Media
How the Media Industry Keeps Losing the Future – The New York Times
If the career of Roger Fidler has any meaning, it is this: Sometimes, you can see the future coming but get trampled by it anyway.
Thirty years ago, Mr. Fidler was a media executive pushing a reassuring vision of the future of newspapers. The digital revolution would liberate news from printing presses, giving people portable devices that kept them informed all day long. Some stories would be enhanced by video, others by sound and animation. Readers could share articles, driving engagement across diverse communities.
All that has come to pass, more or less. Everyone is online all the time, and just about everyone seems interested, if not obsessed, by national and world happenings. But the traditional media that Mr. Fidler was championing do not receive much benefit. After decades of decline, their collapse seems to be accelerating.
Every day brings bad news. Sometimes it is about recently formed digital enterprises, sometimes venerable publications whose history stretches back more than a century.
Cutbacks were just announced at Law360, The Intercept and the youth-oriented video site NowThis, which laid off half its staff. The tech news site Engadget, which comprehensively tracks tech layoffs, laid off its top editors and other staff members. Condé Nast and Time are shedding employees. The continued existence of Vice Media, once valued at $5.7 billion, and Sports Illustrated, in another era the most influential sports publication, is uncertain. The Los Angeles Times and The Washington Post eliminated hundreds of journalists between them. One out of four newspapers that existed in 2005 no longer does.
The slow crash of newspapers and magazines would be of limited interest save for one thing: Traditional media had at its core the exalted and difficult mission of communicating information about the world. From investigative reports on government to coverage of local politicians, the news served to make all the institutions and individuals covered a bit more transparent and, possibly, more honest.
The advice columns, movie reviews, recipes, stock data, weather report and just about everything else in newspapers moved easily online — except the news itself. Local and regional coverage had a hard time establishing itself as a paying proposition.
Now there are signs that the whole concept of “news” is fading. Asked where they get their local news, nearly as many respondents to a Gallup poll said social media as mentioned newspapers and magazines. A recent attempt to give people free subscriptions to their local papers in Pennsylvania as part of an academic study drew almost no takers.
“Soon after the printing press emerged in the 15th century, the scriptoriums for copying manuscripts in monasteries rapidly began shutting down,” said Mr. Fidler, now 81 and living in retirement in Santa Fe, N.M. “I’m not very optimistic about the survival of the majority of newspapers in the United States.”
Decline and flail
The decline of the news media has been paralleled by the fracturing of American society, which is now as angry and divided as it’s been since the height of the Vietnam War and civil rights protests more than a half-century ago. As the media fell, the noise level rose.
Perhaps it could have been different. Contrary to the myth that all the newspaper magnates of the 1980s and 1990s thought the good times would last forever, quite a few saw trouble lurking in the far distance.
Mr. Fidler spent 21 years at Knight Ridder, a newspaper chain that had important metro dailies in cities like Miami and San Jose, Calif. One early project was Viewtron, an effort to put terminals into people’s homes that would deliver news, shopping and chat. It delivered too little and cost too much. In 1986, Viewtron was shut down.
What Mr. Fidler took away from Viewtron’s failure was that newspaper readers needed something that looked like a newspaper and that didn’t pinch them in the wallet. He helped develop technology for lightweight tablets that would use flat-panel displays that were low cost but clear and bright with a relatively long battery life.
Such displays did not exist in the early 1990s but were promised by the end of the decade. The newspaper would be transmitted through high-speed digital telephone networks or direct broadcast satellite transmissions. “I think this will be the salvation for the traditional serious newspapers,” Thomas Winship, a longtime editor of The Boston Globe, told The New York Times in a 1992 profile of Mr. Fidler.
While at least some publishers were convinced, the tablets never came to save newspapers. One problem was there was no consensus on a software standard. Tablets did not really become viable until Apple introduced the iPad in 2010. But the real problem for the news business was the emergence of a devastating and unforeseen competitor: the internet.
“I was too narrowly focused,” Mr. Fidler conceded.
The internet would first create an alternative to printed newspapers and magazines, then become a competitor, and finally annihilate many of them. “I didn’t consider all the possible cross impacts of emerging technologies that would lead to Craigslist, alternative news sites, social media and other products that would greatly diminish newspaper circulation and advertising revenue,” Mr. Fidler said.
Tim Berners-Lee created the World Wide Web in 1989 as a tool for collaborating and for sharing information. Being amorphous and infinitely flexible, it allowed for slow adapters and fast adapters at the same time, which circumvented the sort of hand-holding for readers that Mr. Fidler believed necessary. Newspapers lost their classified ads to the internet almost immediately. The display ads lingered, but Google and Facebook, and later Amazon, took over that market.
The web, by essentially allowing every voice to be heard at the same volume, encouraged publishers to join the party. Newspapers and magazines simply gave away what they had charged for in physical form. They were pushed by Silicon Valley, which needed quality content to keep people online and using its technology.
“Publishers got this mistaken belief that content is like a commodity and should be available everywhere for free,” Mr. Fidler said. It took years to institute paywalls, by which point many publications were fatally weakened.
