. On Wednesday, Paper Magazine announced it would shed its editorial staff but aim to keep its brand alive, while Facebook, the megacorporation we can all thank for kickstarting the ruinous “pivot to video” craze, pivoted away from video by shutting down its Facebook Watch originals, including Jada Pinkett Smith’s much-acclaimed Red Table Talk. The next day, Vice Media underwent yet another brutal round of layoffs, taking the ax to famed journalistic properties like Vice News Tonight, Vice World News, Vice Audio, and Waypoint. The entire company, struggling to find a new financial lifeline, could file for bankruptcy as soon as this week.

All this budget slashing followed a week during which BuzzFeed News closed for good, and Insider and the Miami Herald took on extra staff cuts. All that was in addition to the awful layoffs that hit so many other beloved journalistic institutions throughout 2023, at NPR, the Washington Post, Sports Illustrated, Bookforum, and NBC News, among others. Upstart, legacy, online-only, print, audio, video, niche, general-interest, award-winning, bottom-barrel, for-profit, nonprofit, public, private—almost no type of publication was spared some kind of cost-cutting during this mediapocalypse. (Juggernauts like the New York Times survive and thrive by offering services outside of journalism, including crosswords, cooking apps, and Wordle.)

As bizarre and unnerving as it is to say it, this kind of widespread meltdown is a common occurrence. The industry lost 5,000 jobs from 2014 through 2017, and more than 15,000 cuts were announced in 2018 alone. When the COVID recession hit, the thousands more jobs lost from 2020 onward almost seemed a foregone conclusion. Inevitably, there’s no way the current media-layoff spree has concluded. It’s always a matter of timing; check back next week for fresh new horrors.

For years, the tech industry has propped up digital journalism with advertising revenue, venture capital injections, and far-reaching social platforms. (Slate itself is the onetime baby of Microsoft.) That support has decreased and, in some cases, dropped off a cliff, especially as the biggest tech companies laid off tens of thousands of their own workers, many of whom have nothing to do with distribution of digital journalism. The Big Tech bubble has burst, and digital media got splattered with shrapnel.

Journalists have long mourned the publications we’ve lost, wept for the careers that once were, and proposed solutions both forward-thinking and ill-advised. Still, this time feels different. Not least because at this point, there might be as many pieces out there about the digital-media crisis as there are jobs lost within its gaping maw.

I’m proud of where I work, grateful that it’s survived such headwinds, and lucky to have a job I love. I do hate that the opportunities I’ve had are denied to so many talented others who are smarter, more experienced, and less privileged than I am. It additionally sucks to realize you can only help others so much, especially in a hypercompetitive environment: More job-seekers are applying for fewer open positions, and more freelancers are competing for fewer editors with smaller budgets.

If there’s something about last month that felt especially dark, it’s likely the confirmation that many of the so-called innovations and disruptions that took root during journalism’s Information Age transition (aka Tech Takeover) ultimately failed. You could pack all the familiar terms into a George Carlin–style breathless monologue: clickbait, Facebook, death-of-the-homepage diversification, sponcon, Trump bumps, pivoting to video, pivoting to VR, pivoting to A.I., scaling up, scaling down, going viral, going solo. Maybe the end of the road was foreseeable: If the original sin of the digital economy was to make the news free, the proposed fix—to trust that virality alone could drive readers to important subjects—was far from a cure.

This downturn won’t spell the end for digital media. Nor will it be the last time that tech-fueled, deus-ex-machina-like fixes are attempted industrywide. But perhaps the lessons from our current mediapocalypse will better prepare us for the industry’s future. We can’t rely on the tech world to “save” journalism. Trusting in any one “revolution” will ensure we make the same mistakes again.

 

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Sutherland House Experts Book Publishing Launches To Empower Quiet Experts

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15 hours ago

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September 19, 2024

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Sutherland House Experts is Empowering Quiet Experts through
Compelling Nonfiction in a Changing Ideas Landscape
TORONTO, ON — Almost one year after its launch, Sutherland House Experts is reshaping the publishing industry with its innovative co-publishing model for “quiet experts.” This approach, where expert authors share both costs and profits with the publisher, is bridging the gap between expertise and public discourse. Helping to drive this transformation is Neil Seeman, a renowned author, educator, and entrepreneur.

“The book publishing world is evolving rapidly,” publisher Neil Seeman explains. “There’s a growing hunger for expert voices in public dialogue, but traditional channels often fall short. Sutherland House Experts provides a platform for ‘quiet experts’ to share their knowledge with the broader book-reading audience.”