The good old days weren’t that good
For all the gloom that the media is wallowing in about the media, the situation is contradictory.
Reliable local reporting in many places is sparse or nonexistent. But there is also a much wider variety of foreign, national and cultural news available online than previous generations could get in print. For all the celebration of the old days, if you were in a city with a mediocre newspaper — and there were many — access to quality journalism was difficult.
“Basically, the world has been opened up to us. There’s so much good journalism out there,” said David Mindich, a journalism professor at the Klein College of Media and Communication at Temple University. “If you had said to me 20 years ago, ‘I see a generation listening to long-form audio shows,’ I would have said: ‘Attention spans are getting shorter. I don’t think that’s going to happen.’ But it did.”
Most long-form audio shows, even at their best, are not news in the way, say, a zoning commission report is news. The erosion of the idea of news can be seen even more vividly in the magazine field. Where the goal was to inform, now it is to entertain.
“Time magazine just selected Taylor Swift as the person of the year,” said Samir Husni, a longtime magazine analyst. “It never selected Elvis or the Beatles. She was the first entertainer. We’re becoming more about marketing in journalism than truth in journalism because we’re depending on the customer to pay the price rather than advertising.”
This is how digital has changed journalism, he said: “The thing now is to make everybody happy. But that was never the role of journalism, making people happy.”
Marc Benioff, the Silicon Valley entrepreneur who bought the struggling Time in 2018 with his wife, Lynne, viewed the selection of Ms. Swift differently: “Best selling issue of all time!” (In recent years, at least.) A few weeks after the Swift issue appeared, Time’s union said 15 percent of the magazine’s unionized editorial staff got the ax.
That was more of a strategic move than a sign of distress, Mr. Benioff said.
“If you’re going to make these media businesses work, you have to shift the product mix, which also means you have to shift the employee mix,” he texted. The paywall, put in place in 2011, was dropped last year. As a brand, Time needs the widest exposure possible.
Two years ago, Mr. Benioff told Axios that Time’s revenue would be up 30 percent in 2022 to $200 million. That might have been aspirational. “Revenue in 2024 should hit $200 million, a new high,” he says now. “We’re even going to make money.”
Other publications are trying to take the profit motive out of journalism.
Nonprofit news ventures tend to be small, low profile and unevenly distributed across regions. But there are many signs of growth. The number of outfits serving communities of color — never very well served by traditional publications — has doubled in the past five years, according to the Institute for Nonprofit News.
Readers generally respond, too.
“People talk about nonprofit reporting in their communities like it’s a normal part of the news ecosystem, not like it’s some outside force,” said Magda Konieczna, author of “Journalism Without Profit: Making News When the Market Fails.” In some places, the effect is striking. “Philadelphia is now a news jungle rather than a news desert.”
Ms. Konieczna teaches at Concordia University in Montreal. A few weeks ago, a Canadian news giant, Bell Media, announced that it was cutting hundreds of jobs and ending many of its television newscasts. Prime Minister Justin Trudeau said the decision was “eroding our very democracy.”
“My neighbors read The New Yorker but don’t know where to find local news, or why they would want to, in large part because it doesn’t really exist,” Ms. Konieczna said. “This is the dystopian future.”
The New Yorker, as it happened, employed A.J. Liebling, the greatest press critic of the postwar years. He called himself an optimist despite seeing a downhill march ever since he became a reporter in 1925.
“The function of the press in society is to inform, but its role is to make money,” he wrote. The more it did the latter, he argued, the less it bothered with the former.
There was no golden age, but Roger Fidler is still inconsolable. He long ago outlasted Knight Ridder, which was sold to McClatchy, another chain, in 2006. McClatchy declared bankruptcy in 2020. He spends a couple of hours each day reading the news in the printed edition of a community newspaper and the digital editions of national and regional newspapers. It is a lot, and yet not enough.
“Social media and its comments overwhelmed us,” he said. “We’re flooded with information because everybody’s a journalist. Everyone thinks they have the truth. Everyone certainly has an opinion. It’s discouraging to see how it’s gone.”
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.
Cochise County, AZ — Law enforcement officials in Arizona have apprehended Ronald Lee Syvrud, a 66-year-old resident of Cochise County, after a manhunt was launched following alleged death threats he made against former President Donald Trump. The threats reportedly surfaced in social media posts over the past two weeks, as Trump visited the US-Mexico border in Cochise County on Thursday.
Syvrud, who hails from Benson, Arizona, located about 50 miles southeast of Tucson, was captured by the Cochise County Sheriff’s Office on Thursday afternoon. The Sheriff’s Office confirmed his arrest, stating, “This subject has been taken into custody without incident.”
In addition to the alleged threats against Trump, Syvrud is wanted for multiple offences, including failure to register as a sex offender. He also faces several warrants in both Wisconsin and Arizona, including charges for driving under the influence and a felony hit-and-run.
The timing of the arrest coincided with Trump’s visit to Cochise County, where he toured the US-Mexico border. During his visit, Trump addressed the ongoing border issues and criticized his political rival, Democratic presidential nominee Kamala Harris, for what he described as lax immigration policies. When asked by reporters about the ongoing manhunt for Syvrud, Trump responded, “No, I have not heard that, but I am not that surprised and the reason is because I want to do things that are very bad for the bad guys.”
This incident marks the latest in a series of threats against political figures during the current election cycle. Just earlier this month, a 66-year-old Virginia man was arrested on suspicion of making death threats against Vice President Kamala Harris and other public officials.
Media
Trump Media & Technology Group Faces Declining Stock Amid Financial Struggles and Increased Competition
Trump Media & Technology Group’s stock has taken a significant hit, dropping more than 11% this week following a disappointing earnings report and the return of former U.S. President Donald Trump to the rival social media platform X, formerly known as Twitter. This decline is part of a broader downward trend for the parent company of Truth Social, with the stock plummeting nearly 43% since mid-July. Despite the sharp decline, some investors remain unfazed, expressing continued optimism for the company’s financial future or standing by their investment as a show of political support for Trump.
One such investor, Todd Schlanger, an interior designer from West Palm Beach, explained his commitment to the stock, stating, “I’m a Republican, so I supported him. When I found out about the stock, I got involved because I support the company and believe in free speech.” Schlanger, who owns around 1,000 shares, is a regular user of Truth Social and is excited about the company’s future, particularly its plans to expand its streaming services. He believes Truth Social has the potential to be as strong as Facebook or X, despite the stock’s recent struggles.
However, Truth Social’s stock performance is deeply tied to Trump’s political influence and the company’s ability to generate sustainable revenue, which has proven challenging. An earnings report released last Friday showed the company lost over $16 million in the three-month period ending in June. Revenue dropped by 30%, down to approximately $836,000 compared to $1.2 million during the same period last year.
In response to the earnings report, Truth Social CEO Devin Nunes emphasized the company’s strong cash position, highlighting $344 million in cash reserves and no debt. He also reiterated the company’s commitment to free speech, stating, “From the beginning, it was our intention to make Truth Social an impenetrable beachhead of free speech, and by taking extraordinary steps to minimize our reliance on Big Tech, that is exactly what we are doing.”
Despite these assurances, investors reacted negatively to the quarterly report, leading to a steep drop in stock price. The situation was further complicated by Trump’s return to X, where he posted for the first time in a year. Trump’s exclusivity agreement with Trump Media & Technology Group mandates that he posts personal content first on Truth Social. However, he is allowed to make politically related posts on other social media platforms, which he did earlier this week, potentially drawing users away from Truth Social.
For investors like Teri Lynn Roberson, who purchased shares near the company’s peak after it went public in March, the decline in stock value has been disheartening. However, Roberson remains unbothered by the poor performance, saying her investment was more about supporting Trump than making money. “I’m way at a loss, but I am OK with that. I am just watching it for fun,” Roberson said, adding that she sees Trump’s return to X as a positive move that could expand his reach beyond Truth Social’s “echo chamber.”
The stock’s performance holds significant financial implications for Trump himself, as he owns a 65% stake in Trump Media & Technology Group. According to Fortune, this stake represents a substantial portion of his net worth, which could be vulnerable if the company continues to struggle financially.
Analysts have described Truth Social as a “meme stock,” similar to companies like GameStop and AMC that saw their stock prices driven by ideological investments rather than business fundamentals. Tyler Richey, an analyst at Sevens Report Research, noted that the stock has ebbed and flowed based on sentiment toward Trump. He pointed out that the recent decline coincided with the rise of U.S. Vice President Kamala Harris as the Democratic presidential nominee, which may have dampened perceptions of Trump’s 2024 election prospects.
Jay Ritter, a finance professor at the University of Florida, offered a grim long-term outlook for Truth Social, suggesting that the stock would likely remain volatile, but with an overall downward trend. “What’s lacking for the true believer in the company story is, ‘OK, where is the business strategy that will be generating revenue?'” Ritter said, highlighting the company’s struggle to produce a sustainable business model.
Still, for some investors, like Michael Rogers, a masonry company owner in North Carolina, their support for Trump Media & Technology Group is unwavering. Rogers, who owns over 10,000 shares, said he invested in the company both as a show of support for Trump and because of his belief in the company’s financial future. Despite concerns about the company’s revenue challenges, Rogers expressed confidence in the business, stating, “I’m in it for the long haul.”
Not all investors are as confident. Mitchell Standley, who made a significant return on his investment earlier this year by capitalizing on the hype surrounding Trump Media’s planned merger with Digital World Acquisition Corporation, has since moved on. “It was basically just a pump and dump,” Standley told ABC News. “I knew that once they merged, all of his supporters were going to dump a bunch of money into it and buy it up.” Now, Standley is staying away from the company, citing the lack of business fundamentals as the reason for his exit.
Truth Social’s future remains uncertain as it continues to struggle with financial losses and faces stiff competition from established social media platforms. While its user base and investor sentiment are bolstered by Trump’s political following, the company’s long-term viability will depend on its ability to create a sustainable revenue stream and maintain relevance in a crowded digital landscape.
As the company seeks to stabilize, the question remains whether its appeal to Trump’s supporters can translate into financial success or whether it will remain a volatile stock driven more by ideology than business fundamentals.
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