The company’s roster boasts respected thought leaders whose books are already gaining major traction:

• V. Kumar Murty, a world-renowned mathematician, and past Fields Institute director, just published “The Science of Human Possibilities” under the new press. The book has been declared a 2024 “must-read” by The Next Big Ideas Club and is receiving widespread media attention across North America.

• Eldon Sprickerhoff, co-founder of cybersecurity firm eSentire, is seeing strong pre-orders for his upcoming book, “Committed: Startup Survival Tips and Uncommon Sense for First-Time Tech Founders.”

• Dr. Tony Sanfilippo, a respected cardiologist and professor of medicine at Queen’s University, is generating significant media interest with his forthcoming book, “The Doctors We Need: Imagining a New Path for Physician Recruitment, Training, and Support.”

Seeman, whose recent and acclaimed book, “Accelerated Minds,” explores the entrepreneurial mindset, brings a unique perspective to publishing. His experience as a Senior Fellow at the University of Toronto’s Institute of Health Policy, Management and Evaluation, and academic affiliations with The Fields Institute and Massey College, give him deep insight into the challenges faced by people he calls “quiet experts.”

“Our goal is to empower quiet, expert authors to become entrepreneurs of actionable ideas the world needs to hear,” Seeman states. “We are blending scholarly insight with market savvy to create accessible, impactful narratives for a global readership. Quiet experts are people with decades of experience in one or more fields who seek to translate their insights into compelling non-fiction for the world,” says Seeman.

This fall, Seeman is taking his insights to the classroom. He will teach the new course, “The Writer as Entrepreneur,” at the University of Toronto, offering aspiring authors practical tools to navigate the evolving book publishing landscape. To enroll in this new weekly night course starting Tuesday, October 1st, visit:
https://learn.utoronto.ca/programs-courses/courses/4121-writer-entrepreneur

“The entrepreneurial ideas industry is changing rapidly,” Seeman notes. “Authors need new skills to thrive in this dynamic environment. My course and our publishing model provide those tools.”

About Neil Seeman:
Neil Seeman is co-founder and publisher of Sutherland House Experts, an author, educator, entrepreneur, and mental health advocate. He holds appointments at the University of Toronto, The Fields Institute, and Massey College. His work spans entrepreneurship, public health, and innovative publishing models.

Follow Neil Seeman:
https://www.neilseeman.com/
https://www.linkedin.com/in/seeman/

Follow Sutherland House Experts:
https://sutherlandhouseexperts.com/
https://www.instagram.com/sutherlandhouseexperts/

Media Inquiries:
Sasha Stoltz | Sasha@sashastoltzpublicity.com | 416.579.4804
https://www.sashastoltzpublicity.com
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What to stream this weekend: ‘Civil War,’ Snow Patrol, ‘How to Die Alone,’ ‘Tulsa King’ and ‘Uglies’

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7 days ago

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September 13, 2024

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Hallmark launching a streaming service with two new original series, and Bill Skarsgård out for revenge in “Boy Kills World” are some of the new television, films, music and games headed to a device near you.

Also among the streaming offerings worth your time as selected by The Associated Press’ entertainment journalists: Alex Garland’s “Civil War” starring Kirsten Dunst, Natasha Rothwell’s heartfelt comedy for Hulu called “How to Die Alone” and Sylvester Stallone’s second season of “Tulsa King” debuts.

NEW MOVIES TO STREAM SEPT. 9-15

— Alex Garland’s “Civil War” is finally making its debut on MAX on Friday. The film stars Kirsten Dunst as a veteran photojournalist covering a violent war that’s divided America; She reluctantly allows an aspiring photographer, played by Cailee Spaeny, to tag along as she, an editor (Stephen McKinley Henderson) and a reporter (Wagner Moura) make the dangerous journey to Washington, D.C., to interview the president (Nick Offerman), a blustery, rising despot who has given himself a third term, taken to attacking his citizens and shut himself off from the press. In my review, I called it a bellowing and haunting experience; Smart and thought-provoking with great performances. It’s well worth a watch.

— Joey King stars in Netflix’s adaptation of Scott Westerfeld’s “Uglies,” about a future society in which everyone is required to have beautifying cosmetic surgery at age 16. Streaming on Friday, McG directed the film, in which King’s character inadvertently finds herself in the midst of an uprising against the status quo. “Outer Banks” star Chase Stokes plays King’s best friend.

— Bill Skarsgård is out for revenge against the woman (Famke Janssen) who killed his family in “Boy Kills World,” coming to Hulu on Friday. Moritz Mohr directed the ultra-violent film, of which Variety critic Owen Gleiberman wrote: “It’s a depraved vision, yet I got caught up in its kick-ass revenge-horror pizzazz, its disreputable commitment to what it was doing.”

— AP Film Writer Lindsey Bahr

NEW MUSIC TO STREAM SEPT. 9-15

— The year was 2006. Snow Patrol, the Northern Irish-Scottish alternative rock band, released an album, “Eyes Open,” producing the biggest hit of their career: “Chasing Cars.” A lot has happened in the time since — three, soon to be four quality full-length albums, to be exact. On Friday, the band will release “The Forest Is the Path,” their first new album in seven years. Anthemic pop-rock is the name of the game across songs of love and loss, like “All,”“The Beginning” and “This Is the Sound Of Your Voice.”

— For fans of raucous guitar music, Jordan Peele’s 2022 sci-fi thriller, “NOPE,” provided a surprising, if tiny, thrill. One of the leads, Emerald “Em” Haywood portrayed by Keke Palmer, rocks a Jesus Lizard shirt. (Also featured through the film: Rage Against the Machine, Wipers, Mr Bungle, Butthole Surfers and Earth band shirts.) The Austin noise rock band are a less than obvious pick, having been signed to the legendary Touch and Go Records and having stopped releasing new albums in 1998. That changes on Friday the 13th, when “Rack” arrives. And for those curious: The Jesus Lizard’s intensity never went away.

— AP Music Writer Maria Sherman

NEW SHOWS TO STREAM SEPT. 9-15

— Hallmark launched a streaming service called Hallmark+ on Tuesday with two new original series, the scripted drama “The Chicken Sisters” and unscripted series “Celebrations with Lacey Chabert.” If you’re a Hallmark holiday movies fan, you know Chabert. She’s starred in more than 30 of their films and many are holiday themed. Off camera, Chabert has a passion for throwing parties and entertaining. In “Celebrations,” deserving people are surprised with a bash in their honor — planned with Chabert’s help. “The Chicken Sisters” stars Schuyler Fisk, Wendie Malick and Lea Thompson in a show about employees at rival chicken restaurants in a small town. The eight-episode series is based on a novel of the same name.

— Natasha Rothwell of “Insecure” and “The White Lotus” fame created and stars in a new heartfelt comedy for Hulu called “How to Die Alone.” She plays Mel, a broke, go-along-to-get-along, single, airport employee who, after a near-death experience, makes the conscious decision to take risks and pursue her dreams. Rothwell has been working on the series for the past eight years and described it to The AP as “the most vulnerable piece of art I’ve ever put into the world.” Like Mel, Rothwell had to learn to bet on herself to make the show she wanted to make. “In the Venn diagram of me and Mel, there’s significant overlap,” said Rothwell. It premieres Friday on Hulu.

— Shailene Woodley, DeWanda Wise and Betty Gilpin star in a new drama for Starz called “Three Women,” about entrepreneur Sloane, homemaker Lina and student Maggie who are each stepping into their power and making life-changing decisions. They’re interviewed by a writer named Gia (Woodley.) The series is based on a 2019 best-selling book of the same name by Lisa Taddeo. “Three Women” premieres Friday on Starz.

— Sylvester Stallone’s second season of “Tulsa King” debuts Sunday on Paramount+. Stallone plays Dwight Manfredi, a mafia boss who was recently released from prison after serving 25 years. He’s sent to Tulsa to set up a new crime syndicate. The series is created by Taylor Sheridan of “Yellowstone” fame.

— Alicia Rancilio

NEW VIDEO GAMES TO PLAY

— One thing about the title of Focus Entertainment’s Warhammer 40,000: Space Marine 2 — you know exactly what you’re in for. You are Demetrian Titus, a genetically enhanced brute sent into battle against the Tyranids, an insectoid species with an insatiable craving for human flesh. You have a rocket-powered suit of armor and an arsenal of ridiculous weapons like the “Chainsword,” the “Thunderhammer” and the “Melta Rifle,” so what could go wrong? Besides the squishy single-player mode, there are cooperative missions and six-vs.-six free-for-alls. You can suit up now on PlayStation 5, Xbox X/S or PC.

— Likewise, Wild Bastards isn’t exactly the kind of title that’s going to attract fans of, say, Animal Crossing. It’s another sci-fi shooter, but the protagonists are a gang of 13 varmints — aliens and androids included — who are on the run from the law. Each outlaw has a distinctive set of weapons and special powers: Sarge, for example, is a robot with horse genes, while Billy the Squid is … well, you get the idea. Australian studio Blue Manchu developed the 2019 cult hit Void Bastards, and this Wild-West-in-space spinoff has the same snarky humor and vibrant, neon-drenched cartoon look. Saddle up on PlayStation 5, Xbox X/S, Nintendo Switch or PC.

— Lou Kesten

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Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

Published

4 weeks ago

 on

August 23, 2024

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Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.

Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.

Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.

Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.

Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.

Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.

Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.

As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.

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